BeiGene assumed with an Overweight at JPMorgan

JPMorgan assumed coverage of BeiGene with an Overweight rating and $185 price target. The analyst sees BeiGene posting “robust” sales growth over the next several years, driven by Brukinsa, as well as “impressive” research and development capabilities “supporting an intriguing oncology pipeline.” While the shares could be sensitive to real or perceived risk of rising geopolitical tensions between the U.S. and China, its approved products provide valuation support and the pullback over the past year creates an opportunity to participate in upside that could come from the pipeline or Brukinsa tracking better than expectations, the analyst tells investors in a research note.