Goldman Sachs is optimistic on BioNTech as a result of a new oncology asset. The bank upgraded shares of the German biotechnology firm to a buy rating from neutral. Analyst Chris Shibutani accompanied the move by hiking his price target to $137 from $90, which implies upside of $27%. Shibutani pointed to BNT327, a “novel immuno-oncology asset which is in clinical development across multiple solid tumor indications,” as a catalyst for the upgrade. Initial clinical data for the treatment looks “compelling” thus far and could be “potentially transformative” for the company, he said. “We see the investment thesis in BNTX continuing to pivot — away from difficult to forecast COVID-19 vaccine market dynamics, and towards the potentially significant opportunity coming into view for BNT327, which if successfully developed has the potential in our view, to drive the company towards achievement of its goal of becoming a leading commercial player in oncology,” the analyst added. BNTX YTD mountain BNTX YTD chart BioNTech can also support an innovative and expansive clinical development program for BNT327 that could challenge the status quo of immune-oncology regimens, Shibutani added. “We would add that uncertainties regarding the outlook for biopharma companies with vaccine franchises have idiosyncratically enhanced the attractiveness of current levels as an entry point in our view,” the analyst said. Shares rose more than 2% following the upgrade. Year to date, they’re up just 2%. Analysts are generally bullish on the stock. Of the 19 who cover it, 12 have buy or strong buy ratings on BioNTech, LSEG data shows.