UBS analyst David Dai reiterated a Buy rating and $135.00 price target on BioNTech (NASDAQ: BNTX).

The analyst commented, "BNTX presented two important lung cancer updates at WCLC 2026 -- 1) first ever PD-L1xVEGF + B7-H3 ADC combo (pumi+Elfe-D) in 1L ES-SCLC, and 2) gotistobart (anti-CTLA) OS data in 2L+ NSCLC. Pumi+Elf-D exceeded our expectations with potentially best-in-class efficacy and clean safety in 1L ES SCLC, supporting advancement into Phase 3 trial. Combining a PD-L1×VEGF bispecific with an ADC showed 70% ORR overall and 92% ORR in 1L, exceeding that of pumi+chemo combo and other B7-H3 ADCs. Safety looked clean with no DLT and low discontinuation rate (3.9%). Moreover, the Discussant (Dr. Mariana Brandão) was impressed with pumi+Elfe-D's activity, particularly in patients previously treated with DLL3-directed therapies. She asserts that we should expect more PD-1xVEGF + ADC combos in the future. Gotistobart showed nearly doubling of mOS vs. docetaxel in 2L+ sqNSCLC (18.5 vs. 10.0 months; HR=0.56) from PRESERVE-003 Stage 1 trial. We believe the impressive Stage 1 OS data supports a potentially positive interim data readout from the PRESERVE-003 Stage 2 pivotal trial in 2026, where positive data could enable BLA filing for accelerated approval in 2L+ NSCLC in 2027."

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Shares of BioNTech closed at $96.69 yesterday.