The bank upgraded shares of the German biotechnology firm to a buy rating from neutral.
Goldman Sachs is optimistic on BioNTech as a result of a new oncology asset. Analyst Chris Shibutani accompanied the move by hiking his price target to $137 from $90, which implies upside of $27%. Shibutani pointed to BNT327, a "novel immuno-oncology asset which is in clinical development across multiple solid tumor indications," as a catalyst for the upgrade.
mountain chart BioNTech can also support an innovative and expansive clinical development program for BNT327 that could challenge the status quo of immune-oncology regimens, Shibutani added. "We would add that uncertainties regarding the outlook for biopharma companies with vaccine franchises have idiosyncratically enhanced the attractiveness of current levels as an entry point in our view," the analyst said. Shares rose more than 2% following the upgrade. Year to date, they're up just 2%.
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