BioNTech SE (BNTX) shares plunged 5.04% in intraday trading on Tuesday, as multiple analysts lowered their price targets for the biotechnology company following its first-quarter earnings report. The stock's significant drop reflects growing concerns about the company's near-term prospects.

Citigroup analyst Geoff Meacham reduced the firm's price target on BioNTech to $140 from $145, while maintaining a Buy rating on the shares. Similarly, BofA Global Research cut its price objective more drastically to $127 from $143. These downgrades came in the wake of BioNTech's Q1 financial results, which apparently failed to meet analyst expectations.

Despite the price target cuts, it's worth noting that Citigroup has maintained its Buy rating on BioNTech stock. This suggests that while near-term headwinds are evident, some analysts still see long-term potential in the company. Investors, however, seem to be focusing on the immediate challenges, as reflected in the sharp stock price decline. As the market digests these analyst reports and BioNTech's Q1 performance, it remains to be seen how the company will address concerns and potentially regain investor confidence.