Clear Street lowers BioNTech price target, says buy on weakness

Clear Street lowered the firm’s price target on BioNTech (BNTX) to $167 from $181 and keeps a Buy rating on the shares after the company reported Q4 results and announced that co-founders CEO Ugur Sahin and CMO Ozlem Tureci will depart by year-end to start a new independent company. The firm, which calls it “absurd” for shares to be trading near cash, notes that BioNTech retains its clinical pipeline and mRNA technologies and argues that the leadership change “may be a long-term boon for the company” as it hopes for a commercially-oriented team. The firm would buy shares on this “temporary weakness,” the analyst added.