Bank of America turned bullish on German biotech BioNTech on Thursday
Bank of America analysts upgraded BioNTech SE stock to buy from hold on Thursday, citing excitement about its mRNA technology and the outlook for a combined flu/COVID vaccine and oncology vaccines that are currently in various stages of development.
Analysts led by Tazeen Ahmad reiterated their $239 price target on the stock BNTX , which is 28.5% above its current price, and said the German company’s roughly 16 billion euros in cash is a positive. Bank of America’s discounted cash flow-derived $239 price target includes $33 from FixVac and NeST, $150 from the COVID vaccine and about $19 from early-stage pipeline assets including intratumoral immunotherapy, RiboMabs, RiboCytokines and engineered cell therapy and antibody platforms, as well as future potential infectious disease indications, said the note.
“Additionally, next-gen COVID vaccines could also increase uptake long-term, and we view China as a potential large opportunity for BNTX as the country slowly begins to ease COVID restrictions and has reengaged in dialogues for a potential approval,” said the note.
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