On Thursday, Canaccord Genuity maintained its Buy rating and $171.00 price target for BioNTech (NASDAQ:BNTX), following the company's financial results for the fourth quarter and full year of 2023. The firm's analysis came after BioNTech's stock saw an 8% decrease on the same day, which was attributed to the reported financial outcomes and future guidance slightly missing the mark.
BioNTech announced a full-year 2023 revenue of €3.8 billion, which was close to the previously forecasted €4 billion. However, the company revised its full-year 2024 guidance to a range of €2.5 billion to €3.1 billion, down from around €3 billion expected earlier. This adjustment has been perceived as a minor deviation from expectations and is thought to be a contributing factor to the day's stock movement.
The investment firm highlighted the potential of BioNTech's oncology pipeline, which is expected to have 10 assets in pivotal studies by the end of 2024 and aims to secure approvals for 10 oncology indications by 2030. With €17.7 billion in cash and security investments at the end of the year, BioNTech is well-positioned to support its clinical development through upcoming late-stage catalysts.
Canaccord Genuity's analyst pointed out that the breadth of the oncology pipeline advancing collectively is more significant than individual pivotal readouts. The next updates from the pipeline are anticipated at the American Association for Cancer Research (AACR) conference, with programs focusing on pancreatic and non-small cell lung cancer (NSCLC), and further updates are expected at major medical conferences throughout the year.
The firm has updated its financial model to reflect the fourth quarter 2023 results and the revised guidance for 2024, adjusting its revenue estimate for 2024 to €3.1 billion from the previous €3.3 billion. Despite the adjustments, the firm's price target remains unchanged, and it reiterates its positive stance on BioNTech's stock.
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