On Thursday, UBS adjusted its outlook on BeiGene , Ltd. (NASDAQ: NASDAQ:BGNE), a biotechnology company, by reducing its stock price target to $285.70 from the previous $311.50. The firm, still, has kept its Buy rating on the stock intact. The revision follows BeiGene's announcement of strong financial results for 2023, which surpassed expectations in terms of revenue and earnings.
The U.S. Food and Drug Administration (FDA) recently accepted a Biologics License Application (BLA) for Tislelizumab for the treatment of gastric or gastroesophageal junction cancer (GC/GEJC) on February 27, 2024.
The Prescription Drug User Fee Act (PDUFA) date for a decision on this application is set for December 2024. Tislelizumab is already approved for use in the first and second lines of esophageal squamous cell carcinoma (ESCC) in the United States.
UBS's stance on BeiGene remains positive despite some investor concerns regarding the absence of late-stage clinical results expected in 2024. The firm's confidence is rooted in BeiGene's continuing product sales growth and the anticipation of additional regulatory approvals in the United States and Europe.
BeiGene is highlighted as a top choice within the Chinese biotech sector by UBS, with a particular commendation for the company's enhanced operational efficiency. The updated price target reflects the latest assessment of BeiGene's current operations, as the firm looks forward to the company's future prospects and maintains its Buy recommendation.
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