Citi sees a bright future for BioNTech, particularly due to its innovative cancer treatment developments, and has rated the biotech firm as a strong buy. Their set target price at $145 suggests a potential share surge of 44.5% from its recent close on Wednesday. Even though BioNTech experienced a revenue dip following the peak of its COVID-19 vaccine sales, which neared $19 billion in 2021, analyst Geoff Meacham believes there are substantial growth opportunities on the horizon.
“We find encouragement in the COVID vaccination rates that are expected to stabilize, but what truly excites us is BioNTech’s robust oncology pipeline. This pipeline features three unique and differentiated areas of focus. It includes immunomodulators, targeted therapies like antibody-drug conjugates, and mRNA cancer immunotherapies. Each of these categories holds several projects in the mid- to late-stage development, with data expected to be released at regular intervals starting in 2025,” Meacham noted. He pointed out that within the immuno-oncology sphere, BioNTech is making significant strides, particularly with its leading candidate BNT327, which has shown promising results in phase 2 trials.
Recently, BioNTech shares have experienced downward pressure, dropping over 11% this year. However, Meacham’s positive update helped lift them by 1%. Beyond that, he highlighted BioNTech’s wide-ranging treatment options as potentially insulating the company from unpredictable shifts in healthcare policy.
Overall, sentiment towards BioNTech remains optimistic among market experts. According to data from LSEG, out of the 21 analysts tracking the stock, 16 have given it a buy or strong buy rating, and the average price target indicates a potential upside of 38%.
