On Thursday, Truist initiated coverage on BioNTech SE (NASDAQ:BNTX), a famed COVID-19 vaccine maker, in collaboration with Pfizer Inc (NYSE:PFE).

BioNTech is transitioning from a COVID-focused narrative to a story centered on oncology drug development and upcoming catalysts.

The analyst, Asthika Goonewardene, writes that BNT327 is at the forefront, a promising drug in an innovative class that could challenge and potentially surpass the PD-1 category, which generated over $42 billion in 2023.

Also Read: BioNTech Earns Upgrade From Goldman Sachs As Investment Thesis Shifts Toward Cancer Potential

While Summit Therapeutics Inc’s (NASDAQ:SMMT) ivonescimab may have a head start in certain areas, BioNTech’s stronger financial position and pipeline of complementary products give it a strategic edge. With several key data updates expected in 2025, the stock appears well-positioned for long-term growth, the analyst adds.

In November, BioNTech agreed to acquire Biotheus, a clinical-stage biotechnology company focused on discovering and developing antibodies for oncological or inflammatory diseases.

With the acquisition, BioNTech will obtain full global rights to the late-stage clinical asset BNT327/PM8002, an investigational bispecific antibody targeting PD-L1 and VEGF-A.

Truist initiated with a Buy rating and a price target of $172.

BioNTech’s oncology pipeline was previously seen as limited in value outside BNT316. However, with BNT327 gaining traction and new data expected in 2025 to clarify the potential of other pipeline assets, there is room for greater investor appreciation of the company’s oncology portfolio, Truist analyst adds.

Goonewardene also writes that COVID-19 remains a significant factor in BioNTech’s stock performance and that COVID-related developments will continue to influence BioNTech’s stock.

The analyst highlights that BNT327 could be the first drug approved in the U.S. and Europe for key conditions like triple-negative breast cancer and small cell lung cancer, potentially generating around $2 billion at peak sales.

For non-small cell lung cancer, Truist expects BNT327 to follow shortly, contributing over $4 billion in revenue.

Price Action: BNTX stock is up 0.55% at $122.82 at last check Friday.

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This article BioNTech Positioned For Solid Growth Amid Oncology Transition: Analyst originally appeared on Benzinga.com

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