Beigene Ltd (BGNE) Rating Reiterated by Maxim Group
Beigene Ltd (NASDAQ:BGNE)‘s stock had its “buy” rating reaffirmed by equities research analysts at Maxim Group in a report issued on Wednesday. They presently have a $41.00 target price on the stock. Maxim Group’s target price 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.””
A number of other brokerages have also issued reports on BGNE. Cowen and Company reaffirmed a “buy” rating on shares of Beigene in a research report on Monday, June 6th. Zacks Investment Research raised Beigene from a “sell” rating to a “hold” rating in a research report on Monday, September 12th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Beigene currently has an average rating of “Buy” and an average target price of $40.00.
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Shares of Beigene (NASDAQ:BGNE) remained flat at $30.98 during trading on Wednesday. 62,927 shares of the company were exchanged. Beigene has a 52 week low of $22.51 and a 52 week high of $35.60. The company’s market cap is $1.02 billion. The firm has a 50-day moving average price of $29.30 and a 200 day moving average price of $28.99.
Beigene (NASDAQ:BGNE) last announced its earnings results on Wednesday, August 10th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.68) by $0.05. The business earned $0.40 million during the quarter, compared to the consensus estimate of $2.08 million. The company’s revenue for the quarter was down 71.4% compared to the same quarter last year. On average, equities research analysts expect that Beigene will post ($3.45) earnings per share for the current fiscal year.
Several large investors have recently modified their holdings of the stock. Board of Trustees of The Leland Stanford Junior University purchased a new stake in shares of Beigene during the second quarter worth $1,490,000. BlackRock Institutional Trust Company N.A. increased its stake in shares of Beigene by 67.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 6,404 shares of the company’s stock worth $191,000 after buying an additional 2,589 shares during the period. BlackRock Inc. increased its stake in shares of Beigene by 3,410.1% in the second quarter. BlackRock Inc. now owns 3,826 shares of the company’s stock worth $114,000 after buying an additional 3,717 shares during the period. CQS Cayman LP purchased a new stake in shares of Beigene during the second quarter worth $2,216,000. Finally, Brown Advisory Inc. increased its stake in shares of Beigene by 13.1% in the second quarter. Brown Advisory Inc. now owns 112,744 shares of the company’s stock worth $3,360,000 after buying an additional 13,092 shares during the period.
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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