Analyst Mohit Bansal from Wells Fargo maintained a Buy rating on BioNTech SE and decreased the price target to $150.00 from $170.00.
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Mohit Bansal has given his Buy rating due to a combination of factors including BioNTech’s strategic focus on oncology and its promising pipeline developments. The company is advancing several oncology candidates into late-stage trials, with BNT327 showing potential to become first-in-class in small cell lung cancer and triple-negative breast cancer. Additionally, BioNTech’s collaboration with Bristol Myers Squibb is expected to enhance its development and commercialization efforts, contributing to a revised price target of $150.
BioNTech’s recent financial performance also supports the Buy rating, with second-quarter revenues surpassing expectations due to COVID-related government revenues and a one-time payment from Pfizer. The company has managed to maintain its market share in COVID vaccinations while strategically shifting focus towards oncology. Upcoming data from various trials, including personalized cancer vaccines and dose optimization studies, are anticipated to further bolster BioNTech’s position in the competitive oncology landscape.
Bansal covers the Healthcare sector, focusing on stocks such as Gilead Sciences, Merck & Company, and Biogen. According to TipRanks, Bansal has an average return of 3.4% and a 52.06% success rate on recommended stocks.
In another report released yesterday, Morgan Stanley also maintained a Buy rating on the stock with a $133.00 price target.