BioNTech SE (BNTX) Rallying on Solid Oncology Strategy

BioNTech SE (NASDAQ:BNTX) is one of the best stocks to buy and hold for the next 6 months. On February 2, research firm Leerink Partners downgraded BioNTech SE (NASDAQ:BNTX) to a Market Perform from an Outperform and set a $113 price target.

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The downgrade is in response to the stock rallying from its December lows of $92 to $113. The 24% gain over the same period outpaced the 4% gain of the S&P Biotechnology Select Industry. According to Leerink Partners, the new rating and price target bring the stock in line with its discounted cash flow valuation.

Despite the downgrade, the research firm remains confident about BioNTech’s long-term prospects with its oncology strategy. The firm is especially confident about pumitamig, a VEGFA/PD-L1 bispecific antibody partnered with Bristol Myers Squibb. The company remains in a strong financial position with $20.3 billion in cash expected to support the development of the oncology pipeline.

Earlier on January 28, the company’s Supervisory Board appointed Kylie Jimenez to the Management Board as Chief People Officer (“CPO”). The appointment aligns with the company’s push to become a multi-product oncology company by 2030. Jimenez will be responsible for shaping and leading BioNTech’s people strategy and its execution.

On January 21, BioNTech said the FDA gave Fast Track status to its cancer drug BNT113 for HPV16+ head and neck cancer. The decision is based on early trial results, and the drug is being tested with pembrolizumab to improve survival for patients who currently have limited treatment options.

BioNTech SE (NASDAQ:BNTX) is a German biotechnology company that develops immunotherapies and vaccines for cancer, infectious diseases, and other serious conditions.

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Disclosure: None. This article is originally published at Insider Monkey.