BioNTech's Pumitamig Shines at ASCO as Cost-Cutting Plans and Analyst Upgrades Reshape the Outlook
31.05.2026 - 17:02:09 | boerse-global.de
BioNTech’s stock closed the week at €82.35 on XETRA, up 2.68% on Friday, as the company wrapped up a pivotal few days at the American Society of Clinical Oncology (ASCO) annual meeting in Chicago. The conference, which runs through Monday, June 2, gave investors their clearest look yet at the German biotech’s oncology ambitions — and the data did not disappoint.
More than 25 Phase 2 and Phase 3 studies were presented, including 13 pivotal trials. But it was a single asset that dominated the conversation: Pumitamig, a bispecific immune modulator co-developed with Bristol Myers Squibb. The drug, which simultaneously blocks PD-L1 and VEGF-A, generated response rates that comfortably exceeded market expectations.
In the Phase 2 ROSETTA Lung-02 trial, the confirmed overall response rate (cORR) for patients with squamous non-small cell lung cancer (NSCLC) hit 68.4% when combined with chemotherapy. For non-squamous NSCLC, the figure reached 57.1%. At the lower 1,400 mg dose, the cORR climbed even further — to 72.7% and 63.6%, respectively. Across all 40 evaluable patients, the disease control rate stood at a perfect 100%.
Notably, patients with high PD-L1 expression (TPS ?50%) all responded. Even in the PD-L1-negative subgroup, the cORR remained a respectable 47.6%, underscoring the breadth of Pumitamig’s mechanism. Safety data also came in line with expectations: grade 3 or higher adverse events occurred in 48.8% of patients, and only 9.3% discontinued treatment due to side effects.
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Alongside Pumitamig, BioNTech highlighted Gotistobart, a candidate targeting regulatory T cells in the tumor microenvironment. Data from the Phase 2 PRESERVE-004 study showed sustained antitumor activity and clinically relevant overall survival in heavily pretreated patients with platinum-resistant ovarian cancer.
The regulatory pathway for Pumitamig is now crystallizing. After discussions with the FDA, BioNTech and BMS have locked in progression-free survival (PFS) as the primary endpoint for the ongoing Phase 3 study, with overall survival as a secondary measure. PFS data can be read out earlier, opening the door to an accelerated approval. The Phase 3 trial has been expanded to roughly 1,260 patients to strengthen statistical power.
UBS delivered the week’s strongest catalyst on the sell side, upgrading BioNTech from “Neutral” to “Buy” and raising its 12-month price target from $117 to $135. The bank cited growing conviction in the lead oncology program. Analysts at Canaccord Genuity and Wells Fargo maintained their buy ratings. The consensus among the 17 analysts covering the stock remains “Buy,” with an average price target of $125.45.
UBS expects BioNTech to generate €2.10 billion in revenue in 2026, down from €2.87 billion in the prior year, before rebounding to €4.44 billion by 2030. Profitability, per UBS, should return that same year, with net income reaching €398 million. The company itself guided for 2026 revenue between €2.3 billion and €2.6 billion.
All this comes against a backdrop of aggressive cost-cutting. BioNTech is shuttering production sites in Idar-Oberstein, Marburg, Singapore, and at CureVac. Roughly 1,860 positions are affected, with annual savings projected at nearly €585 million by 2029. The company’s cash reserve stands at €19.6 billion, though a separate liquidity measure puts it at €13.71 billion — a cushion that will help fund 15 planned Phase 3 studies.
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The financial strain is evident. In the first quarter of 2026, BioNTech posted a net loss of €622.3 million, with research spending surging to €651.6 million, driven by Pumitamig, Gotistobart, and costs from its China operations and CureVac stake. Operating loss for the same period was €494.6 million on revenue of just €118.1 million.
Despite Friday’s gain, the stock remains roughly 6% lower year-to-date and nearly 20% below its 52-week high of €101.90. The next scheduled catalyst is the quarterly report on August 4, 2026. Until then, pipeline data — particularly the Pumitamig Phase 3 readout — will remain the primary driver of sentiment.
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BioNTech Stock: New Analysis - 31 May
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