Jefferies cuts BioNTech price target, says stock is cheap

Jefferies lowered the firm’s price target on BioNTech (BNTX) to $138 from $151 and keeps a Buy rating on the shares. The company reported Q4 results and announced that founders CEO Ugur Sahin and CMO Ozlem Tureci will be departing. Jefferies called the transition “surprising”, but thinks the stock is “cheap”. If BioNTech brings in the right management team that can improve communication with the Street, and focus on clinical and commercial execution, Jefferies thinks this could be a long-term positive, the firm told investors.