Analyst Upgrade Highlights BioNTech’s Shift Beyond Pandemic Era

A leading investment bank has reinforced its bullish stance on BioNTech SE, pointing to the growing substance of its cancer treatment pipeline as a key driver for future valuation. The update serves as a counter-narrative to recent market pressures linked to the company's pandemic legacy.

In a research note dated December 11, 2025, Berenberg analyst Harry Gillis reaffirmed a 'Buy' rating for BioNTech and increased the price target from $150 to $155 per share. This adjustment suggests significant upside potential from the current trading level, which remains approximately one-third below its 52-week high of €122.80.

The primary rationale for the higher valuation is the perceived market underestimation of BioNTech's oncology portfolio. Berenberg highlights two specific assets demonstrating tangible progress, signaling the company's ongoing transition from a COVID-19 revenue story to a fully-fledged oncology specialist.

Clinical Data Bolsters Cancer Pipeline Credibility

Fresh clinical results presented this week at the San Antonio Breast Cancer Symposium (SABCS) have provided concrete evidence for this optimistic outlook. BioNTech and its partner Bristol Myers Squibb disclosed interim Phase 2 data for pumitamig (BNT327) in triple-negative breast cancer (TNBC).

Key findings from the study include:
* Efficacy: The combination of pumitamig and chemotherapy achieved a confirmed objective response rate (cORR) of 61.5% in TNBC patients.
* Disease Control: A disease control rate (DCR) of 92.3% indicates a high level of disease stability under the treatment regimen.
* Strategic Validation: These results substantiate BioNTech's strategic pivot toward building a broader oncology platform, reducing its historical reliance on coronavirus vaccine income.

Concurrently, the analyst spotlighted promising data for Gotistobart, an anti-CTLA4 therapy showing potential in specific forms of lung cancer. Berenberg views these developments as proof that the cancer portfolio is evolving from concept to clinical reality.

Should investors sell immediately? Or is it worth buying BioNTech?

Navigating Short-Term Headwinds

The positive analyst commentary arrives amid a challenging period for the mRNA sector. On December 9, reports emerged that the U.S. Food and Drug Administration (FDA) had expanded its investigation into potential side effects of COVID-19 vaccines, creating sector-wide pressure. BioNTech shares, along with peers like Moderna and Pfizer, experienced downward momentum as a result.

The Berenberg report directly counterbalances these regulatory concerns by redirecting investor focus toward long-term growth drivers in oncology. The bank argues that the current share price does not yet fully reflect the value embedded in these emerging cancer programs.

Strategic Consolidation Through Acquisition

Beyond clinical progress, BioNTech is also strengthening its foundational structure. In early December, the company announced that the minimum acceptance threshold for its ongoing exchange offer for CureVac N.V. had been met. With control over 81.74% of CureVac's shares, BioNTech consolidates its position in the mRNA field by integrating a key competitor.

This move is strategically significant, as it combines technological expertise and is expected to enhance the company's platform capabilities and create research and development synergies.

Valuation at a Crossroads

The present market scenario presents a clear dichotomy. On one side, short-term pressures from ongoing regulatory scrutiny of COVID-19 products persist, having contributed to a year-to-date share price decline of approximately 27%. On the other side, analysts are beginning to ascribe greater value to the long-term potential of the oncology pipeline.

With a market capitalization of around $23 billion, BioNTech remains a stock caught between its pandemic-era legacy and its growing pipeline substance. The new $155 price target clearly indicates where Berenberg's confidence lies: the analyst believes the current market price still inadequately discounts the future potential of cancer programs like BNT327 and Gotistobart.