BeiGene price target lowered to $164.30 from $179.30 at BofA

BofA analyst David Li lowered the firm’s price target on BeiGene to $164.30 from $179.30 and keeps a Neutral rating on the shares. Given the intense competition of PARP inhibitors and other biosimilar products, such as denosumab and bevacizumab, in the China market, the firm cut its revenue forecast for 2024-26 and beyond.