Wall Street Zen Downgrades BeOne Medicines (NASDAQ:ONC) to Buy

BeOne Medicines (NASDAQ:ONC) was downgraded by Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report issued on Friday.

Other research analysts have also recently issued reports about the stock. Guggenheim raised their target price on shares of BeOne Medicines from $350.00 to $365.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. JPMorgan Chase & Co. raised their target price on shares of BeOne Medicines from $321.00 to $345.00 and gave the stock an “overweight” rating in a report on Thursday, July 17th. Morgan Stanley lifted their price objective on shares of BeOne Medicines from $313.00 to $330.00 and gave the company an “overweight” rating in a research note on Friday, June 27th. Finally, Royal Bank Of Canada lifted their price objective on shares of BeOne Medicines from $349.00 to $364.00 and gave the company an “outperform” rating in a research note on Thursday, August 7th. Seven equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $330.89.

BeOne Medicines Trading Up 7.2%

Shares of ONC stock opened at $341.80 on Friday. The firm has a 50 day moving average price of $291.24 and a two-hundred day moving average price of $263.06. The company has a quick ratio of 1.72, a current ratio of 1.95 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $37.46 billion, a PE ratio of -197.57 and a beta of 0.21. BeOne Medicines has a 12-month low of $170.99 and a 12-month high of $341.99.

BeOne Medicines (NASDAQ:ONC) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.48 by $0.36. BeOne Medicines had a negative net margin of 3.89% and a negative return on equity of 1.22%. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.24 billion. As a group, analysts predict that BeOne Medicines will post -5.82 earnings per share for the current year.

Insider Activity

In other BeOne Medicines news, insider Lai Wang sold 259 shares of the business’s stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $305.00, for a total transaction of $78,995.00. Following the sale, the insider owned 1,023,529 shares of the company’s stock, valued at approximately $312,176,345. The trade was a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Chan Henry Lee sold 11,013 shares of BeOne Medicines stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $300.45, for a total transaction of $3,308,855.85. The disclosure for this sale can be found here. In the last quarter, insiders have sold 194,689 shares of company stock valued at $55,338,422. 6.62% of the stock is currently owned by insiders.

Hedge Funds Weigh In On BeOne Medicines

A number of hedge funds have recently modified their holdings of the business. Anchor Investment Management LLC acquired a new position in shares of BeOne Medicines during the second quarter worth $26,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of BeOne Medicines during the second quarter worth $28,000. Daiwa Securities Group Inc. acquired a new position in shares of BeOne Medicines during the second quarter worth $35,000. Farther Finance Advisors LLC acquired a new position in BeOne Medicines in the second quarter valued at $39,000. Finally, Signaturefd LLC acquired a new position in BeOne Medicines in the second quarter valued at $49,000. Institutional investors and hedge funds own 48.55% of the company’s stock.

BeOne Medicines Company Profile

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.