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

Key Points

• Canaccord Genuity Group lowered BioNTech’s price target to $136 from $142 while maintaining a “buy” rating, implying approximately 33% upside from the stock’s $102.07 opening price.
• Analyst sentiment remains broadly positive, with BioNTech holding a consensus “Moderate Buy” rating and an average price target of $127.44, despite some recent target reductions and one sell rating.
• BioNTech reported a quarterly loss of $2.53 per share and revenue of $122.31 million, missing estimates, while revenue fell 59.5% year over year. The company also authorized a $1 billion share repurchase program covering up to 4.2% of outstanding shares.

BioNTech (NASDAQ:BNTX - Get Free Report) had its price target decreased by analysts at Canaccord Genuity Group from $142.00 to $136.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price objective would indicate a potential upside of 33.24% from the stock's current price.

A number of other equities research analysts have also recently issued reports on the company. Wells Fargo & Company decreased their target price on BioNTech from $150.00 to $140.00 and set an "overweight" rating for the company in a research report on Wednesday, May 6th. Weiss Ratings reissued a "sell (d-)" rating on shares of BioNTech in a research report on Monday, July 6th. Citigroup cut their price target on BioNTech from $130.00 to $125.00 and set a "buy" rating for the company in a report on Wednesday, August 5th. Jefferies Financial Group restated a "buy" rating on shares of BioNTech in a research note on Monday, June 1st. Finally, Sanford C. Bernstein reiterated a "market perform" rating on shares of BioNTech in a research note on Friday, June 5th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $127.44.

BioNTech Trading Down 0.0%

Shares of NASDAQ BNTX opened at $102.07 on Monday. The company has a current ratio of 7.85, a quick ratio of 7.80 and a debt-to-equity ratio of 0.01. BioNTech has a one year low of $79.52 and a one year high of $124.00. The business has a 50-day moving average price of $95.40 and a two-hundred day moving average price of $95.79. The firm has a market capitalization of $25.81 billion, a PE ratio of -13.04 and a beta of 1.27.

BioNTech (NASDAQ:BNTX - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($2.53) EPS for the quarter, missing the consensus estimate of ($2.40) by ($0.13). The company had revenue of $122.31 million for 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 business's revenue for the quarter was down 59.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($1.60) earnings per share. As a group, analysts predict that BioNTech will post -6.33 earnings per share for the current fiscal year.

BioNTech declared that its board has approved a share repurchase program on Thursday, May 7th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the company to repurchase up to 4.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

Institutional Investors Weigh In On BioNTech

A number of institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada grew its position in BioNTech by 95.9% in the first quarter. Royal Bank of Canada now owns 7,177 shares of the company's stock valued at $653,000 after acquiring an additional 3,514 shares during the period. NewEdge Advisors LLC acquired a new stake in shares of BioNTech in the 1st quarter valued at $167,000. Russell Investments Group Ltd. boosted its stake in shares of BioNTech by 368,800.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 11,067 shares of the company's stock valued at $1,178,000 after purchasing an additional 11,064 shares in the last quarter. Natixis bought a new stake in shares of BioNTech in the 2nd quarter worth about $985,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in shares of BioNTech by 2.9% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 492,045 shares of the company's stock worth $52,416,000 after purchasing an additional 13,788 shares during the last quarter. 15.52% of the stock is owned by institutional investors and hedge funds.

BioNTech Company Profile

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.

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