Berenberg lowered the firm’s price target on BioNTech (BNTX) to $140 from $155 and keeps a Buy rating on the shares. The firm says the current share price “deeply undervalues” the company’s oncology pipeline. Berenberg cut the price target to reflect pressure on BioNTech’s COVID-19 business, but views the company’s new buyback and manufacturing footprint optimization favorably.
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