After Piper Jaffray and Cowen & Co. gave BeiGene Ltd (NASDAQ: BGNE) a Buy rating last month, the company received another Buy, this time from Maxim Group. Analyst Jason McCarthy maintained a Buy rating on BeiGene Ltd today and set a price target of $170. The company’s shares opened today at $140.27.
McCarthy wrote:
“BeiGene announced a strategic collaboration with Zymeworks (ZYME – NR) for rights to its two lead HER2-directed bispecific drug candidates (ZW25 and ZW49) in Asia (excluding Zealand, as well licenses for two of ZYME’s platforms (Azymetric and EFECT) to develop and commercialize up to three bispecific antibodies. Deal terms below.”
According to TipRanks.com, McCarthy is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -2.2% and a 34.3% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, ContraVir Pharmaceuticals Inc, and Sonoma Pharmaceuticals Inc.
Currently, the analyst consensus on BeiGene Ltd is a Strong Buy with an average price target of $194.60, implying a 38.7% upside from current levels. In a report issued on November 21, J.P. Morgan also initiated coverage with a Buy rating on the stock with a $174 price target.
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Based on BeiGene Ltd’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $143 million. In comparison, last year the company had a net profit of $118 million.
Based on the recent corporate insider activity of 38 insiders, corporate insider sentiment is neutral on the stock.
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BeiGene Ltd. is a commercial-stage biopharmaceutical company, which engages in the development and commercialization of innovative molecularly targeted and immuno-oncology drugs for the treatment of cancer. It focuses on Zanubrutinib (BGB-3111), Tislelizumab (BGB-A317), and Pamiparib (BGB-290).
