Beigene Ltd (BGNE) Earns “Buy” Rating from Maxim Group
Beigene Ltd (NASDAQ:BGNE)‘s stock had its “buy” rating reissued by analysts at Maxim Group in a report issued on Wednesday. They presently have a $41.00 price target on the stock. Maxim Group’s price objective would indicate a potential upside of 32.34% from the company’s current price.
The analysts wrote, “BeiGene’s BTK inhibitor (BGB-3111) is going pivotal. We view 3111 as a de- risked, high-value asset in the rich BTK world of therapeutic kinases. Recall that Imbruvica (AbbVie) is indicated for multiple hematological malignancies. The compound was acquired through the $21B acquisition of Pharmacyclics. AstraZeneca recently acquired 55% ownership of Acerta, driven by interest in its BTK inhibitor, for $4B.””
BGNE has been the topic of several other reports. Zacks Investment Research cut Beigene from a “hold” rating to a “sell” rating in a research note on Monday, August 15th. Cowen and Company reiterated a “buy” rating on shares of Beigene in a research note on Monday, June 6th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $40.00.
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Beigene (NASDAQ:BGNE) remained flat at $30.98 during midday trading on Wednesday. 62,927 shares of the stock were exchanged. The firm’s market cap is $1.02 billion. Beigene has a 52 week low of $22.51 and a 52 week high of $35.60. The stock’s 50-day moving average is $29.30 and its 200-day moving average is $28.99.
Beigene (NASDAQ:BGNE) last issued its quarterly earnings data on Wednesday, August 10th. The company reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.68) by $0.05. The business earned $0.40 million during the quarter, compared to analyst estimates of $2.08 million. The company’s revenue was down 71.4% compared to the same quarter last year. On average, equities analysts predict that Beigene will post ($3.45) EPS for the current year.
Large investors have recently made changes to their positions in the company. BlackRock Institutional Trust Company N.A. purchased a new stake in shares of Beigene during the first quarter valued at $112,000. Landscape Capital Management L.L.C. bought a new position in Beigene during the first quarter worth $202,000. Goldman Sachs Group Inc. bought a new position in Beigene during the first quarter worth $807,000. VHCP Management II LLC bought a new position in Beigene during the first quarter worth $3,488,000. Finally, Temasek Holdings Private Ltd bought a new position in Beigene during the first quarter worth $11,138,000.
Beigene Company Profile
BeiGene, Ltd. is a biopharmaceutical company. The Company is engaged in the discovery and development of molecularly targeted and immuno-oncology drugs for the treatment of cancer. It is developing its product candidate, BGB-3111, a potent and selective small molecule Bruton’s tyrosine kinase (BTK) inhibitor, as a monotherapy and in combination with other therapies for the treatment of a range of lymphomas.
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