JPMorgan maintains a “Neutral” rating on BioNTech (BNTX.US): optimistic about the potential of pumitamig combined with B7-H3 ADC, but key data readout will not be available until after 2028.

According to Jinshi Finance APP, the European Society for Medical Oncology (ESMO) annual meeting was held in Madrid, Spain, from October 23 to 27. JPMorgan released a research report on BioNTech (BNTX.US) after attending the conference. At the beginning of the summary, JPMorgan stated the conclusion bluntly: Although this batch of updates at ESMO is positive, considering that the data sets are still in the early to mid-stages and the timeline for key readouts—especially for pumitamig, which will not happen until 2028–2030 or later—it does not fundamentally change our view. JPMorgan maintains a “Neutral” rating for BioNTech with a target price of $92.