Why This BeiGene Analyst Slashes Forecast By Almost 42%
Portfolio Pulse from Priya Nigam
BeiGene Ltd's stock declined amid weakness in Chinese stocks and a patent case by AbbVie. Bernstein analyst Rebecca Liang downgraded BeiGene from Outperform to Market Perform and slashed the price target from $335 to $196. Liang stated that the patent case exposes BeiGene's vulnerability and casts doubts on their R&D leadership. Besides Brukinsa, there are no major growth drivers for BeiGene.
June 30, 2023 | 2:41 pm
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NEUTRAL IMPACT
AbbVie's ongoing patent case against BeiGene could potentially impact its stock, depending on the outcome.
The ongoing patent case against BeiGene could potentially impact AbbVie's stock. However, the impact is uncertain and depends on the outcome of the case.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
BeiGene's stock is likely to be negatively impacted due to the downgrade by Bernstein and the ongoing patent case by AbbVie.
The downgrade by Bernstein and the ongoing patent case by AbbVie are likely to negatively impact BeiGene's stock. The lack of major growth drivers for BeiGene also adds to the negative outlook.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100