Investors should keep an eye on biotech company BeiGene as it scales up its global revenue streams, according to Jefferies.
Analyst Kelly Shi initiated coverage of the stock with a buy rating and assigned a price target of $287, suggesting shares stand to gain 49.2% in the next 12 months.
The stock has lost 12% so far this year but has had a more uplifting quarter with gains of about 8%.
According to the analyst, BeiGene's product pipeline could expand beyond oncology, as it currently includes early autoimmune candidates.
BeiGene's tislelizumab drug is another major growth driver for the company, Shi said, highlighting the drug's position as China's top-selling PD-1 drug with about 40% market share.
Persons:
Kelly Shi, Shi, BeiGene, BGNE, Amgen, — CNBC's Michael Bloom
Organizations:
Jefferies, pharma, Novartis
Locations:
Cambridge , Massachusetts, Beijing, China, BeiGene