Analyst Yigal Nochomovitz of Citi maintained a Buy rating on BeOne Medicines, with a price target of $399.00.
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Yigal Nochomovitz has given his Buy rating due to a combination of factors related to BeOne Medicines’ recent clinical trial outcomes and the potential of their drug sonrotoclax. The company announced that their Phase 1/2 trial for sonrotoclax monotherapy in patients with relapsed/refractory mantle cell lymphoma (R/R MCL) met its primary endpoint. This success is notable because it compares favorably against historical response rates for similar treatments, suggesting that sonrotoclax could be a more effective option.
Additionally, Nochomovitz highlights the superior characteristics of sonrotoclax compared to existing treatments like venetoclax. With a significantly higher potency and a shorter half-life, sonrotoclax may offer better efficacy and reduced monitoring requirements. BeOne Medicines is preparing to present comprehensive results at an upcoming conference and is planning a global filing, which could enhance its market position. These developments, coupled with an expected share price return of 28.9%, underpin Nochomovitz’s optimistic outlook on the stock.
Based on the recent corporate insider activity of 83 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ONC in relation to earlier this year.