BioNTech assigns Dermapharm to produce its COVID-19 vaccine

BioNTech has commissioned Dermapharm Holding with the production of a COVID-19 vaccine within the framework of a newly concluded cooperation and supply agreement. “If the vaccine is approved, the Dermapharm Group will provide and expand production capacities at the German site in order to be able to offer BioNTech the greatest possible support,” Dermapharm reported on Thursday, September 10th. The company from Grünwald did not present financial details of the agreements.

“Dermapharm has special know-how in the manufacture of aseptic products and in the handling of lipids, to which a key function is attributed in the formulation of vaccines,” said Hans-Georg Feldmeier, CEO of Dermapharm Holding SE. The necessary prerequisites have been created in the production facility in a very short time.

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BioNTech’s COVID-19 vaccine candidate is currently undergoing final clinical testing

Together with its cooperation partner Pfizer, the Mainz-based biotech company intends to apply for approval in October, at the latest at the beginning of November. BioNTech and Pfizer have announced that they intend to produce around 100 million doses of the vaccine by 2020 and are already building up capacities for this purpose; by 2021, this figure is expected to be 1.3 billion doses. One of the customers for BioNTech’s COVID-19 vaccine will be the EU.

Dermapharm’s share price reacted to the news in the afternoon with a jump in price. While the share was previously quoted at $51 (€43.1), the share price has jumped to $55.5 (€46.8)in the course of trading to date. There is hardly any movement for BioNTech’s shares on the US pre-market; the indications currently oscillate around yesterday’s (September 9th) NASDAQ closing price of the biotech share.

Despite the problems with AstraZeneca’s corona vaccine project, the BioNTech share price recorded a noticeable gain yesterday. The company’s own vaccine project is making good progress and already next month or at the beginning of November, the Mainz-based company could submit an application for approval together with its research partner Pfizer. In addition, there was news yesterday: The EU has secured up to 300 million vaccine doses from BioNTech and Pfizer against the COVID-19 pathogen, the SARS-CoV-2 virus.

However, from a chartist point of view, the rise in BioNTech’s share price on September 9th did not bring any decisive bullish impulses. Intraday the share price rose to $63.38 before trading ended on the NASDAQ at $62.32. The Biotech stock thus overcame a first minor technical hurdle of $59.96/60.34 and the daily high of $61.00 on Tuesday, September 8th. However, BioNTech’s share price missed major buy signals at the stronger obstacles in the zone between 63.67/64.08 and the $65.50/66.12 range. Instead, the stock bounced down at the lower end of the signal zone.

However, the chart technical hurdles for the BioNTech stock are still within reach and breakout attempts are still possible. And so the technical chart conclusion remains unchanged. If there would be buy signals at the zone between $63.67/$64.08 and the area around $65.5/$66.12, clear impulses for an upward turnaround would be present, after the BioNTech stock had fallen significantly recently. Without these buy signals, however, the risks of falling share prices in view of the intact short-term downtrend would still remain with the Biotech share. Thus, the support zone at $54.10/$54.96 remains the first and possibly decisive technical signal mark on the underside for the Mainz share.

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(Featured image by ckstockphoto via Pixabay)

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