BeiGene downgraded to Market Perform from Outperform at Bernstein

Bernstein analyst Rebecca Liang downgraded BeiGene (BGNE) to Market Perform from Outperform with a price target of $196, down from $335. The overhang from the AbbVie (ABBV) patent case will remain while Imbruvica has been underperforming since Calquence and Brukinsa launched, the analyst tells investors in a research note. The firm says Imbruvica sales are down 30% from peak. The patent case “not only exposes the vulnerability of BeiGene’s single-asset-play to external blows, but also casts doubts on their long-presumed R&D leadership,” it adds.