Investing
BioNTech stock get Buy rating from Canaccord, highlights pipeline focus
© Reuters.
On Thursday, Canaccord Genuity maintained its Buy rating and $171.00 price target for BioNTech (NASDAQ:), 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.
Read the full article here
This 4-in-1 Microsoft Deal Is Now Just $72
3 Overlooked, Everyday Solutions That Actually Drive Long-Term Success
Tupperware Files for Bankruptcy, Sales Strategy Went Stale
Using AI Doesn’t Have to Be Unethical — Build a Values-Driven AI Policy in 3 Steps
With Fed’s rate cut at hand, debate swirls over how large a move By Reuters
San Francisco Pizzeria Found Success With Unique Menu
United Airlines Adding Starlink, Free WiFi to All Flights
Correct Your Spelling Errors on PDFs With This All-in-One PDF Tool
Reduce Your Business Expenses With This $30 Microsoft Office Alternative
There’s a Burnout Crisis in American Workplaces — and This Is the Solution
Debt ceiling debate and its effect on the U.S. dollar
Debt ceiling default: Still no deal between parties
Stovall: If the U.S. defaults on its debt, all S&P 500 sectors will likely fall
What China's weaker-than-expected economy could mean for U.S. markets
A ‘Big Short’ investor sees financial disaster brewing in housing markets — again
-
Side Hustles6 days agoSan Francisco Pizzeria Found Success With Unique Menu
-
Side Hustles4 days agoUnited Airlines Adding Starlink, Free WiFi to All Flights
-
Passive Income5 days agoCorrect Your Spelling Errors on PDFs With This All-in-One PDF Tool
-
Passive Income3 days agoReduce Your Business Expenses With This $30 Microsoft Office Alternative
-
Side Hustles5 days agoThere’s a Burnout Crisis in American Workplaces — and This Is the Solution
-
Side Hustles6 days agoWho Are the Billionaires Backing Trump or Harris?
-
Personal Finance4 days agoInflation hits 2.5% in August, keeping the Fed on track to lower interest rates
-
Investing6 days ago9 Habit Stacking Routines to Boost Your Productivity