A BioNTech SE analyst advised investors to cash in on their profits from the US$30 billion ($40.15 billion) biotech’s recent advance, saying the German company now faces heightened competition from peers that are also developing vaccines.

Approval for the company’s Pfizer Inc.-partnered Covid-19 vaccine is already reflected in the stock’s 268% rally this year, so that now there’s limited room for additional gains despite the two companies’ first-mover advantage, BofA analyst Tazeen Ahmad wrote in a note to clients, downgrading BioNTech to neutral from buy.

“The durability of protection remains a key question for the Covid vaccine market,” Ahmad wrote, highlighting competition from the likes of Moderna Inc., AstraZeneca Plc and Johnson & Johnson, among others.

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