BioNTech price target lowered to $194 from $239 at BofA

BofA lowered the firm’s price target on BioNTech to $194 from $239 and keeps a Buy rating on the shares after the company reported FY22 results and provided FY23 COVID guidance that is below expectations. The firm remains focused on several readouts from the oncology pipeline expected in 2023 as the company pivots its focus from the COVID franchise and continues to expand the oncology and ID pipelines.