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Benzinga
Benzinga
Business
Vandana Singh

HC Wainwright Reiterates Buy Rating On BioNTech, While Lowers Price Target

HC Wainwright has reiterated its Buy rating on BioNTech SE (NASDAQ:BNTX) while reducing the price target to $298 from the prior $339.

The analyst noted initial data of BNT211, an autologous CAR-T cell therapy, shared at the American Association for Cancer Research (AACR) meeting.

Analyst Robert Burns says that while no patients exhibited G3+ cytokine release syndrome (CRS) or neurotoxicity, he will continue to pay attention to these adverse events as dose escalation continues.

Related: Pfizer/BioNTech's Second COVID-19 Vaccine Booster Provides Short-Lived Protection In Elderly, Israel Study Shows.

BioNTech recently entered into an exclusive research collaboration with Matinas Biopharma Holdings Inc (NYSE: MTNB) to evaluate the combination of mRNA formats and Matinas' proprietary lipid nanocrystal (LNC) platform technology. 

The analyst points out to investors that Matinas' LNC technology could potentially help pave the way for orally-delivered mRNA-based therapies.

HC Wainright projects FY22 EPS of €32.87 vs. the previous estimate of €28.79. "Given the company's guidance and after pulling our DCF-based valuation forward, we reiterate our Buy rating while lowering our 12-month price target to $298 from the prior $339," writes the analyst. 

Also Read: Why BioNTech Shares Are Surging Today.

Price Action: BNTX shares are down 2.76% at $165.85 during the market session on the last check Tuesday.

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