Citizens JMP reiterates Market Outperform rating on BeOne Medicines stock

Investing.com - Citizens JMP has reiterated its Market Outperform rating and $348.00 price target on BeOne Medicines (NASDAQ:ONC), maintaining its positive outlook on the oncology-focused pharmaceutical company. The stock, currently trading near $242, has delivered an impressive 67% return over the past year despite a recent 9% weekly decline.

The firm highlighted key clinical data presented during BeOne’s 2025 R&D day, specifically for the Sonrotoclax + Zanubrutinib combination in TN and R/R CLL/SLL, as well as the BTK degrader BGB-16673 in R/R WM and R/R CLL/SL, which Citizens JMP views as best-in-class molecules with potential to drive significant valuation growth.

Citizens JMP noted that BeOne’s flagship product Brukinsa is on track to generate approximately $3.7 billion in revenue for 2025, demonstrating strong commercial performance for the company.

The research firm pointed to BeOne’s extensive pipeline across all stages of clinical and preclinical development, along with the company’s strong cash position of $2.5 billion, as additional factors supporting its positive outlook.

Citizens JMP indicated that BeOne shares appear undervalued, particularly following a recent sell-off, and represent a compelling investment opportunity based on its discounted EPS and revenue multiple analysis.

In other recent news, BeOne Medicines reported mixed first quarter 2025 results, with earnings surpassing expectations but revenue falling slightly short. The company posted adjusted earnings per share of $1.22, significantly above the analyst estimate of -$0.43, while revenue reached $1.12 billion, just below the consensus forecast of $1.13 billion. Despite this, total revenue grew 49% year-over-year, driven by a 62% increase in global sales of BRUKINSA to $792 million, marking BeOne’s first quarter of GAAP profitability. Additionally, BeOne Medicines completed its corporate re-domiciliation to Switzerland, transitioning from the Cayman Islands. This strategic move included new executive employment agreements and an updated indemnification agreement for its officers and board members. Analyst firms RBC Capital and Leerink Partners both reiterated an Outperform rating for BeOne Medicines, with price targets of $311.00 and $334.00, respectively. RBC Capital highlighted the growth potential of Brukinsa and the company’s diversified oncology pipeline, while Leerink Partners noted significant upside potential due to BeOne’s broad oncology-focused development programs. Finally, BeOne Medicines’ shareholders approved several key resolutions, including director elections, auditor selections, and mandates for share issuance and repurchase.

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