Analyst Yaron Werber of TD Cowen reiterated a Buy rating on BeiGene (ONC – Research Report), retaining the price target of $334.00.
Yaron Werber has given his Buy rating due to a combination of factors that highlight BeiGene’s strong market position and financial performance. Despite a lighter than expected Q1 for Brukinsa, attributed to seasonal factors and Medicare rebates, the drug has become the leading BTKi in the US and is poised to achieve the top global position by the end of 2025. This indicates robust commercial execution and potential for future growth.
Furthermore, the company achieved its first quarter of GAAP profitability, driven by strong sales of Tevimbra and Amgen products, alongside effective operational expense control. The strategic rebranding to BeOne Medicines and relocation to Switzerland reflect its expanding global presence. Additionally, BeiGene’s extensive pipeline, with over ten proof-of-concept readouts expected by 2025, underscores its innovative capabilities and strengthens the rationale for a Buy rating.
In another report released on April 25, RBC Capital also initiated coverage with a Buy rating on the stock with a $312.00 price target.