Major Bank Ratings | UBS: Slightly lowers BeiGene’s target price to $456, reiterates “Buy” rating

Glonghui, July 2 | UBS released a report stating that BeiGene's Brukinsa (Baiyueze) has shown positive Phase III data in first-line treatment of mantle cell lymphoma (MCL), offering a potential chemotherapy-free option. BeiGene said it plans to present the full data at an upcoming academic conference and is in communication with global regulatory agencies, with a potential application for market approval possibly in the second half of 2026. In addition, UBS expects multiple catalysts in the second half of the year, namely: (1) BTK CDAC may potentially receive accelerated approval for relapsed/refractory CLL (in the second half of 2026); (2) the Phase III trial initiation for Sonrotoclax (BCL-2) triplet therapy in second-line and above t(11;14) multiple myeloma; (3) Tislelizumab (in combination with Zanidatamab) may receive accelerated approval in the US for first-line HER2+ gastroesophageal adenocarcinoma (1L GEA); and (4) B7-H4 ADC (in partnership with DualityBio) may initiate a registrational trial.