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. “BeiGene (BGNE) is uniquely positioned among its peers for strong R & D capability, productive and cost-efficient clinical development, established commercial product pipeline (BRUKINSA/zanubrutinib, tislelizumab, pamiparib), and big pharma partnerships ( Amgen , Novartis ),” Shi wrote in a Thursday note. “We believe BGNE’s pipeline potential is underappreciated and highlight an ideal time window for investment during the transformative time for BGNE.” The stock has lost 12% so far this year but has had a more uplifting quarter with gains of about 8%. Shares were nearly flat Thursday. BeiGene is an oncology-focused company that, since its origin in 2010, has commercialized three drugs developed internally and initiated more than 140 clinical trials in over 45 regions, the analyst noted. The company also earned $1.3 billion in product revenue in 2022, which is more than 2.5 times its cumulative research and development spending, Shi said. The company has offices in Cambridge, Massachusetts, and Beijing. According to the analyst, BeiGene’s product pipeline could expand beyond oncology, as it currently includes early autoimmune candidates. Those ambitions are aided by the company’s cash holdings of $3.5 billion. “BGNE has developed a unique business model combining advantages of its strong China presence and global commercial network to innovate with speed and quality at lower cost,” Shi said. The analyst added that BeiGene’s partnerships with global pharmaceutical giants, such as Amgen, will sustain its long-term growth and accelerate its global market expansion. In early 2020, Amgen closed a deal in which it took a 20.5% stake in BeiGene for about $2.8 billion in cash. Novartis recently canceled its option deal on a cancer drug with BeiGene, which the companies signed in December 2021, but the companies are still partnered for a Phase 3 lung cancer trial of the drug ociperlimab. Shi also pointed to BeiGene’s Bruton’s tyrosine kinase inhibitor Brukinsa as a key strength of the company, saying the drug has proved its best-in-class potential and is poised to lead in a $13 billion global BTK market. BTK inhibitors are a type of drug that treat cancers caused by defective B cells, such as chronic lymphocytic leukemia and B-cell lymphomas. 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. — CNBC’s Michael Bloom contributed to this story.