5 Worst Performing Biotech Stocks in 2023

4. BioNTech SE (NASDAQ:BNTX)

YTD Share Price Decline as of August 7: 34.03%

Number of Hedge Fund Holders: 22

BioNTech SE (NASDAQ:BNTX) develops treatments for different autoimmune diseases. Currently, the company is developing BNT111, which is in the second phase of clinical trials to treat melanoma. BioNTech SE (NASDAQ:BNTX) has previously partnered with Pfizer (NYSE:PFE) to develop the covid vaccine, Comirnaty. On July 11, BioNTech SE (NASDAQ:BNTX) also signed a licensing agreement with the Chinese company, Doer Biologics, for biotherapeutic agents. 

According to Insider Monkey’s first quarter database, 22 hedge funds were bullish on BioNTech SE (NASDAQ:BNTX). This number was 34 in the previous quarter. Thomas Steyer’s Farallon Capital held the largest position on the stock, with 137,644 shares worth $17 million. 

ClearBridge Value Equity Strategy said this about BioNTech SE (NASDAQ:BNTX) in its first quarter 2023 investor letter:

“In another example, one of the lowest correlating stocks in the portfolio is new holding BioNTech SE (NASDAQ:BNTX), a biotechnology company developing immunotherapies for cancer and other infectious diseases. A very attractive element of any drug stock is that it has idiosyncratic drivers that protect the portfolio from macro shocks and that lower portfolio correlation. In the case of BioNTech, the stock is undervalued due to material drops in its COVID-19 revenues. However, the company has accumulated almost $20 billion in cash and is using its research platform in mRNA and immunology to pursue lucrative opportunities in immuno-oncology and other major disease areas. This massive cash balance curtails our downside, while offering incredibly attractive optionality on the upside.”