Why BioNTech's Stock Is Trading Higher Today

BioNTech BNTX shares are trading higher on Tuesday amid continued vaccine optimism. Analysts at BofA also upgraded the stock to Buy and raised their price target from $71 to $105.

BioNTech is a Germany-based biotechnology company that focuses on developing cancer therapeutics, including individualized immunotherapy, as well as vaccines for infectious diseases, including COVID-19. The company's oncology pipeline contains several classes of drugs, including mRNA-based drugs to encode antigens, neoantigens, cytokines, and antibodies; cell therapies; bispecific antibodies; and small-molecule immunomodulators.

BioNTech is partnered with several large pharmaceutical companies, including Roche, Eli Lilly, Pfizer, Sanofi, and Genmab and does not yet have any commercialized medicines.

BioNTech shares were trading up 5.76% at $93.28 on Tuesday. The stock has a 52-week high of $105 and low of $12.52.