BeOne Medicines downgraded to Hold from Buy at Jefferies

Jefferies analyst Faisal Khurshid downgraded BeOne Medicines (ONC) to Hold from Buy with a price target of $290, down from $420, after assuming coverage of the name. The company’s Brukinsa remains one of the best assets in hematology but the shares “are not mispriced” at current levels, the analyst tells investors in a research note. Jefferies believes BeOne’s leadership in chronic lymphocytic leukemia is well understood, while its next growth assets are a “slower-burn.”