Goldman Sachs analyst Asad Haider initiated coverage of BioNTech (BNTX) with a Neutral rating and $110 price target representing 12% upside. The firm sees valuation support at current levels from the combination of BioNTech’s COVID vaccines franchise as well as a strong net cash position, but believes a sustained stock inflection is “contingent on a series of de-risking clinical data events” which will influence the company’s ability to successfully transition into its ambition of becoming a global immunotherapy powerhouse. Goldman is “encouraged” by BioNTech’s positioning in the emerging PD-1/L1xVEGF bispecifics class, but believes more data is needed to gain confidence on the opportunity set.
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