Wolfe Research analyst Kalpit Patel initiates coverage on BeOne Medicines (NASDAQ: ONC) with a Outperform rating and a price target of $340.00.

The analyst comments "The company seems to run one of the broadest development programs in biotech, with 20+ assets, rapid PoC generation, and execution speed that looks faster than peers. BeOne is already a scaled, profitable oncology name available at an attractive multiple. BeOne penciled in $5.3B in product revenue in FY2025 and guided to $6.2B - $6.4B of total revenue in 2026. The stock is trading at ~5.7x trailing EV/ sales and ~4.8x forward EV/sales. Continuous or fixed-regimen – BeOne has a winner for both in CLL/SLL. We forecast Brukinsa’s dominance remains in 1L CLL as a continuous BTKi while expanding into the fixed-duration segment as the potentially best-in-class all-oral combo. The recent approval of a fixed-duration regimen (AV) for CLL/SLL is not a major threat, as AV was studied in a younger/fitter population with uMRD and 3- yr PFS rates that appear inferior to BeOne’s ZS. Furthermore, AV is burdened with convenience issues (tied to venetoclax monitoring) and TLS risk. Clinical / regulatory catalysts for FY2026E. Key events include (1) sonrotoclax’s potential US approval in r/r MCL in 1H26E; (2) Phase III Mangrove data in 1L MCL in 1H26E; and (3) uMRD response for ZS vs. VO. We are optimistic heading into all three catalysts for this year."

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Shares of BeOne Medicines closed at $283.45 yesterday.