BioNTech Faces ASCO Showdown as Analysts Clash Over Cancer Pipeline’s Promise
27.05.2026 - 19:13:15 | boerse-global.de
Two major Wall Street banks have drawn sharply opposing conclusions on BioNTech just 48 hours before the American Society of Clinical Oncology’s annual meeting in Chicago, setting up the conference as a critical test for the German biotech’s pivot from COVID-19 vaccines to oncology. The stock traded at €81.30 on Wednesday, up 2.5% on the day but still roughly 20% below its 52-week high of €101.90, with a neutral relative strength index of 61.6.
UBS analyst David Dai upgraded shares from Neutral to Buy, raising the 12-month price target from $117 to $135 — implying upside of around 47% from the previous closing price. Dai pointed to the bispecific antibody Pumitamig (BNT327) as a “credible best-in-class candidate” and argued the market is underestimating BioNTech’s transformation into a multi-asset oncology platform with blockbuster potential. He attaches a 62% probability that Ivonescimab combined with chemotherapy will demonstrate a statistically significant survival benefit in lung cancer, an outcome that would bolster confidence across the entire drug class, including Pumitamig.
Bernstein struck a far more cautious note. Analyst Jeffrey Walch initiated coverage with a Market Perform rating and a price target of just $96, well below the UBS forecast. While praising the balance sheet — €16.8 billion in cash and securities as of the end of the first quarter, plus funding from partner Bristol Myers Squibb — Walch highlighted the high regulatory risks inherent in a pipeline that spans dozens of investigational therapies. “That’s the price of portfolio breadth,” he wrote.
Should investors sell immediately? Or is it worth buying BioNTech?
The data to be presented at ASCO from May 29 to June 2 will put those risks and opportunities in sharper focus. BioNTech is set to release interim results from the Phase 2/3 ROSETTA Lung-02 study of Pumitamig in first-line non-small cell lung cancer, as well as Phase 2 data from the PRESERVE-004 trial of Gotistobart, a selective regulatory T-cell depleter developed with OncoC4, in heavily pre-treated patients with platinum-resistant ovarian cancer. The ovarian cancer data have shown sustained anti-tumor activity and clinically meaningful overall survival with a manageable safety profile, raising the possibility of a chemotherapy-free treatment option.
Beyond the analyst debate, the company’s financial picture is mixed. First-quarter 2026 revenue fell to €118.1 million, dragged down by dwindling COVID-19 vaccine sales, but management reaffirmed full-year guidance of €2.0 billion to €2.3 billion. UBS projects 2026 revenue of €2.10 billion, down from €2.87 billion in the prior year, and does not expect profitability until 2030. Research and development spending surged to €557.0 million in the first quarter, underscoring the heavy investment in oncology and antibody-drug conjugate programs. On May 7, the board authorized a new share buyback of up to $1 billion over the next twelve months.
Wall Street as a whole remains cautiously optimistic. Nineteen analysts rate BioNTech a “Moderate Buy” with an average price target of $128.44, representing potential upside of roughly 39%. The stock currently sits just above its 50-day moving average of €81.05, reflecting a market waiting for direction. With ASCO readouts imminent and a second-quarter earnings report due on August 4, the next few weeks will determine whether the bulls or bears have the better read on BioNTech’s oncology ambitions.
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