BioNTech rating downgraded after news on competition
The German biotech company is facing strong competition in the race for the best vaccine.
BioNTech (Nasdaq: BNTX) falls as much as 4.4% after close of business as Bank of America advises investors to cash in on the stock's appreciation as the company faces increased competition from competitors who also have coronavirus Develop vaccines. With the inevitable approval of the COVID-19 vaccine developed with partner Pfizer, there is limited scope for additional gains, which is now reflected in BNTX's 268% YTD rally, according to BofA analyst Tazeen Ahmad on the downgrade of the stock from Buy to Neutral with a target price of $ 126.