BeOne Medicines initiated with an Outperform at Wolfe Research

Wolfe Research analyst Kalpit Patel initiated coverage of BeOne Medicines (ONC) with an Outperform rating and $340 price target The company “seems to run one of the broadest development programs in biotech,” says the analyst, who sees the company having both “a category-leading flagship drug” in Brukinsa and a “credible” pipeline and platform. Recent concerns related to impact from fixed-duration therapies are “overdone” and present a buying opportunity, the analyst tells investors.