Guggenheim analyst Michael Schmidt downgraded BeiGene to Neutral from Buy without a price target. The analyst cites the "disappointing" outcome of the company's Aspen clinical trial of BTK inhibitor Brukinsa in patients with Waldenstrom macroglobulinemia for the downgrade. While the drug will likely succeed in pending clinical trials for chronic lymphocytic leukemia and other indications, BeiGene faces a commercial battle versus Imbruvica and recently approved Calquence without positive head-to-head data, Schmidt tells investors in a research note. The stock in morning trading is down 3% to $170.14.

TD Cowen analyst Yaron Werber raised the firm's price target on BeiGene (BGNE) to $236 from $235 and keeps a Buy rating on the shares. The firm updated its model to reflect lower collaborative revenue given termination of Novartis (NVS) agreement for tisle in Sep 2023.

BeiGene announced that the European Commission has approved tislelizumab as a treatment for non-small cell lung cancer across three indications, including first- and second-line use. "Tislelizumab is foundational for BeiGene's solid tumor portfolio and has demonstrated its potential across multiple tumor types, including NSCLC, in which there remains a significant unmet need at all stages of the disease," said Mark Lanasa, M.D., Ph.D., Chief Medical Officer, Solid Tumors at BeiGene. "Today's EC authorization marks the second in the region for tislelizumab, with both NSCLC and locally advanced or metastatic esophageal squamous cell carcinoma now approved in the European Union. Second-line use in ESCC was also approved just weeks ago by the U.S. Food and Drug Administration, putting us well on our way to fulfilling our commitment to bring this innovative therapy to many more patients around the world."