Komo maintains BioNTech (BNTX.US) “neutral” rating: optimistic about the potential of Pumitamig and B7-H3 ADC, but the key data will still have to be read out after 2028

The Zhitong Finance App learned that the European Society of Medical Oncology (ESMO) Annual Meeting was held in Madrid, Spain from October 23 to 27. J.P. Morgan published a research report on BioNTech (BNTX.US) after attending the conference. At the beginning of the minutes, Xiaoma made the conclusion very clear: “Although positive, considering that the data set is still in the early to mid-stage stages, and the timeline of key readings — in particular, pumitamig will not substantially change our arguments”. Komo maintains BioNTech's “neutral” rating with a target price of $92.

After communicating with the company after the meeting, the bank confirmed that BioNTech is directing its energy towards combination therapies, and pumitamig is the main framework, and the typical combination is Pumitamig+B7H3 ADC. The minutes then discussed several key reports from the conference one by one.

Looking back, J.P. Morgan's attitude is wait-and-see: although BioNTech's market capitalization is largely supported by cash balances, it is not in a hurry to step in at current levels until pipeline visibility becomes more clear.

pumitamig: the first phase II data for second-line lung cancer, clearly superior to the docetaxel benchmark

ROSETTA Lung-107 is a global phase II study evaluating pumitamig (PD-L1×VEGF-A bispecific immunomodulator, co-developed with Bristol-Myers Squibb) and docetaxel for second-line non-small cell lung cancer (NSCLC) patients progressing after immunotherapy plus chemotherapy. Among patients whose efficacy can be assessed, an objective response rate (CoRR) of 37% and a median progression-free survival (mPFS) of 6.9 months were confirmed (data as of July 10, 2026, median follow-up of 12.2 weeks).

Comparative benchmarks are critical: second-line docetaxel monotherapy has historically been expected to have an ORR of around 13% and mPFs of 3.5-4 months. Remission was found at various levels of PD-L1 expression; when disassembled, CorR/unconfirmed ORR was 57% for squamous patients (n=7) and 30%/39% for non-squamous patients (n=23).

In terms of safety, J.P. Morgan believes it is acceptable: 18% of grade 3 or above treatment-related adverse events (TRAE) associated with pumitamig, 8% of patients discontinued due to pumitamig-related TRAE; of the adverse events requiring attention, all bleeding events (16%) were grade 1, and there were no cases of grade 3 or higher hypertension or proteinuria.

The bank's conclusion was not surprising — “We are not surprised to see greater benefits by adding pumitamig on top of docetaxel”, and believes that this set of second-tier data further supports pumitamig's benefits among NSCLC people around the world.

The timeline is a constraint that this note repeatedly emphasizes: pumitamig is being tested in 4 global phase III studies — first-line NSCLC (ROSETTA Lung-02, data expected 2029), PD-L1> 50% first-line NSCLC (ROSETTA Lung-202, 2030 and beyond), unresectable phase III NSCLC consolidation after radiotherapy (ROSETTA Lung-201, 2030 and later), and first-line small cells Lung cancer (ROSETTA Lung-01, 2028).

BNT324 (B7H3 ADC): Combined data is more impressive, 6mg/kg is the preferred dose

BNT324 is an antibody-conjugated drug (ADC) targeting B7-H3. The conference presented its updated phase II single drug data for platinum-resistant ovarian cancer (PROC), as well as the first batch of data used in combination with pumitamig for PROC.

The joint protocol gave an impressive figure: CoRR 71% (with 2 cases of remission pending confirmation), with a median follow-up of 6.5 months (data as of September 4, 2026, n=31).

In terms of monotherapy, the 6mg/kg, three-week regimen was considered the more preferred dose by J.P. Morgan Chase — based on the company's communication with them and “only this dose has data associated with pumitamig.” At this dose, 16 patients had a CoRR of 50% (ORR 62.5% unconfirmed), with a median duration of remission of 6.9 months and mPFS of 8.3 months. The 9mg/kg, three-week regimen had a higher efficacy index, but was significantly more toxic — grade 3 and above TRAE was 81%, compared to 44% for the 6mg group.

The conclusion is that BNT324 shows promising characteristics regardless of whether it is a single drug or a combination; the single drug data is competitive, but after communicating with the company, J.P. Morgan felt that the priority of BNT324 was to join forces with pumitamig.

Pumitamig+BNT324: Pancreatic early tumor activity, liver cancer data received the most attention

This global phase II trial announced the first batch of results of Pumitamig+BNT324 in multiple solid tumors, continuing the small cell lung cancer joint data previously published at the World Lung Cancer Congress (WCLC). The ESMO report added early antitumor activity for head and neck cancer, melanoma, liver cancer, cervical cancer, and platinum-resistant ovarian cancer.

Follow-up time for the five tumors ranged from 4.8 to 7.7 months; it is encouraging that in patients who have received previous immunotherapy and/or avitine (bevacizumab), no confirmed ORR was similar to that of the overall population. Liver cancer (HCC) and platinum-resistant ovarian cancer data received particular attention in the report: among 21 HCC patients (median number of previous treatment lines was 2, of which 19 had previously received IO/avitine), the unconfirmed ORR/ORR of the combined regimen was 43%/38%. The safety is controllable, there is no dose restriction toxicity (DLT), and the overall characteristics are consistent with the existing characteristics of each drug.

GOTISTOBART: Melanoma is no longer a priority, the focus is shifting to stage III head-to-head

BioNTech also published longer-phase 1/ phase II follow-up data for relapsed/refractory melanoma previously treated with CTLA-4 and PD- (L) 1: COR/MPFs in the 3mg/kg group (n=22) was 18% /2.6 months, and the 6mg/kg group (n=27) was 22% /2.1 months.

Although the ORR of the two groups was similar to mPFs, the median overall survival was very noisy: 28 months for the 3 mg/kg group (33 months for follow-up) and 11 months for the 6 mg/kg group (41 months follow-up).

After communicating with the company, J.P. Morgan made it clear that melanoma (after IO treatment) is not a priority for GOTISTOBART. The company emphasized the three-phase, head-to-head study -- gotistobart monotherapy versus docetaxel, for second-line squamous NSCLC. The main end point was overall survival. The top line data is expected to be released this year.

Valuation and Positions

Ratings and target prices have not been adjusted in this bulletin. J.P. Morgan maintains a “neutral” rating with a target price of $92, implying about 5.9% upside against the current price of $86.86 — the conservative side of the institutions covering the stock. The bank's reason for wait-and-see does not point to the valuation itself, but to time: the key readings of core assets focus on 2028-2030, while the current data is mostly the early to mid-term results of a small sample and short follow-up.

J.P. Morgan also pointed out a structural fact: a significant portion of BioNTech's market capitalization is supported by cash balances — which means there is a certain buffer to the downside, but it also means that the stock price is more dependent on future pipeline fulfillment; until the data is more clear, the bank chose not to rush in. It should be clarified that this summary does not include a separate list of upward/downward risks, nor does it give parameters for valuation methods (such as DCF, WACC, etc.). It is an example of meeting minutes and is not a complete rating report.