BioNTech’s ASCO Countdown: A 70% Response Rate and a €500 Million Cost Pivot
27.05.2026 - 08:50:44 | boerse-global.de
BioNTech arrives at the American Society of Clinical Oncology (ASCO) annual meeting in Chicago this week armed with two pivotal cancer data sets and a freshly outlined plan to slash €500 million from its annual operating expenses by 2029. The Mainz-based biotech is trying to convince investors that its oncology pipeline — not the fading COVID-19 vaccine franchise — will define its future. But on the analyst front, opinions remain sharply divided.
The company’s lead bispecific antibody, pumitamig, has already generated early buzz. Interim data from the ROSETTA-Lung-02 study in first-line non-small cell lung cancer showed a 70% overall response rate and a 100% disease control rate in the evaluable patient group. Developed jointly with Bristol Myers Squibb, pumitamig targets both PD-L1 and VEGF-A, a dual mechanism that combines immune activation with anti-angiogenic activity. The next test comes at ASCO, where full results — including duration of response, safety profile, and patient subgroup details — will be scrutinized. A head-to-head Phase 3 trial pitting pumitamig plus chemotherapy against pembrolizumab plus chemotherapy is already planned.
BioNTech will also present Phase 2 data from the PRESERVE-004 study for gotistobart, its other key candidate, in platinum-resistant ovarian cancer. The early readout points to durable anti-tumor activity, clinically relevant overall survival data, and a manageable safety profile — all achieved without chemotherapy.
Yet the Street is not uniformly optimistic. Bernstein initiated coverage on May 22 with a "Market Perform" rating and a $96 price target, flagging high registration risk as the central concern. Analyst Jeffrey Walch questioned whether BioNTech’s cancer drugs will actually reach regulatory approval. That skepticism contrasts with the bullish stances of Deutsche Bank, Goldman Sachs, and Jefferies, all of which maintain buy recommendations. Berenberg trimmed its price target but still considers the stock deeply undervalued.
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The financial picture adds another layer of complexity. In the first quarter, BioNTech posted revenue of just $138 million, as COVID-19 vaccine income continues to collapse. The net loss widened to $622 million, driven by a surge in R&D spending to $652 million as the company pours resources into oncology trials. Management held its full-year revenue guidance at $2.3 billion to $2.6 billion and is executing a $1 billion share buyback over 12 months. Meanwhile, the site closures in Idar-Oberstein, Marburg, Tübingen, and Singapore are expected to generate annual savings of up to €500 million from 2029 onward.
On the trading floor, the stock has remained subdued. BioNTech shares changed hands at €79.70 on Tuesday, edging down 0.13% on the day. The one-week performance shows a 5.28% gain, but the one-month decline stands at 10.15%. The stock sits 1.63% below its 50-day moving average and 7.67% below the 200-day line — technical levels that suggest the market is waiting for a clearer catalyst.
The broader biotech environment is providing some tailwind. The Nasdaq rose 1.01% recently, and the Russell 2000 gained 1.48%. Strong moves in oncology-focused names such as Akari Therapeutics, following pancreatic cancer data, have helped lift sentiment for the sector.
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Competition in the PD-L1/VEGF-A space is intensifying. Akeso and Summit Therapeutics are advancing ivonescimab, which has a PDUFA date of November 14, 2026. BioNTech will need to show not only that pumitamig matches or exceeds that benchmark but that its data hold up under full peer review. The ASCO presentations, running from May 29 to June 2, will be the first decisive step. A second industry milestone — the BIO International Convention in San Diego from June 22 to 25 — will follow closely, giving BioNTech another stage to reinforce its oncology story.
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