Leerink downgrades BioNTech to Market Perform following ‘successful rally’

As previously reported, Leerink analyst Daina Graybosch downgraded BioNTech (BNTX) to Market Perform from Outperform with a price target of $113, up from $112. The firm cites a successful 24% rally to $113 from December lows of $92, which brings the stock in line with its updated price target and DCF valuation. While Leerink remains fundamentally positive on the company’s potential for long-term differentiation – specifically pumitamig as a backbone for BioNTech and partner, Bristol Myers (BMY) ADC and IO portfolios – the firm does not anticipate meaningful data readouts that confirm the potential of these combinations until 2027 or later.