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BioNTech Working on Omicron Vaccine – Report

BioNTech (BNTX) has started working on a new vaccine tailored towards the new COVID-19 variant, Omicron. Reuters reports that it is unclear whether the company will have to rework its already established COVID-19 shot. BNTX shares rose 3.58% to close at $362.52 on November 29.

BioNTech SE is a company that develops and manufactures therapies for infectious diseases, allergies, and autoimmune disorders.

BioNTech Omicron Response

Omicron is the new coronavirus variant that poses a high global risk, according to the rising cases of infection. The World Health Organization has already warned of the potential impact of the variant, as more countries continue to report new cases.

The development of a newly adapted vaccine for the Omicron variant will go according to BioNTech standard procedure. The company currently develops vaccines in partnership with Pfizer (PFE). (See Top Smart Score Stocks on TipRanks)

Additionally, BioNTech will have to evaluate whether a new shot will be needed. The company has already confirmed it expects more lab data that will provide insights on whether there is a need for a new vaccine specifically tailored for the new variant.

Even as BioNTech continues to evaluate the next cause of action in combating the Omicron variant, Moderna (MRNA) says it’s working on redesigning its COVID-19 vaccine to make it effective for future booster shots.

Stock Rating

Yesterday, H.C. Wainwright analyst Robert Burns reiterated a Buy rating on the stock with a $360 price target, implying that shares are fully valued at current levels.

Consensus among analysts is a Moderate Buy, based on 3 Buys and 7 Holds. The average BioNTech price target of $293.70 implies an 18.98% downside potential to current levels.

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