What happened
This isn't shaping up to be a banner week for BioNTech (BNTX 0.07%). The bellwether coronavirus stock took it on the chin Monday and was being similarly battered by investors Tuesday because of post-earnings analyst price target cuts. As of midafternoon trading, the biotech's shares had lost more than 7% of their value.
So what
Following second-quarter results that disappointed many investors, several analysts recalibrated their takes on BioNTech stock Tuesday. One was Goldman Sachs' Chris Shibutani, who cut his price target on the shares to $200 apiece from his former level of $209. He's maintaining his neutral recommendation on the stock, however.
Another cutter was Berenberg's Shanshan Xu, with a chop from $350 per share to $312. Xu's recommendation, a buy, is also being maintained.
Not every pundit following the biotech's stock was getting more bearish. Cannacord's William Maughan upped his price target to $200 from $192, keeping his buy recommendation intact as he did so. Maughan has lifted his estimates for BioNTech's take from Comirnaty, the widely administered coronavirus vaccine the company codeveloped with Pfizer. He also feels that the company is effectively developing its pipeline.
Now what
Markets tend to overreact to both good and bad news, and BioNTech seems to be experiencing this at the start of the week. Investors should remember, though, that we're far from being done with the coronavirus pandemic and Comirnaty is only the start of mRNA technology as a basis for vaccines and drugs. BioNTech has a potentially very long runway, so investors shouldn't be punishing it so harshly for that recent performance.
