Investment analysts at Maxim Group initiated coverage on shares of Beigene Ltd (NASDAQ:BGNE) in a report released on Wednesday. The firm set a “buy” rating and a $41.00 price target on the stock. Maxim Group’s price target would indicate a potential upside of 32.34% from the stock’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.””
Several other brokerages have also weighed in on BGNE. Cowen and Company reiterated a “buy” rating on shares of Beigene in a report on Monday, June 6th. Zacks Investment Research upgraded shares of Beigene from a “sell” rating to a “hold” rating in a report on Monday, September 12th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $40.00.
Shares of Beigene (NASDAQ:BGNE) opened at 30.98 on Wednesday. The firm’s market capitalization is $1.02 billion. The firm’s 50-day moving average is $29.30 and its 200 day moving average is $28.99. Beigene has a 12 month low of $22.51 and a 12 month high of $35.60.
Beigene (NASDAQ:BGNE) last announced 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 firm had revenue of $0.40 million for the quarter, compared to analysts’ expectations of $2.08 million. The company’s revenue for the quarter was down 71.4% on a year-over-year basis. On average, equities research analysts anticipate that Beigene will post ($3.45) EPS for the current year.
Several large investors have recently bought and sold shares of the company. BlackRock Institutional Trust Company N.A. acquired a new stake in Beigene during the first quarter worth $112,000. 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 last quarter. Bank of Montreal Can purchased a new stake in shares of Beigene during the second quarter worth about $191,000. Landscape Capital Management L.L.C. purchased a new stake in shares of Beigene during the first quarter worth about $202,000. Finally, Vident Investment Advisory LLC purchased a new stake in shares of Beigene during the second quarter worth about $678,000.
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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