BioNTech (BNTX) PT Raised to $132 at TD Cowen

TD Cowen analyst Yaron Werber raised the price target on BioNTech (NASDAQ: BNTX) to $132.00 (from $85.00) while maintaining a Hold rating.

The analyst commented, "In conjunction with TD Cowen Biotech's Q3 earnings preview, we are updating our model and corresponding estimates for BNTX. Our new $132 PT (+$47) is based on 2030 (vs prior 2029) non-GAAP EPS of $6.57 with a 30x P/E multiple (unchanged) discounted by 10% (unchanged)."

"Comirnaty sales could miss in Q3 given sluggish demand, soft FY24 guidance, and low commercial expectations. Long-term outlook uncertain and future growth is likely gated on success of flu/COVID combo, which has shown mixed data. Updates for the oncology pipeline will be key in FY24 including ADCs, IO assets, and bispecifics. All eyes on BNT327 (PD1xVEGF), which is rapidly moving to Ph3 in 1L SCLC/TNBC/NSCLC."

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