Canaccord Genuity Group Cuts BioNTech (NASDAQ:BNTX) Price Target to $136.00

BioNTech (NASDAQ:BNTX) had its target price reduced by Canaccord Genuity Group from $142.00 to $136.00 in a report released on Monday, MarketBeat.com reports. Canaccord Genuity Group currently has a buy rating on the stock.

Other equities research analysts have also recently issued reports about the stock. Weiss Ratings restated a “sell (d-)” rating on shares of BioNTech in a research report on Monday, July 6th. Sanford C. Bernstein reiterated a “market perform” rating on shares of BioNTech in a report on Friday, June 5th. Berenberg Bank dropped their price target on shares of BioNTech from $155.00 to $140.00 and set a “buy” rating for the company in a research note on Tuesday, May 12th. Morgan Stanley dropped their price target on shares of BioNTech from $126.00 to $119.00 and set an “overweight” rating for the company in a research note on Wednesday, July 8th. Finally, Wells Fargo & Company cut their price target on shares of BioNTech from $150.00 to $140.00 and set an “overweight” rating for the company in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $127.44.

BioNTech Stock Up 1.8%

Shares of NASDAQ:BNTX opened at $103.81 on Monday. The company has a quick ratio of 7.80, a current ratio of 7.85 and a debt-to-equity ratio of 0.01. The business has a fifty day moving average of $96.13 and a two-hundred day moving average of $95.67. The stock has a market cap of $26.25 billion, a P/E ratio of -13.26 and a beta of 1.29. BioNTech has a 52-week low of $79.52 and a 52-week high of $124.00.

BioNTech (NASDAQ:BNTX) last issued its earnings results on Tuesday, August 4th. The company reported ($2.53) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.40) by ($0.13). The company had revenue of $122.31 million during the quarter, compared to analyst estimates of $180.18 million. BioNTech had a negative return on equity of 6.86% and a negative net margin of 63.54%.The firm’s revenue was down 59.5% compared to the same quarter last year. During the same period last year, the business earned ($1.60) earnings per share. On average, research analysts expect that BioNTech will post -6.33 earnings per share for the current year.

BioNTech announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 7th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 4.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On BioNTech

Several large investors have recently made changes to their positions in BNTX. Flossbach Von Storch SE acquired a new stake in BioNTech in the 2nd quarter valued at approximately $207,142,000. BNP Paribas Financial Markets lifted its stake in BioNTech by 43.0% during the fourth quarter. BNP Paribas Financial Markets now owns 1,578,094 shares of the company’s stock worth $150,235,000 after purchasing an additional 474,796 shares in the last quarter. Bank of America Corp DE lifted its stake in BioNTech by 22.6% during the first quarter. Bank of America Corp DE now owns 903,029 shares of the company’s stock worth $80,261,000 after purchasing an additional 166,432 shares in the last quarter. GSK plc purchased a new position in shares of BioNTech during the fourth quarter worth $84,711,000. Finally, First Trust Advisors LP boosted its position in shares of BioNTech by 116.0% during the first quarter. First Trust Advisors LP now owns 839,991 shares of the company’s stock worth $74,658,000 after buying an additional 451,124 shares during the period. 15.52% of the stock is currently owned by institutional investors and hedge funds.

About BioNTech

BioNTech SE (NASDAQ: BNTX) is a Germany-based biotechnology company that develops next-generation immunotherapies and vaccines, with a primary focus on messenger RNA (mRNA) technology. Founded in 2008 and headquartered in Mainz, BioNTech advances a platform approach to design and manufacture therapeutics across oncology, infectious diseases and other high unmet-need areas. The company is publicly traded on the NASDAQ exchange and became widely known for its rapid development and global deployment of an mRNA-based COVID-19 vaccine in collaboration with Pfizer.

BioNTech’s core activities include discovery research, clinical development and manufacturing of mRNA-based medicines, personalized cancer immunotherapies, engineered cell therapies, and antibody- and protein-based therapeutics.