BioNTech shares fell over 4% in morning trading. UBS cut BioNTech price target by 43% as pandemic trade premium is fading.
While still maintaining BioNTech (NASDAQ:BNTX) at neutral, UBS has cut its price target to $170 from $300 (~9% upside based on yesterday's close).
Analyst Eliana Merle said that with BioNTech shares down ~40% year to date, "we think the recent move hints at a return to fundamentals after a highly volatile '21."
Another big question for the company is what COVID-19 will be like once it becomes endemic and how that will impact the market for vaccine boosters, she notes.
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