As previously reported, Guggenheim analyst Etzer Darout initiated coverage of Zymeworks (ZYME) with a Buy rating and $48 price target. The company's lead asset, ZW25, is planned for registrational studies in second-line biliary tract cancer and gastroesophageal cancers in 2020 in partnership with BeiGene (BGNE). Additionally, preclinical studies of ZW49 have demonstrated the potential for a differentiated profile relative to current HER-2 targeting ADC's, said Darout, who sees a number of opportunities for "significant share appreciation" from clinical updates of ZW25 and ZW49 over the next 12-18 months.

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.