Truist Lifts BioNTech (BNTX) Price Target After New Partnership

On Monday, June 2, Truist Securities analysts raised the price target on BioNTech SE (NASDAQ:BNTX) from $151 to $155 and kept a “Buy” rating.

This decision came after the company entered into an agreement with Bristol Myers Squibb for the co-development and co-commercialization of BioNTech SE’s (NASDAQ:BNTX) investigational bispecific antibody BNT327 across numerous solid tumor types.

BioNTech (BNTX) Price Target Raised at Truist After New Partnership

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The analysts pointed out that this partnership is a positive move for BioNTech SE (NASDAQ:BNTX) because it helps share the high costs of research and development. The agreement also allows the company to use Bristol Myers Squibb’s strong experience and resources in immuno-oncology drug development, which is needed to maximize the potential of BNT327.

As part of the deal, Bristol Myers Squibb will pay BioNTech SE (NASDAQ:BNTX) $1.5 billion in an upfront payment and $2 billion total in non-contingent anniversary payments through 2028. BioNTech SE (NASDAQ:BNTX) will also receive up to $7.6 billion in additional development, regulatory, and commercial milestones. Truist Securities analysts noted that the 50% profit share arrangement is fair and beneficial for BioNTech SE (NASDAQ:BNTX).

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

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