BioNtech and Moderna: from venture capital to IPO. Forecasting price growth and volatility.

This thesis focuses on the analysis of the biotech industry as a whole.There will be an in-depth analysis of the two most significant biopharmaceutical companies, namely BioNtech and Moderna, by concentrating from their foundation to their expansion. There will be a focus on their source of finance and their journey to became IPO. In the last chapter, the analysis focuses on the stock market behaviour of biopharmaceutical companies during the Covid pandemic in comparison with the pre-crisis period. From the analysis, the returns of both companies behaved differently depending on the period considered. Regarding the volatility, the results obtained indicate that the volatility of both companies changed from one period to the next.