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BioNTech building integrated oncology pipeline, says Clear Street

Clear Street analyst Bill Maughan reiterates a Buy rating and $185 price target on “top pick” for the second half BioNTech (BNTX) after the company announced that its antibody drug conjugate BNT323/DB-1303 beat trastuzumab emtansine on the primary endpoint of progression-free survival in a Phase 3 Chinese study in HER2+ metastatic or unresectable breast cancer run by partner DualityBio. The update “was largely expected” and does not change the firm’s view that BioNTech is building an integrated oncology pipeline based on the next-gen immuno-oncology agent BNT327, the analyst tells investors.

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