Shares of biotechnology company BioNTech SE (NASDAQ:BNTX) are trending marginally lower in the pre-market session today after a Financial Times report of multiple compensation claims against the company in Germany related to the side effects of BioNTech’s Covid-19 vaccine.
The claims have been filed by two law firms and BioNTech will attend the first court hearing today. The claims total up to €1 million for alleged symptoms including heart arrhythmia and brain fog caused by the company’s Covid-19 vaccine jab.
According to the report, close to 75% of the total 224 million vaccine shots administered in the country were produced by BioNTech and consequently, the cases in Germany make up for the largest number of claims faced by the company across the world.
BioNTech, on its part, has not made any provisions for the claims and remains confident that the cases will be shoved aside.
Overall, the Street has a $156.42 consensus price target on BNTX alongside a Moderate Buy consensus rating. This points to a 43.18% potential upside in the stock.
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