BeOne Medicines (NASDAQ:ONC) Shares Gap Up – Here’s Why

BeOne Medicines Ltd. – Sponsored ADR (NASDAQ:ONC)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $276.95, but opened at $286.08. BeOne Medicines shares last traded at $286.1510, with a volume of 54,548 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Truist Financial upped their price target on shares of BeOne Medicines from $400.00 to $412.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Sanford C. Bernstein upgraded shares of BeOne Medicines from a “hold” rating to an “outperform” rating and set a $414.00 target price on the stock in a research note on Monday, January 12th. Jefferies Financial Group downgraded shares of BeOne Medicines from a “buy” rating to a “hold” rating and dropped their target price for the stock from $420.00 to $290.00 in a report on Monday, March 16th. Royal Bank Of Canada increased their price target on BeOne Medicines from $417.00 to $425.00 and gave the stock an “outperform” rating in a research note on Thursday, February 26th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of BeOne Medicines in a report on Wednesday, January 21st. Eleven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $385.08.

BeOne Medicines Stock Up 2.2%

The company has a current ratio of 3.41, a quick ratio of 3.08 and a debt-to-equity ratio of 0.22. The company has a 50 day simple moving average of $323.92 and a two-hundred day simple moving average of $326.72. The firm has a market capitalization of $31.05 billion, a P/E ratio of 112.31 and a beta of 0.53.

BeOne Medicines (NASDAQ:ONC) last released its quarterly earnings data on Thursday, February 26th. The company reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.60 by ($1.02). BeOne Medicines had a net margin of 5.37% and a return on equity of 10.70%. The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.45 billion. On average, equities analysts predict that BeOne Medicines Ltd. – Sponsored ADR will post -5.82 EPS for the current fiscal year.

Insider Transactions at BeOne Medicines

In other BeOne Medicines news, SVP Chan Henry Lee sold 341 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $300.00, for a total value of $102,300.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders have sold 2,665 shares of company stock valued at $902,792. Insiders own 6.62% of the company’s stock.

Institutional Trading of BeOne Medicines

Several hedge funds have recently modified their holdings of the company. Legal & General Group Plc purchased a new stake in BeOne Medicines during the second quarter valued at $13,857,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of BeOne Medicines by 1,019.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 42,816 shares of the company’s stock worth $14,587,000 after buying an additional 38,992 shares in the last quarter. Fiera Capital Corp increased its holdings in shares of BeOne Medicines by 20.1% in the 3rd quarter. Fiera Capital Corp now owns 25,117 shares of the company’s stock worth $8,557,000 after buying an additional 4,205 shares during the last quarter. Virtus Investment Advisers LLC bought a new stake in shares of BeOne Medicines in the 2nd quarter worth about $389,000. Finally, Baird Financial Group Inc. purchased a new stake in shares of BeOne Medicines during the 2nd quarter valued at about $82,895,000. 48.55% of the stock is owned by hedge funds and other institutional investors.

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. The company was founded by Xiao Dong Wang and John V. Oyler on October 28, 2010 and is headquartered in Basel, Switzerland.