Canaccord lowered the firm’s price target on BioNTech (BNTX) to $184 from $200 and keeps a Buy rating on the shares. The firm noted shares traded down on news of Pfizer’s (PFE) write-offs and charges of roughly $0.9B related to Comirnaty. Canaccord does not expect this to impact BioNTech’s profit share. They also reduced their estimates for expected booster uptake from 25% of the eligible population to 17%, in line with comments on the Pfizer conference call so they reduced their 2023 revenue expectation from EUR 4.9B to EUR 4.0B.
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