11:29 AM EDT, 09/24/2024 (MT Newswires) -- BioNTech (BNTX) shares could see further upside following building data for its BNT327 cancer treatment as the data "continues to mature" and the company expands its development program, Morgan Stanley said in a note e-mailed Tuesday.

BioNTech has previously outlined plans to advance BNT327 in phase 2/3 for certain cancer classes, with Morgan Stanley expecting other tumor types to follow.

"We recently hosted a virtual meeting with an academic oncologist at ESMO to discuss the lung cancer landscape and he described the IVO data as 'transformational,'" the brokerage said.

Morgan Stanley upgraded its rating on the BioNTech shares to overweight from equal-weight and adjusted its price target to $145 from $93, saying it is adding BNT327 sales to its model, according to the note.

The company's shares were up 4.5% in recent trading.

Price: 118.01, Change: +4.96, Percent Change: +4.38