BioNTech upgraded to buy at Goldman Sachs on tumor asset
by
Contributor since / Followers
Contributor since / Followers
9 hours ago
Victor Golmer/iStock Editorial via Getty Images
- Goldman Sachs has upgraded BioNTech (NASDAQ:BNTX) to buy citing the potential of bispecific antibody BNT327 to treat various types of tumors.
- The firm has a price target of $137 (~27% upside based on Nov. 7 close).
- Analyst Chris Shibutani said that the investing thesis for BioNTech is shifting away from the COVID-19 vaccine market to development of BNT327. And if that is successful, it would bring the biotech a step closer to becoming a player in the oncology space.
- He models peak sales of BNT327, a bispecific antibody targeting both PD-L1 and VEGF-A, at 6.6B Euros ($7.1B), with a non-small cell lung cancer indication as a major driver. Triple-negative breast cancer and small cell lung cancer will also contribute.
- Shibutani noted that the German company also has a significant cash position which supports its clinical development programs.