New York, May 28, 2026, 15:03 EDT
BeOne Medicines AG shares lost ground Thursday afternoon even as the biotech sector moved higher. Investors took in fresh late-stage cancer data, but enthusiasm around the company’s oncology pipeline already looked priced in.
ONC slipped 2.7% to $291.98 at 2:57 p.m. EDT. The Nasdaq Biotechnology Index was up 1.1%. The gap stood out after BeOne shared a new update that came in positive on the science. Still, traders didn’t show much appetite for ONC ahead of more ASCO data due next week.
BeOne said late Wednesday its Phase 3 HERIZON-GEA-01 trial results are now out in the New England Journal of Medicine and will also be shown as an oral presentation at the American Society of Clinical Oncology meeting June 1. The trial studied ZIIHERA, a HER2-directed antibody, with chemo, with or without TEVIMBRA—BeOne’s PD-1 therapy—against a control arm of trastuzumab plus chemo for first-line HER2-positive gastroesophageal adenocarcinoma.
The data adds to BeOne’s move to branch out from BRUKINSA, its big blood-cancer drug. Jazz Pharmaceuticals, which works with BeOne on ZIIHERA in the trial, said the triplet combo hit median overall survival of 26.4 months. That compared to 19.2 months for the trastuzumab arm. Median progression-free survival reached 12.4 months for the combo and 8.1 months for the control. Overall survival is how long patients lived, progression-free survival is how long they lived without their cancer getting worse.
Kohei Shitara, who is director of gastrointestinal oncology at Japan’s National Cancer Center Hospital East and co-led the NEJM study, said the data showed “durability and consistency of benefit.” Rob Iannone, Jazz’s global research and development head, described the profile as “differentiated.” PR Newswire
Merck’s Keytruda is already approved by the FDA, when combined with trastuzumab and chemo, for first-line HER2-positive gastric or gastroesophageal junction tumors if PD-L1 CPS is 1 or more. BeOne is aiming for its combo to show benefit in all PD-L1 groups, even in patients with low or negative PD-L1.
Mark Lanasa, chief medical officer for solid tumors at BeOne, said the findings add to evidence for TEVIMBRA in a disease where treatment options are limited. Geoffrey Ku, Memorial Sloan Kettering Cancer Center, and an author on the NEJM paper, said the data could back a new “standard of care” if regulators approve the combination. BeOne Medicines
BeOne shares had climbed 25.9% over the last year before falling Thursday. Traders had some cushion to lock in gains as the latest news, while positive, followed earlier updates and medical meeting disclosures. The market has been pricing BeOne as a growth name for some time.
BeOne’s numbers got a lift. First-quarter product revenue was $1.5 billion, a climb of 34% on the year. BRUKINSA brought in $1.1 billion globally, up 38%. The company now sees 2026 total revenue between $6.3 billion and $6.5 billion, and GAAP operating income between $750 million and $850 million.
The risk on the downside is still there. Regulators haven’t ruled on broader approvals yet, and tolerability might drive demand. Trial records showed Grade 3 or higher treatment-related diarrhea in 24.5% of patients in the ZIIHERA-TEVIMBRA-chemotherapy group, compared with 12.9% in the trastuzumab-chemotherapy group. The study is still collecting more survival data for the ZIIHERA-plus-chemotherapy group.
ONC is back in a typical biotech position, with positive clinical news but shares sliding and investors looking for the next step. June 1’s ASCO talk probably won’t turn on the top-line data as much as the parts about safety, PD-L1 groups, and how fast doctors might pivot away from trastuzumab regimens to BeOne-Jazz.
