BofA Securities analyst Tazeen Ahmad lowered the price target on BioNTech (NASDAQ: BNTX) to $128.00 (from $134.00) while maintaining a Buy rating.

The analyst comments "BioNTech (BNTX) announced that co-founders Ugur Sahin, CEO and Özlem Türeci, CMO will be transitioning to establish a new independent company focusing on mRNA innovation. The company highlighted the current pipeline and COVID franchise will not be impacted by the transition. BNTX commented that the search for successors focusing on candidates with extensive experience in late-stage clinical development and commercialization is underway, and the transition is expected by YE. We think the transition makes sense as the company shifts focus to late-stage oncology in large addressable markets, and new leadership could help bring focus to the expanding oncology pipeline. We remain bullish on the large commercial opportunity for pumitamig in multiple oncology indications and see today’s weakness as an attractive buying opportunity. We reiterate our Buy with new $128 PO."