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Investing.com - RBC Capital has raised its price target on BeOne Medicines (NASDAQ:ONC) to $349.00 from $311.00 while maintaining an Outperform rating on the stock. The company, currently trading at $278, has seen its shares surge 76% over the past year, significantly outperforming broader market indices. According to InvestingPro analysis, the stock appears overvalued at current levels.
The firm cited BeOne’s continued leadership in hematologic oncology and potential upside in solid tumors as key factors behind the increased valuation.
RBC Capital believes Brukinsa will maintain its leadership position in the chronic lymphocytic leukemia (CLL) market, with next-generation and lifecycle management products like sonrotoclax and ’673 creating market expansion opportunities while addressing potential patent cliff concerns.
The investment bank noted that cash flows from BeOne’s successful CLL and non-Hodgkin lymphoma businesses, along with partnerships in the growing Chinese market and Tevimbra sales, can support a robust pipeline for longer-term growth.
According to RBC Capital, the market is currently underappreciating both Brukinsa’s growth potential and the sustainability of the franchise.
In other recent news, Oncolytics Biotech (NASDAQ:ONCY) Inc. announced significant survival benefits from its immunotherapy treatment, pelareorep, in patients with pancreatic and breast cancer. The company reported a two-year survival rate of 21.9% for metastatic pancreatic ductal adenocarcinoma patients using pelareorep, compared to a historical benchmark of 9.2%. In breast cancer studies, pelareorep showed a median overall survival benefit exceeding 10 months over standard chemotherapy. Meanwhile, BeOne Medicines received reiterated Outperform ratings from Citizens JMP, RBC Capital, and Leerink Partners, with each firm emphasizing the company’s strong pipeline and revenue projections. Citizens JMP maintained a price target of $348.00, highlighting BeOne’s flagship product Brukinsa, expected to generate $3.7 billion in revenue for 2025. RBC Capital set a price target of $311.00, projecting Brukinsa’s sales to grow to $6.7 billion by 2034. Leerink Partners set a price target of $334.00, citing significant upside potential due to BeOne’s broad oncology-focused development programs. Additionally, BeiGene , now known as BeOne Medicines Ltd., completed its corporate re-domiciliation to Switzerland, marking a strategic move from the Cayman Islands.
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