Evercore ISI upgraded BNTX to "outperform" from "in-line"
BioNTech SE ADR (NASDAQ:BNTX) stock is up 2.8% to trade at $825.41 at last glance, after an Evercore ISI upgrade to "outperform" from "in-line." The analyst in question also hiked its price target to $125 from $110, calling the volatility on the heels of Robert F. Kennedy Jr.’s nomination to the Department of Health and Human Services a buying opportunity for investors. Plus, Berenberg initiated coverage with a "buy" rating and $130 price target.
Shares are bouncing off a pullback to their lowest close since September, but remain firmly below their 20-day moving average, which has enacted pressure since October and rejected a rally last week. Despite being down 14.2% for the quarter, BNTX still sports an 11.6% nine-month lead.
Options traders have been much more bearish than usual over the last couple weeks. This is per BNTX's 10-day put/call volume ratio of 4,85 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks higher than all readings from the past year.
Echoing this, BioNTech stock's Schaeffer's put/call open interest ratio (SOIR) of 1.14 sits higher than 98% of annual readings. In other words, an unwinding of this pessimism could generate tailwinds for the shares.