Here’s Why BioNTech SE (BNTX) Declined 12.2% in Q4

Baron Funds, an investment management firm, released its “Focused Growth Fund” fourth quarter 2023 investor letter, a copy of which can be downloaded here. The fund had a strong fourth quarter and increased by 9.74% (Institutional Shares) underperforming the Russell 2500 Growth Index’s (the Benchmark) 12.59% return. Spare some time to check the fund’s top 5 holdings to know more about their top bets for 2023.

Baron Focused Growth Fund featured stocks like BioNTech SE (NASDAQ:BNTX) in the Q4 2023 investor letter. Headquartered in Mainz, Germany, BioNTech SE (NASDAQ:BNTX) is a biotechnology company. On March 4, 2024, BioNTech SE (NASDAQ:BNTX) stock closed at $89.30 per share. One-month return of BioNTech SE (NASDAQ:BNTX) was -6.98%, and its shares lost 30.79% of their value over the last 52 weeks. BioNTech SE (NASDAQ:BNTX) has a market capitalization of $21.618 billion.

Baron Focused Growth Fund stated the following regarding BioNTech SE (NASDAQ:BNTX) in its fourth quarter 2023 investor letter:

“BioNTech SE (NASDAQ:BNTX) declined 12.2% in the fourth quarter and hurt performance by 20 bps. The company, a leader in the mRNA drug industry, was hurt in the quarter by lower uptake of its mRNA COVID vaccine as fewer people took the new vaccine. This has resulted in lower revenue and cash flow this year, but the company’s strong pipeline of new oncology and infectious disease drugs over the next couple of years remains promising. The company is profitable and is generating strong cash flow. At current valuations, 70% of the company’s equity value is cash. Accordingly, we believe investors are getting its pipeline for free at current price levels.”

A microbiologist observing a petri dish of bacteria under a microscope.

BioNTech SE (NASDAQ:BNTX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, BioNTech SE (NASDAQ:BNTX) was held by 14 hedge fund portfolios, down from 19 in the previous quarter, according to our database.

We discussed BioNTech SE (NASDAQ:BNTX) in another article and shared the list of stocks Jim Cramer is recommending. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

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