Why BeiGene Stock Jumped Thursday
Shares of BeiGene (NASDAQ: BGNE) rose 14.3% by late Thursday afternoon and closed the day 12.48% higher. The Chinese biotech company recently signed a collaboration deal with Israel biotech company Enlivex Therapeutics to evaluate the safety and efficacy of cancer therapy Allocetra as a combination therapy with tislelizumab, which BeiGene will supply, to treat advanced-stage solid tumors. BeiGene's shares are up more than 8% so far this year.
The collaboration deal was only part of the reason for the stock's surge. U.S.-listed Chinese stocks in general have been climbing higher on improving economic data coming out of China. Goldman Sachs said it sees Chinese stocks rising by as much as 24% by the end of this year.
BeiGene is coming off a strong fourth-quarter and full-year report. It said revenue in the quarter was $380.1 million, up 72.3% year over year. Fiscal 2022 revenue was $1.4 billion, an increase of 97.9%.
Source Fool.com
