Why BioNTech Was Tumbling Again Today
This isn't shaping up to be a banner week for BioNTech (NASDAQ: BNTX). The bellwether coronavirus stock took it on the chin Monday and was being similarly battered by investors Tuesday because of post-earnings analyst price target cuts. As of midafternoon trading, the biotech's shares had lost more than 7% of their value.
Following second-quarter results that disappointed many investors, several analysts recalibrated their takes on BioNTech stock Tuesday. One was Goldman Sachs' Chris Shibutani, who cut his price target on the shares to $200 apiece from his former level of $209. He's maintaining his neutral recommendation on the stock, however.
Another cutter was Berenberg's Shanshan Xu, with a chop from $350 per share to $312. Xu's recommendation, a buy, is also being maintained.
Source Fool.com
