BeiGene fetches new 'buy' rating at Jefferies By Investing.com

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BeiGene fetches new 'buy' rating at Jefferies

Published Aug 17, 2023 17:28

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BeiGene fetches new 'buy' rating at Jefferies

BGNE

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Equity research firm Jefferies initiated coverage on BeiGene (NASDAQ:BGNE) with a "buy" rating and a price target of $287. BeiGene is an oncology company with a strong presence in China, and Jefferies sees it as an R&D "powerhouse" with a rich portfolio of treatments for tumors.

Jefferies noted that BeiGene has a unique business model combining advantages of its strong China presence and global commercial network to innovate with speed and quality at low cost. Jefferies analysts also noted the best-in-class potential of BTK inhibitor BRUKINSA and tislelizumab's leading position in the PD-1 market in China.

The analysts explained, “BGNE is an oncology-focused China-originated company featured by its R&D powerhouse and global commercial networks, which are showcased by best-in-class BTK inhibitor BRUKINSA poised to excel in $10B+ global market and tislelizumab's leading position in a competitive PD-1 market in China. A deep and broad pipeline will sustain long-term growth, and strategic partners Novartis and Amgen should further extend BGNE's global reach.”

BeiGene has a market cap of around $20 billion, and the stock trades at just over $190 per share. At least 15 Wall Street analysts have a buy or buy-equivalent rating on the stock, but shares are down by over 10% this year.

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BeiGene fetches new 'buy' rating at Jefferies

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