BeOne Medicines Solid Tumor Data Boost Confidence in Long-term Growth, RBC Says

BeOne Medicines (ONC) reported encouraging data from three solid tumor programs, strengthening confidence in its competitive potential and long-term growth, RBC Capital Markets said in a note Tuesday.

The company on Monday presented "promising" data on a CDK4 inhibitor for breast cancer, a GPC3-4-1BB bispecific antibody for hepatocellular carcinoma, and a B7-H4 antibody-drug conjugate for ovarian cancer.

Analyst Leonid Timashev said each therapy appears to be delivering on its promised profile, with potential safety or efficacy advantages that could support best-in-class positioning or at least strong competitiveness over the coming years.

Although investors have generally been skeptical of BeOne Medicines' solid tumor portfolio, RBC believes the building blocks for success are becoming increasingly visible. As a result, the firm now estimates that the company could generate up to $4.8 billion in solid tumor sales by 2035.

"While more data, and in some cases, optimization is still needed, we think the company's commitment to phase 3 trials and initial data is worth paying attention to," the analyst added.

RBC raised its price target on BeOne Medicines to $436 from $425 while keeping its outperform rating.

Price: $276.76, Change: $-2.92, Percent Change: -1.04%

Trump Lowers Tariffs on Agricultural Equipment to 15% From 25%

President Donald Trump signed a proclamation on Tuesday lowering the tariffs on agricultural equipment and certain other equipment to 15% from 25%, the White House said.Additionally, the existing category of industrial equipment subject to a 15% tariff was expanded to include mobile industrial equipment, like bulldozers and forklifts, "when imported from trade deal countries that are entitled to such treatment," the White House said.The proclamation also allows foreign companies to qualify for a 10% duty rate if their capital equipment includes at least 85% US melted and poured or smelted and cast steel or aluminum by weight, the White House said.The tariff changes will last until Dec. 31, 2027, to "spur near-term investments," the White House said.Price: $565.43, Change: $+23.00, Percent Change: +4.24%

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IBM's Quantum Investment May Take Years to Gain Traction, Wedbush Says

IBM's (IBM) move to boost its quantum computing investment will likely take years before it starts yielding benefits, but the strategy is a "net positive" amid a rapidly evolving software landscape, Wedbush Securities said.IBM will invest an additional $10 billion over the next five years to accelerate its quantum roadmap beyond delivering its fault-tolerant quantum computer in 2029, the computer and software firm said Tuesday.The investment will fund research and development, capital expenditure, manufacturing scaling, ecosystem partnerships and strategic acquisitions, IBM said Tuesday in a blog."We believe this ($10 billion commitment) will take multiple years to gain traction as the company's aim of reaching the first fault-tolerant quantum computer by 2029 remains a long-term project, but we view this as a net positive as IBM looks to future-proof its business around the rapidly evolving software landscape," Wedbush analysts including Dan Ives wrote in a note.Having deployed more than 90 systems worldwide, IBM operates the largest global fleet of quantum computers."IBM's quantum strategy is to maintain its position as a leader in providing quantum computing infrastructure by delivering the runtime environment for quantum capabilities, and we believe IBM's positioning at the forefront of (artificial intelligence) and quantum remains under-appreciated," Ives said.Wedbush raised its price target on IBM to $350 from $320 and maintained its outperform rating, highlighting confidence in the company's ability to continue driving profitable growth across new and existing business verticals.The computer and software firm maintained its full-year revenue growth outlook in April and reported first-quarter results above Wall Street's estimates."IBM continues to see solid momentum across its portfolio of products for AI, hybrid cloud, automation, and cybersecurity with customers looking for trusted, scalable and compliant solutions that can be deployed across complex environments," Ives said. "IBM's ability to combine software, consulting, and infrastructure into one integrated stack remains an important advantage to the company's business flywheel as more organizations launch production-scale AI use cases."Price: $318.50, Change: $-1.93, Percent Change: -0.60%

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Trump Lowers Tariffs on Agricultural Equipment to 15% From 25%

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Trump Lowers Tariffs on Agricultural Equipment to 15% From 25%