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 investigational bispecific antibody BNT327 across numerous solid tumor types.

The analysts pointed out that this partnership is a positive move for BioNTech SE 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 $1.5 billion in an upfront payment and $2 billion total in non-contingent anniversary payments through 2028. BioNTech SE 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.

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

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