JPMorgan analyst Jessica Fye downgraded BioNTech to Underweight from Neutral with a price target of $99, down from $106. The analyst acknowledges the company’s “healthy” cash balance and sees limited absolute downside from here. However, downward revisions to long-term estimates and protracted time lines to meaningful pipeline readouts could hinder the stock’s ability to recover, the analyst tells investors in a research note. The firm believes shrinking expectations for the COVID business have weighed on the stock and that the uncertainty will continue to represent a headwind.
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