BioNTech (NASDAQ:BNTX) Stock Price Target Cut by Canaccord Genuity Group

BioNTech (NASDAQ:BNTX) had its target price lowered by equities researchers at Canaccord Genuity Group from $136.00 to $132.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 48.30% from the stock’s current price.

Several other research firms also recently weighed in on BNTX. Weiss Ratings restated a “sell (d-)” rating on shares of BioNTech in a research report on Friday, October 2nd. UBS Group reiterated a “buy” rating on shares of BioNTech in a research note on Wednesday, September 16th. Wall Street Zen lowered BioNTech from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Citigroup reduced their target price on BioNTech from $130.00 to $125.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Finally, Argus began coverage on BioNTech in a research report on Thursday, October 8th. They issued a “hold” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $125.44.

BioNTech Trading Down 7.1%

Shares of NASDAQ:BNTX opened at $89.01 on Wednesday. The business’s 50 day moving average price is $99.19 and its 200-day moving average price is $95.29. BioNTech has a 1 year low of $79.52 and a 1 year high of $124.00. The firm has a market capitalization of $22.51 billion, a price-to-earnings ratio of -11.37 and a beta of 1.25. The company has a debt-to-equity ratio of 0.01, a current ratio of 7.85 and a quick ratio of 7.80.

BioNTech (NASDAQ:BNTX) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($2.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.40) by ($0.13). BioNTech had a negative net margin of 63.54% and a negative return on equity of 6.86%. The company had revenue of $122.31 million for the quarter, compared to analysts’ expectations of $180.18 million. During the same period in the previous year, the business earned ($1.60) earnings per share. The business’s revenue for the quarter was down 59.5% on a year-over-year basis. On average, equities research analysts forecast that BioNTech will post -6.62 earnings per share for the current fiscal year.

Insider Buying and Selling at BioNTech

In related news, CEO Ugur Sahin sold 72,000 shares of the business’s stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $97.23, for a total transaction of $7,000,560.00. Following the transaction, the chief executive officer directly owned 108,209 shares in the company, valued at approximately $10,521,161.07. The trade was a 39.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 807,209 shares of company stock valued at $79,246,837 over the last quarter. Company insiders own 19.20% of the company’s stock.

Institutional Trading of BioNTech

Hedge funds have recently bought and sold shares of the business. Flossbach Von Storch SE purchased a new stake in shares of BioNTech in the second quarter valued at approximately $207,142,000. Bank of America Corp DE increased its holdings in shares of BioNTech by 22.6% in the first quarter. Bank of America Corp DE now owns 903,029 shares of the company’s stock valued at $80,261,000 after purchasing an additional 166,432 shares during the last quarter. First Trust Advisors LP lifted its position in BioNTech by 116.0% during the first quarter. First Trust Advisors LP now owns 839,991 shares of the company’s stock worth $74,658,000 after buying an additional 451,124 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in BioNTech during the second quarter worth approximately $39,385,000. Finally, SEB Asset Management AB purchased a new position in BioNTech during the first quarter worth approximately $17,804,000. Institutional investors and hedge funds own 15.52% of the company’s stock.

More BioNTech News

Here are the key news stories impacting BioNTech this week:

• Positive Sentiment: BioNTech said the AHEAD-MERIT trial will continue, and overall-survival data remain immature. Citi analysts said positive survival results could preserve a meaningful development and regulatory path for BNT113, limiting the downside if the longer-term data are favorable. BioNTech’s cancer drug misses a key trial goal – Citi says survival data could preserve a meaningful development path
• Neutral Sentiment: Evercore ISI said the PFS miss was not entirely surprising, suggesting investors may have already recognized risks related to the trial design and treatment setting. However, the failed endpoint remains a significant clinical setback. BioNTech cancer vaccine trial PFS miss ‘not surprising,’ says Evercore ISI
• Neutral Sentiment: BNT113 was tested with pembrolizumab in previously untreated patients with advanced HPV16-positive head and neck cancer. The company’s full assessment now depends heavily on overall-survival results and additional trial analysis. BioNTech provides update on BNT113 trial
• Negative Sentiment: The PFS failure has deepened doubts about BioNTech’s broader mRNA cancer-vaccine strategy. BMO Capital maintained a Hold rating and linked the result to wider challenges facing the field, while commentary highlighted Moderna’s stronger recent cancer-vaccine performance. BNTX stock selloff deepens doubts

BioNTech Company Profile

BioNTech SE is a biotechnology company headquartered in Mainz, Germany, focused on developing therapies and vaccines for cancer and other serious diseases. The company’s research platform includes messenger RNA (mRNA), individualized cancer vaccines, immune-modulating therapies, cell therapies, and protein-based therapeutics.

BioNTech is best known for developing the Comirnaty COVID-19 vaccine in collaboration with Pfizer. Comirnaty uses mRNA technology to help stimulate an immune response against COVID-19 and has been distributed in markets around the world.