BioNTech Has More Cancer Drugs in Late-Stage Trials Than Most Investors Realize. Is It a Buy Under $100?

BioNTech SE (NASDAQ: BNTX) is still widely viewed as a COVID-19 vaccine maker, but that picture is quickly changing. The company has quietly built a broad late-stage cancer pipeline spanning multiple promising treatments for different cancer types.

With the stock trading below $100, investors may be overlooking the significant upside the company can deliver by expanding its oncology portfolio.

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From COVID vaccine maker to multi-product cancer company

BioNTech is a very different company following the COVID-19 pandemic, having expanded its oncology portfolio, which now spans multiple cancer types.

That pipeline has moved much further along than many investors realize. BioNTech said it has more than 25 phase 2 and phase 3 oncology trials underway and is targeting 15 phase 3 trials by the end of 2026. It's now approaching the point where several of these programs could potentially become commercial products.

And that brings us to the most important piece of BioNTech's pipeline: pumitamig. The opportunity is broad because the company isn't developing this exciting new drug for just one cancer. Specifically, it's being tested across multiple types of solid tumors, including lung, breast, gastric, and kidney cancers, to name a few.

The company is also combining pumitamig with other therapies rather than treating it as a stand-alone product. Should the trials be successful, the drug could become an overall game changer in cancer therapy.

The late-stage pipeline keeps expanding across tumor types

One interesting aspect of BioNTech's pipeline is its novel-novel combination strategy. The company is testing pumitamig alongside other kinds of cancer therapies. Essentially, the goal is to build combinations that attack tumors in different ways.

That matters because BioNTech isn't trying to win with one blockbuster drug alone. Instead, it's positioning itself around a portfolio of cancer medicines that can potentially be combined.

In a recent publication, BioNTech identified at least 17 late-stage data readouts through 2030 and beyond, spanning lung, breast, gastrointestinal, and other cancers. The company sees these programs as building blocks for becoming a multi-product oncology company.

Notably, BioNTech is still developing its nRNA oncology platform. BNT113 is in phase 3 development for HPV16-positive head and neck cancer, while autogene cevumeran is being developed as a personalized cancer vaccine for colorectal, pancreatic, and other cancers.

That means investors don't need every program to succeed, since a diversified pipeline can create significant value if several drugs prove effective as they move toward commercialization. The upside could be even greater if some of those drugs are used for multiple tumor types or in combination with one another.

Partnerships add another layer of support. BioNTech has collaborated with companies such as Bristol Myers Squibb, Duality Biologics, and Genentech, enabling it to share development capabilities across its portfolio.

Is BioNTech a buy under $100?

BioNTech's pivot away from COVID hasn't been painless. Revenue fell by about 60% year over year in its latest quarter, and losses widened as the company poured more money into oncology research, even as it named incoming CEO Guido Oelkers to help steer that transition.

But the good news is that BioNTech's balance sheet gives the company plenty of room to move ahead. The company ended the quarter with more than 16 billion euros in cash and securities, providing a cushion to fund its pipeline while it waits on catalysts, including roughly 600 million euros in Bristol Myers Squibb collaboration revenue expected later this year.

What matters now is what the company's oncology portfolio could become. Investors today are gaining exposure to a deep late-stage oncology pipeline, with multiple cancer drugs that offer real diversification. If pumitamig and other late-stage candidates continue to deliver positive data, BioNTech could be closer to becoming a major oncology player than the market realizes.

And with the stock trading below $100, now could be a compelling entry point for investors willing to look past the COVID-era narrative.

Rick Orford has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends BioNTech Se and Bristol Myers Squibb. The Motley Fool has a disclosure policy.