BioNTech stock price target lowered to $116 at TD Cowen on trial delays

Investing.com - TD Cowen has lowered its price target on BioNTech (NASDAQ:BNTX) to $116.00 from $120.00 while maintaining a Hold rating on the stock. According to InvestingPro data, this target aligns with broader analyst consensus, which also maintains a Hold recommendation, though analyst price targets range from $98.16 to $170.43.

The firm noted that BioNTech reported third-quarter Comirnaty revenues of €853 million, exceeding consensus estimates of €669 million and TD Cowen’s forecast of €570 million. Despite this quarterly outperformance, InvestingPro data indicates analysts anticipate a 22% revenue decline for fiscal year 2025.

BioNTech has raised its fiscal year 2025 guidance, driven by collaboration revenues from Bristol Myers Squibb, while simultaneously lowering its expense guidance for the period. The company maintains strong financial health with a current ratio of 8.61, indicating liquid assets substantially exceed short-term obligations.

TD Cowen highlighted several clinical trial timeline adjustments, including a delay in the Phase 3 triple-negative breast cancer (TNBC) trial to year-end 2025, a postponement of the BNT122 Phase 2 interim update in adjuvant colorectal cancer to early 2026, and the pushing of the BNT323 BLA filing to 2026.

The company plans to provide a Phase 2 update for its pumitelimab treatment in TNBC at the San Antonio Breast Cancer Symposium and is planning new Phase 2/3 trials for first-line gastric cancer and colorectal cancer.

In other recent news, BioNTech reported a significant surge in third-quarter revenue, reaching €1.52 billion, which far exceeded analyst expectations of €1.01 billion. Despite this revenue increase, the company posted a loss of €0.12 per share, contrary to the anticipated profit of €0.10 per share. The revenue boost was largely attributed to a $1.5 billion payment from its collaboration with Bristol Myers Squibb. Furthermore, BioNTech raised its full-year revenue guidance, reflecting stronger-than-expected performance from this partnership. Meanwhile, Clear Street adjusted its price target for BioNTech, lowering it from $185 to $181, while maintaining a Buy rating. This revision was based on updated assumptions regarding the timing of collaboration payments from Bristol Myers. These developments highlight recent financial and strategic movements within BioNTech.

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