Bernstein starts BioNTech at Market Perform, sees high registration risk

Bernstein initiated coverage of BioNTech (BNTX) with a Market Perform rating and $96 price target Investors should pass on BioNTech at this time because of their aggressive pumitamig clinical development plan, and the firm sees a high risk of negative registrational trials for the drug class due to historical failure to achieve a statistically significant survival benefit, the analyst tells investors in a research note, also noting that the the consensus view of probability of technical success and market share for the PD-L1/VEGF class is “overly optimistic”.