BeiGene Stock Eyes 2-Week High After EU Approves Cancer Treatment: Retail Enthusiasm Grows
By Stocktwits Inc | First Published Nov 27, 2024, 6:50 PM ISTThe latest approval adds to BeiGene’s momentum, marking six EU indications granted in just over a year.
BeiGene ($BGNE) shares jumped over 5% pre-market Wednesday, with the oncology company’s stock poised to reach a two-week high after the European Commission approved its drug Tevimbra (Tislelizumab) for first-line treatment of gastric and esophageal cancers.
The approval allows Tevimbra, in combination with chemotherapy, to treat esophageal squamous cell carcinoma (ESCC) and gastric or gastroesophageal junction adenocarcinoma.
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Clinical trial data showed that Tevimbra improved median overall survival to 17.2 months versus 10.6 months with chemotherapy alone, demonstrating statistically significant and clinically meaningful benefits.
Mark Lanasa, Chief Medical Officer for Solid Tumors at BeiGene, emphasized Tevimbra’s role as the cornerstone of the company’s solid tumor portfolio, noting that more than 1.3 million patients worldwide have been treated with the drug.
The latest approval adds to BeiGene’s momentum, marking six EU indications granted in just over a year.
Esophageal cancer, which accounts for over 90% of esophageal squamous cell carcinoma cases, is one of the deadliest cancers. Beigene says it is projected to increase by nearly 60% to 957,000 annual cases by 2040, highlighting the urgent need for better treatment options.
BeiGene has been expanding rapidly, recently reporting $1 billion in quarterly revenue, driven by U.S. and European product sales, and opening an $800 million R&D and manufacturing facility in New Jersey.
The company had also announced plans to rebrand as “BeOne Medicines Ltd.” and change its ticker to “ONC” following shareholder approval, signaling its commitment to global oncology leadership.
On Stocktwits, retail sentiment shifted from ‘neutral’ to ‘extremely bullish’ early on Wednesday following the approval news, accompanied by a surge in message volume.
TD Cowen recently reiterated a ‘Buy’ rating on BeiGene and raised its price target to $260, citing the company’s robust pipeline, which it described as among the best in biotech.
BeiGene stock has gained more than 8% year-to-date.
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