On August 11, BEONE MEDICINES rose 3.94% in regular trading, trading at 221.2 HKD/share, with turnover of HKD 157 million.
On the news front, BEONE MEDICINES announced a clinical collaboration agreement with Revolution Medicines to jointly evaluate combination therapy regimens pairing the company's clinical-stage oncology candidates with one or more of Revolution Medicines' four clinical-stage RAS(ON) inhibitors, targeting the historically \"undruggable\" RAS pathway in cancer treatment.
The collaboration follows a period of strong momentum for the company. BEONE MEDICINES reported Q2 global revenue of USD 1.705 billion, up 30% year-over-year, with GAAP net profit of USD 237 million, representing 151% growth. The company raised its full-year revenue guidance to RMB 449-462 billion. Multiple institutions including CLSA, CICC, Bank of America, and BOCOM International have recently upgraded target prices, with CLSA setting the highest at HKD 321.7. The company noted it is developing a proprietary Pan-RAS molecular glue degrader with potential differentiated advantages over existing products.
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