After Cowen & Co. and Piper Jaffray 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 yesterday and set a price target of $170. The company’s shares opened today at $119.90, close to its 52-week low of $105.19.
McCarthy said:
“Oncology (ASCO) annual meeting, BeiGene reported (6/1) initial positive data from its anti-PD1 program (tislelizumab) in a new setting: (nasopharyngeal cancer, NPC). We view the data as an incremental positive for the program, which continues to layer in indication after indication, as was the case for approved checkpoints like Keytruda, Opdivo, Tecentric etc.”
According to TipRanks.com, McCarthy ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -18.1% and a 23.3% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as Teva Pharmaceutical Industries Limited, SELLAS Life Sciences Group Inc, and ContraVir Pharmaceuticals Inc.
BeiGene Ltd has an analyst consensus of Strong Buy, with a price target consensus of $180, a 50.1% upside from current levels. In a report issued on May 31, Cowen & Co. also maintained a Buy rating on the stock with a $170 price target.
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Based on BeiGene Ltd’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $169 million. In comparison, last year the company had a GAAP net loss of $105 million.
Based on the recent corporate insider activity of 47 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of BGNE in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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).
