Jefferies starts ‘oncology powerhouse’ BeiGene with Buy rating

Jefferies initiated coverage of BeiGene with a Buy rating and $287 price target. The firm calls BeiGene an “oncology powerhouse” and says its “deep and broad” pipeline will sustain long-term growth. The company has developed a unique business model combining advantages of its strong China presence and global commercial network to innovate with speed and quality at lower cost, the analyst tells investors in a research note. Jefferies expects Brukinsa to gain “significant shares” in a projected $13B BTK inhibitor market and estimates $6B of sales in 2023.