BioNTech Shares Fall After BMO Downgrade and Price Target Cut
BioNTech SE (NASDAQ:BNTX) shares fell 1.2% to $102.55 in premarket trading after BMO Capital downgraded the stock and reduced its price target.
BMO lowered its rating on BioNTech from Outperform to Market Perform and cut its price target to $105 from $128. The firm cited lower global demand for COVID vaccines and an ongoing inventory drawdown in Germany among the factors behind its revised assessment.
BMO's longer-term estimate for steady-state Comirnaty revenue is also below the broader analyst consensus, according to the supplied information.
The analyst action follows a clinical development announced by BioNTech in late August involving autogene cevumeran, its personalised mRNA cancer vaccine candidate.
BioNTech and Roche's Genentech unit terminated a Phase 2 trial evaluating autogene cevumeran in resected colorectal cancer after the study crossed a futility threshold.
The decision removed that trial from BioNTech's clinical development programme, although the company continues to have a broader oncology pipeline that includes 14 pivotal trials, according to the information provided.
BioNTech has also reduced its full-year 2026 revenue guidance.
The company now expects revenue of between €1.6 billion and €1.9 billion, compared with its previous forecast of €2.0 billion to €2.3 billion.
According to the supplied information, analysts have subsequently reduced consensus revenue forecasts and adjusted their loss-per-share estimates.
The company's revenue outlook continues to reflect changes in its COVID vaccine business while BioNTech maintains spending on research and development across its pipeline.
BioNTech's premarket decline came during a weaker session for major U.S. equity indices. The S&P 500 was down 0.3%, while the Nasdaq declined 0.1% during the same period.
The supplied information states that BioNTech has a beta above 1 and does not currently pay a dividend.
At $102.55, BioNTech shares were trading below BMO's revised $105 price target. The target represents BMO's assessment and does not establish how the shares will perform.
Investors are continuing to assess BioNTech's reduced 2026 revenue guidance alongside developments across its oncology pipeline and changes in demand for its COVID vaccine products.
