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On Thursday, Canaccord Genuity maintained its Purchase ranking and $171.00 worth goal for BioNTech (NASDAQ:), following the corporate’s monetary outcomes for the fourth quarter and full yr of 2023. The agency’s evaluation got here after BioNTech’s inventory noticed an 8% lower on the identical day, which was attributed to the reported monetary outcomes and future steerage barely lacking the mark.
BioNTech introduced a full-year 2023 income of €3.8 billion, which was near the beforehand forecasted €4 billion. Nonetheless, the corporate revised its full-year 2024 steerage to a variety of €2.5 billion to €3.1 billion, down from round €3 billion anticipated earlier. This adjustment has been perceived as a minor deviation from expectations and is considered a contributing issue to the day’s inventory motion.
The funding agency highlighted the potential of BioNTech’s oncology pipeline, which is anticipated to have 10 property in pivotal research by the top of 2024 and goals to safe approvals for 10 oncology indications by 2030. With €17.7 billion in money and safety investments on the finish of the yr, BioNTech is well-positioned to assist its scientific improvement by means of upcoming late-stage catalysts.
Canaccord Genuity’s analyst identified that the breadth of the oncology pipeline advancing collectively is extra important than particular person pivotal readouts. The subsequent updates from the pipeline are anticipated on the American Affiliation for Most cancers Analysis (AACR) convention, with packages specializing in pancreatic and non-small cell lung most cancers (NSCLC), and additional updates are anticipated at main medical conferences all year long.
The agency has up to date its monetary mannequin to mirror the fourth quarter 2023 outcomes and the revised steerage for 2024, adjusting its income estimate for 2024 to €3.1 billion from the earlier €3.3 billion. Regardless of the changes, the agency’s worth goal stays unchanged, and it reiterates its optimistic stance on BioNTech’s inventory.
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