A largely post-COVID-19 world is not great for biotech stock BioNTech (NASDAQ:BNTX). Recently, it offered up projections on its 2024 expectations, and the news did not sit well with investors. In fact, there was a rush for the exits, as BioNTech lost over 4% in Tuesday afternoon’s trading.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
BioNTech, which was one of the first to bring a COVID-19 vaccine to market, released its FY2024 revenue projections, which fell flat by a wide margin. It looks to bring in around $3.3 billion, substantially below the $4.1 billion analysts had in mind. While BioNTech waved most of the trouble away—it effectively referred to 2024 as a “rebuilding year”—it left the potential open for much better results in 2025. Plus, BioNTech looks to have a range of oncology projects—cancer fighters—ready to go in 2026.
A Greater Focus on Cancer
In fact, reports note that BioNTech will be turning to an unlikely ally to fuel its cancer-fighting and revenue growth aspirations: artificial intelligence (AI). With AI backing up cancer research, there would be a means to produce highly specific cancer-fighting drugs that can be personalized. One description calls it “…a ‘wanted’ poster for immune cells.” It was only a dream 30 years ago, but it’s already undergoing testing today.
What is the Target Price for BioNTech Stock?
Turning to Wall Street, analysts have a Hold consensus rating on BNTX stock based on four Buys, eight Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 29.95% loss in its share price over the past year, the average BNTX price target of $122.08 per share implies 13.73% upside potential.
