Analyst Jill Wu from CMB International Securities maintained a Buy rating on BeiGene (ONC – Research Report) and increased the price target to $359.47 from $282.71.
Jill Wu’s rating is based on several compelling factors that highlight BeiGene’s strong market position and growth potential. The company reported robust sales figures for FY24, particularly driven by the performance of zanubrutinib, which saw a significant year-over-year increase in sales. This growth was largely attributed to market share gains in the US and Europe, indicating a strong foothold in these key markets. Additionally, zanubrutinib’s increasing market share in the BTK inhibitor space suggests further potential for expansion.
Furthermore, BeiGene’s financial outlook for FY25 is promising, with a revenue guidance of $4.9 to $5.3 billion, reflecting a substantial year-over-year increase. The company has also shown disciplined cost management, which supports its goal of achieving GAAP operating income breakeven. With a rich pipeline of research and development projects and multiple upcoming catalysts, BeiGene is well-positioned for sustained growth in both its commercial and R&D endeavors.
In another report released on February 28, JMP Securities also reiterated a Buy rating on the stock with a $348.00 price target.
Based on the recent corporate insider activity of 55 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ONC in relation to earlier this year.