BioNTech Keeps Its Buy Rating as Canaccord Trims Target and Two Cancer Readouts Diverge
Published on 10/28/2026 at 09:30 | Editorial boerse-global.de
Canaccord Genuity lowered its price target on BioNTech to $132 from $136 on October 14, yet analyst William Maughan left his buy rating untouched — a split signal that mirrors the company's own pipeline, where one program cleared its primary endpoint and another rests on single-arm data. The target cut, reported in the media, came without any change in recommendation.
A Phase 2 Win That Stops Short of a Knockout
The readout drawing the most attention is ROSETTA Lung-107, a Phase 2 trial of pumitamig plus docetaxel that BioNTech and Bristol Myers Squibb unveiled on Sunday. Among 30 evaluable patients with previously treated metastatic non-small cell lung cancer, the confirmed objective response rate reached 36.7%. The companies called the findings encouraging and said responses held across differing PD-L1 expression levels. The combination was tested after disease progression on immunotherapy and chemotherapy.
Across the full 50-patient treated group, early median progression-free survival — the time without the disease advancing — came in at 6.9 months. BioNTech and Bristol Myers Squibb described the safety profile as manageable and reported no new safety signals. The caveat is structural: the study was single-arm, with no comparator group against which to measure the benefit.
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DYNASTY-Breast02: Endpoint Met, Benefit Modest
Separately, the previously disclosed DYNASTY-Breast02 results in breast cancer hit their primary endpoint, with trastuzumab pamirtecan improving progression-free survival over chemotherapy by a statistically significant margin. The size of that gain, however, was modest, and the partners characterized the potential benefit for patients in the existing treatment landscape as limited.
Interim overall survival data were not yet mature. Adding to the caution, interstitial lung disease appeared more frequently than in earlier trials, including a small share of severe and fatal cases. BioNTech and DualityBio said they will review the data and determine next steps.
Gilead Deal Reshapes the Breast Cancer Plan
BioNTech's collaboration with Gilead Sciences, announced on October 22, will see the Phase 3 ROSETTA Breast-01 study adapted to test pumitamig alongside sacituzumab govitecan — sold as Trodelvy — in first-line locally advanced or metastatic triple-negative breast cancer with low or absent PD-L1 expression. Gilead will supply the drug, and Reuters reported that BioNTech is set to lead the trial. The work remains subject to regulatory approval.
The Next Hard Number Arrives November 3
Investors get their next look at the business on November 3, 2026, when BioNTech publishes third-quarter 2026 financial results alongside a corporate update, with an investor conference and webcast scheduled. Until then, the market is left weighing a modestly positive Phase 3 result, a promising but uncontrolled response rate, and a trimmed — though still bullish — analyst target.
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