BeOne Medicines (NASDAQ:ONC) Reaches New 52-Week High Following Analyst Upgrade

Shares of BeOne Medicines Ltd. – Sponsored ADR (NASDAQ:ONC) hit a new 52-week high during trading on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $321.00 to $345.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. BeOne Medicines traded as high as $298.00 and last traded at $294.00, with a volume of 154254 shares traded. The stock had previously closed at $279.16.

Several other research analysts have also recently issued reports on ONC. Morgan Stanley increased their price target on shares of BeOne Medicines from $313.00 to $330.00 and gave the stock an “overweight” rating in a report on Friday, June 27th. Wall Street Zen cut shares of BeOne Medicines from a “buy” rating to a “hold” rating in a report on Saturday, July 12th. TD Securities reissued a “buy” rating and set a $334.00 price target on shares of BeOne Medicines in a report on Thursday, April 24th. Guggenheim increased their price target on shares of BeOne Medicines from $348.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 8th. Finally, Royal Bank Of Canada increased their price target on shares of BeOne Medicines from $311.00 to $349.00 and gave the stock an “outperform” rating in a report on Wednesday. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $327.56.

Insiders Place Their Bets

In other BeOne Medicines news, CEO John Oyler sold 27,802 shares of the stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $253.38, for a total transaction of $7,044,470.76. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Xiaodong Wang sold 41,760 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $223.50, for a total transaction of $9,333,360.00. The disclosure for this sale can be found here. Insiders have sold a total of 137,573 shares of company stock valued at $34,156,799 over the last quarter. Company insiders own 6.62% of the company’s stock.

Hedge Funds Weigh In On BeOne Medicines

Large investors have recently bought and sold shares of the stock. Farther Finance Advisors LLC purchased a new position in BeOne Medicines during the second quarter worth approximately $39,000. Signaturefd LLC purchased a new position in shares of BeOne Medicines in the 2nd quarter valued at $49,000. Parallel Advisors LLC purchased a new position in shares of BeOne Medicines in the 2nd quarter valued at $59,000. Avanza Fonder AB purchased a new position in shares of BeOne Medicines in the 2nd quarter valued at $199,000. Finally, Aaron Wealth Advisors LLC purchased a new position in shares of BeOne Medicines in the 2nd quarter valued at $200,000. Hedge funds and other institutional investors own 48.55% of the company’s stock.

BeOne Medicines Trading Up 4.0%

The company’s 50 day simple moving average is $249.71. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.71 and a current ratio of 1.96. The firm has a market capitalization of $31.82 billion, a price-to-earnings ratio of -78.05 and a beta of 0.28.

BeOne Medicines (NASDAQ:ONC) last issued its earnings results on Wednesday, May 7th. The company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of ($0.71) by $1.93. BeOne Medicines had a negative net margin of 9.40% and a negative return on equity of 7.55%. The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.12 billion. Analysts forecast that BeOne Medicines Ltd. – Sponsored ADR will post -5.82 earnings per share for the current year.

About BeOne Medicines

BeOne Medicines Ltd. is a global oncology company domiciled in Switzerland that is discovering and developing innovative treatments that are more affordable and accessible to cancer patients worldwide. The firm portfolio spanning hematology and solid tumors, BeOne is expediting development of its diverse pipeline of novel therapeutics through its internal capabilities and collaborations.