BeiGene's Brukinsa Positioned as Preferred BTK Inhibitor: Analyst Says Survey Supports Bullish View
Portfolio Pulse from Vandana Singh
Citi has initiated coverage on BeiGene Ltd with a Buy stock rating and a price target of $275. The analyst suggests that BeiGene's flagship asset Brukinsa is positioned to become the favored BTK inhibitor for Chronic lymphocytic leukemia. The FDA has accepted Brukinsa's supplemental application for a fifth indication, with a target action date in Q1 of 2024. The analyst projects Brukinsa to generate global sales of ~$4 billion by 2028. BeiGene's Q1 FY23 global sales of Brukinsa stood at $211.4 million. Pharmacyclics, an AbbVie Inc company, has filed a complaint alleging that BeiGene's blood cancer therapy Brukinsa infringes a Pharmacyclics patent.
July 17, 2023 | 7:32 pm
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POSITIVE IMPACT
Citi's Buy rating and price target of $275 for BeiGene could boost investor confidence and potentially drive the stock price up in the short term. However, the legal complaint from Pharmacyclics could create uncertainty.
Positive analyst ratings typically boost investor confidence and can drive the stock price up. However, legal issues can create uncertainty and potentially have a negative impact on the stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Pharmacyclics, an AbbVie company, has filed a complaint against BeiGene, alleging patent infringement. This could potentially lead to legal complications for AbbVie.
Legal issues can create uncertainty and potentially have a negative impact on the stock price. As Pharmacyclics is an AbbVie company, this could potentially lead to legal complications for AbbVie.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50