🤯 Picked by our AI, this stock rallied more than Nvidia this month, yielding 94% since MarchSee the stock

BioNTech stock get Buy rating from Canaccord, highlights pipeline focus

EditorEmilio Ghigini
Published 03/21/2024, 08:11 AM
© Reuters.

On Thursday, Canaccord Genuity maintained its Buy rating and $171.00 price target for BioNTech (NASDAQ:BNTX), following the company's financial results for the fourth quarter and full year of 2023. The firm's analysis came after BioNTech's stock saw an 8% decrease on the same day, which was attributed to the reported financial outcomes and future guidance slightly missing the mark.

BioNTech announced a full-year 2023 revenue of €3.8 billion, which was close to the previously forecasted €4 billion. However, the company revised its full-year 2024 guidance to a range of €2.5 billion to €3.1 billion, down from around €3 billion expected earlier. This adjustment has been perceived as a minor deviation from expectations and is thought to be a contributing factor to the day's stock movement.

The investment firm highlighted the potential of BioNTech's oncology pipeline, which is expected to have 10 assets in pivotal studies by the end of 2024 and aims to secure approvals for 10 oncology indications by 2030. With €17.7 billion in cash and security investments at the end of the year, BioNTech is well-positioned to support its clinical development through upcoming late-stage catalysts.

Canaccord Genuity's analyst pointed out that the breadth of the oncology pipeline advancing collectively is more significant than individual pivotal readouts. The next updates from the pipeline are anticipated at the American Association for Cancer Research (AACR) conference, with programs focusing on pancreatic and non-small cell lung cancer (NSCLC), and further updates are expected at major medical conferences throughout the year.

The firm has updated its financial model to reflect the fourth quarter 2023 results and the revised guidance for 2024, adjusting its revenue estimate for 2024 to €3.1 billion from the previous €3.3 billion. Despite the adjustments, the firm's price target remains unchanged, and it reiterates its positive stance on BioNTech's stock.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.