Street Calls of the Week
Investing.com - Barclays initiated coverage on BeOne Medicines (NASDAQ:ONC), currently trading at $332.20 with a market capitalization of $36.57 billion, with an Overweight rating and a $385.00 price target on Thursday. According to InvestingPro data, the stock is trading near its 52-week high of $351.27.
The research firm highlighted two upcoming "value-inflecting pivotal data readouts" that could drive the oncology company’s growth. The first expected catalyst is data for BeOne’s BTK inhibitor in first-line mantle cell lymphoma, anticipated in the second half of 2025. This outlook aligns with the broader analyst consensus, as InvestingPro shows analyst price targets ranging from $250 to $563, with a strong buy recommendation.
Barclays also pointed to forthcoming data in first-line gastroesophageal cancer for the company’s PD1 inhibitor plus anti-HER2 combination, expected in the fourth quarter of 2025.
The firm specifically mentioned interim pivotal data for zanubrutinib, a BTK inhibitor, in combination with rituximab in first-line, transplant-ineligible mantle cell lymphoma patients as a potential driver of upside.
Additionally, Barclays noted the importance of topline pivotal data for zanidatamab with or without tislelizumab in first-line gastroesophageal adenocarcinoma as another key catalyst for BeOne Medicines. The company has demonstrated strong revenue growth of 47.33% over the last twelve months, and while currently not profitable, analysts expect profitability this year. For more detailed financial insights and additional tips about BeOne Medicines, visit InvestingPro.
In other recent news, BeOne Medicines reported positive topline results from a Phase 1/2 study of sonrotoclax in patients with relapsed/refractory mantle cell lymphoma. The study met its primary endpoint, demonstrating an overall response rate as assessed by an independent review committee. Additionally, BeOne Medicines entered into a $950 million royalty deal with Royalty Pharma, selling its royalty rights on worldwide sales of Amgen’s IMDELLTRA® for an upfront payment of $885 million, with a potential additional $65 million. This agreement excludes China and allows BeOne to retain a portion of royalties on sales exceeding $1.5 billion. In another development, the European Commission approved TEVIMBRA for the treatment of resectable non-small cell lung cancer, based on a Phase 3 trial showing significant survival benefits. Meanwhile, Citizens JMP reiterated its Market Outperform rating on BeOne Medicines with a price target of $348.00, citing key value drivers for the company. These recent developments reflect significant progress in BeOne Medicines’ clinical and financial strategies.
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