BMO Downgrades BioNTech Stock Amid Clinical Setback in Cancer Vaccine Trial
On Sept. 8, 2026, BMO Capital Markets downgraded its rating for BioNTech SE (ticker: BNTX) from 'outperform' to 'market perform,' lowering its price target from $128 to $105 per share. The downgrade followed a setback in the company's oncology pipeline when it announced on Aug. 28, 2026 that it had canceled a Phase 2 clinical trial for BNT122-01, an experimental mRNA cancer vaccine for colorectal cancer due to lack of statistically significant efficacy. Despite this challenge, BioNTech still has over 25 ongoing Phase 2 and Phase 3 trials across various cancers. Recent positive results from a study on gotistobart in squamous non-small cell lung cancer have shown promise, with the drug nearly doubling median overall survival compared to standard chemotherapy. The company expects data from 11 late-stage studies by the end of 2029 and three more before year-end. BioNTech's strong cash position—approximately €16.6 billion as of June 30, 2026—and a current market cap around $24 billion suggest it may be undervalued despite recent setbacks.
Topics: biotech clinical trials earnings guidance mRNA vaccines