BeiGene price target raised to $350 from $290 at Guggenheim

Guggenheim analyst Michael Schmidt raised the firm’s price target on BeiGene to $350 from $290 and keeps a Buy rating on the shares after the company announced FDA approval of Brukinsa for the treatment of adult patients with chronic lymphocytic leukemia or small lymphocytic lymphoma. This is a key regulatory milestone for BGNE, given that CLL represents the largest commercial opportunity among hematological indications currently addressable by BTK inhibitors, Schmidt tells investors in a research note.