BioNTech Stock Gets Upgrade, Analyst Sees Multiple Upside Opportunities - BioNTech (NASDAQ:BNTX)

  • BofA Securities has upgraded BioNTech SE BNTX and maintains a $239 price target.
  • The analyst views the current valuation as an attractive entry opportunity citing several near-term opportunities, including an expanded opportunity for the COVID vaccine and de-risking of the growing oncology pipeline.
  • Recent update on Moderna Inc MRNAMerck & Co Inc MRK on personalized cancer vaccine for melanoma might provide POC validation ahead of BNT122’s readout in combo with Keytruda in 1L advanced melanoma in 1H23. 
  • The analyst writes that the mRNA-based flu/COVID combo vaccine represents an attractive opportunity, with positive data probably next year could represent additional upside. 
  • Amid lower demand for vaccines, BofA lowered its COVID revenues to BNTX to €8 billion in 2023 (down from €17 billion in ’22) and assumed a more conservative stance near term). 
  • The oncology pipeline represents the next leg of growth for the company, and the analyst sees potential for an upside as these programs mature. iNeST and FixVac currently contribute $33/share to BofA valuation.
  • Price Action: BNTX shares are down 2.93% at $180.59 on the last check Thursday.

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