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Fly News Breaks for December 16, 2019
BGNE
Dec 16, 2019 | 11:09 EDT
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.