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Fly News Breaks for December 16, 2019
Dec 16, 2019 | 09:57 EDT
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.