Piper Jaffray analyst Tyler Van Buren downgraded BeiGene to Neutral from Overweight with a price target of $165, down from $230. In a research note to investors, the analyst says that while he "applauds" management for being bold enough to run the head-to-head ASPEN trial against an incredibly active drug, as he had feared, ibrutinib looked a little bit better than historical data and zanubrutinib looked a little bit worse relative to Phase I causing the VGPR gap to narrow and the primary statistical superiority endpoint to miss. The analyst lowered his global Brukinsa/zanubrutinib sales estimates for the product to $1.73B from $3.25B in 2027.

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."