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Fly News Breaks for November 13, 2019
AMGN, BGNE
Nov 13, 2019 | 07:55 EDT
Cowen analyst Yaron Werber raised his price target on BeiGene (BGNE) to $225 from $170 following Q3 results. the report was light due to supply issues for Abraxane, which should reverse in Q4. The analyst said the recent deal with Amgen (AMGN) removes any financing needs, provides a steady pipeline, and provides for 3 new launches in China in 2020 and 2021. Werber reiterated his Outperform rating on BeiGene shares.
News For BGNE;AMGN From the Last 2 Days
BGNE
Mar 26, 2024 | 20:57 EDT
Bernstein analyst Rebecca Liang lowered the firm's price target on BeiGene to $161 from $196 and keeps a Market Perform rating on the shares. The firm is updating its model to reflect the company's latest earnings results, changes in pipeline assets, and commercial updates from its competition, the analyst tells investors in a research note. Competition remains fierce in the Zanubrutinib space with bendamustine and mosunetuzumab being another two approved therapies with comparable or better overall response rate and complete response, the firm notes.
AMGN
Mar 26, 2024 | 07:08 EDT
JPMorgan estimates Amgen (AMGN) without its obesity pipeline is worth $240-$250 per share and that the market is assigning $30-$40 per share of value to Maritide. While the competitive bar for Maritide is high and moving higher based on Novo Nordisk's (NVO) recent pipeline updates, the obesity market is also "unprecedented in terms of size," the analyst tells investors in a research note. The firm estimates peak sales for Maritide of $6B, equating to mid-single-digit share within the incretin space. JPMorgan believes this supports a value roughly in-line with what is reflected in Amgen's current share price. It sees a positive risk/reward scenario given the recent pullback but maintains a Neutral rating on the name with a $290 price target. The firm says Amgen is viewed as the best positioned name beyond Eli Lilly (LLY) and Novo to have a role in the obesity space.