Commercial-stage biotechnology company BeiGene Ltd. reported data on the combination of tislelizumab and sitravatinib, which is being evaluated for the treatment of solid tumors. It is developing sitravatinib in collaboration with Mirati Therapeutics.
BeiGene (BGNE) Chief Medical Officer, Immuno-Oncology, Yong Ben, M.D., said, “From the results presented today, we believe that sitravatinib in combination with tislelizumab could potentially provide clinical benefit to patients with advanced solid tumors, which supports our plan to further evaluate this innovative combination in our ongoing clinical trials.”
Ben added, “We are excited about the preliminary antitumor activity observed in patients with PD-1/L1 resistant or refractory melanoma.” (See BeiGene stock analysis on TipRanks)
The presented data was from two cohorts of a Phase 1b trial. This included patients with unresectable or metastatic melanoma and patients with advanced platinum-resistant ovarian cancer.
The study evaluated the safety/tolerability and preliminary antitumor activity of the drug combination. The combination was generally well-tolerated and showed encouraging preliminary antitumor activity in patients.
Reflecting an additional development, BeiGene reported that its Phase 2 trial evaluating BRUKINSA in patients hospitalized with respiratory symptoms of COVID-19 and requiring supplemental oxygen without mechanical ventilation did not meet its co-primary efficacy endpoints.
The company launched BRUKINSA in Canada for the treatment of adult patients with Waldenstroms macroglobulinemia. BRUKINSA was approved in Canada in March.
Last month, Leerink Partners analyst Andrew Berens reiterated a Buy rating on the stock with a $388 price target (25.9% upside potential).
Commenting on the company’s 4Q results, Berens said, “Brukinsa sales of $18.3 million were slightly below consensus of $21.4 million implying ~17%qoQ growth. Tislelizumab generated $63.5 million sales in China (-8% versus consensus), reflecting 27% QoQ growth.”
The consensus on the Street is that BeiGene is a Moderate Buy, based on 5 Buys, 1 Hold, and 2 Sells. The average analyst price target of $342.60 implies an upside potential of 11.1%. Shares have gained about 105% over the past year.
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