Guggenheim Upgrades BeiGene, Ltd. (BGNE) to Buy

Guggenheim analyst Michael Schmidt upgraded BeiGene, Ltd. (NASDAQ: BGNE) from Neutral to Buy with a price target of $205.00.

The analyst commented, "We're upgrading BGNE to BUY from NEUTRAL based on our higher conviction in the global Brukinsa opportunity in hematology. Our new $205 PT is primarily supported by Brukinsa, which we believe may gain significant share in the BTK inhibitor market, currently an $8.3Bn annual sales category (2022 run-rate). Our increased conviction is driven by (1) recent positive KOL feedback on the potential of next-gen BTK inhibitors to displace market leader Imbruvica (ABBV/JNJ), (2) yesterday's disclosure of positive top-line results of BGNE's ALPINE Phase III study, demonstrating superiority over Imbruvica's safety/efficacy profile in second-line CLL, (3) NCCN inclusion this August of Brukinsa with a Category 1 recommendation in first-line CLL, even before potential FDA approval by January 20, 2023, and (4) BGNE's current stock price, down 68% in the last 12 months, now pricing in only modest expectations for the company's product portfolio and pipeline, in our view."

For an analyst ratings summary and ratings history on BeiGene, Ltd. click here. For more ratings news on BeiGene, Ltd. click here.

Shares of BeiGene, Ltd. closed at $151.30 yesterday.

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