BioNTech (BNTX) PT Raised to $121 at Leerink Partners

Leerink Partners analyst Daina Graybosch raised the price target on BioNTech (NASDAQ: BNTX) to $121.00 (from $102.00) while maintaining a Outperform rating.

The analyst comments "Bottom Line: BioNTech (BNTX, OP) seeks to drive top-line growth through excellence in oncology drug development, and tomorrow's Innovation Series (11/14) event is poised to be an important catalyst to convince investors that BioNTech has a path to success. The company has staked its long-term growth strategy around oncology (see HERE for our thoughts following the company’s 2023 Innovation Series day), and while the company’s partnered PD-L1 x VEGFA bispecific BNT327 (PM8002) has generated significant investor interest in the last two months (see HERE for our thoughts), we are looking for management to lay out a clear and focused oncology pipeline strategy that best leverages the company’s strong cash position. Given the uncertainty around the company’s development plans -- namely on BNT327, gotistobart, and ADCs -- multiple oncology assets remain upside to our current estimates. In the short-term, however, COVID-19 vaccine Comirnaty will likely be the sole gear in BioNTech’s commercial engine, with waning uptake in low- and middle-income countries driving the company’s outlook to the low end of their of €2.5-3.1B FY24 top-line guidance. Waning demand is buffered meaningfully by a higher-than- expected vaccine price increase per CDC (see below), which improves our long-term revenue outlook for the product; PT to $121 and reiterate OP."

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