Credit Suisse issued an “outperform” rating on BeiGene Ltd. (Nasdaq: BGNE) today, raising the price target to $230.20 per American depositary share.
Responding to the high rating, the stock of the company soared nearly 11 percent to $192.62 per share in early trading on Monday.
The Chinese biopharmaceutical firm develops and markets immune-oncology drugs and has headquarters in Beijing and Cambridge, Massachusetts.
BeiGene issued its quarterly earnings results last Wednesday. The company reported net loss of $105.1 million, or a $2.03 loss per ADS for the first three months, compared with last year’s loss for the same period of $50.6 million, or $1.27 per share. The expenses for the quarter nearly tripled last year’s at $143.4 million, attributable to the company’s expansion. Revenue for the quarter nearly doubled analysts’ estimates and grew to $32.5 million from zero in the first quarter of last year.
“We continue to make great progress launching new clinical trials on a global scale for patients with a wide variety of cancers, where we believe our investigational treatments can have a profound impact,” founder and chief executive officer of BeiGene, John Oyler, said in a statement.
“Given the significantly reformed regulatory environment in China, as well as important additions to our senior leadership team highlighted by the appointment of Dr. Xiaobin Wu as our General Manager of China and President of BeiGene, Ltd., we are excited about our China and global prospects,” Oyler said.
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