BeiGene (NASDAQ:BGNE) Shares Gap Up – Here’s Why

BeiGene, Ltd. (NASDAQ:BGNE)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $192.11, but opened at $201.31. BeiGene shares last traded at $204.37, with a volume of 24,026 shares.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. StockNews.com cut BeiGene from a “buy” rating to a “hold” rating in a research report on Thursday, November 21st. Citigroup lifted their price objective on shares of BeiGene from $269.00 to $288.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. JPMorgan Chase & Co. increased their target price on shares of BeiGene from $200.00 to $235.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. JMP Securities initiated coverage on shares of BeiGene in a report on Wednesday, September 18th. They set a “market outperform” rating and a $288.00 price target on the stock. Finally, TD Cowen upped their price objective on shares of BeiGene from $254.00 to $260.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $247.07.

BeiGene Trading Up 7.3 %

The stock’s 50 day simple moving average is $212.16 and its two-hundred day simple moving average is $184.09. The stock has a market capitalization of $20.08 billion, a PE ratio of -25.02 and a beta of 0.63. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.93 and a quick ratio of 1.72.

BeiGene (NASDAQ:BGNE) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($1.15) EPS for the quarter, missing the consensus estimate of ($1.11) by ($0.04). BeiGene had a negative net margin of 25.94% and a negative return on equity of 25.12%. The firm had revenue of $1 billion during the quarter, compared to analysts’ expectations of $983.26 million. During the same quarter in the previous year, the company posted $2.01 EPS. BeiGene’s revenue for the quarter was up 28.2% on a year-over-year basis. On average, sell-side analysts expect that BeiGene, Ltd. will post -5.38 EPS for the current year.

Insider Buying and Selling

In other BeiGene news, insider Titus B. Ball sold 137 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $189.94, for a total transaction of $26,021.78. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO John Oyler sold 6,175 shares of the stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $232.22, for a total value of $1,433,958.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,070 shares of company stock valued at $4,901,050. 7.43% of the stock is owned by insiders.

Institutional Investors Weigh In On BeiGene

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Baillie Gifford & Co. boosted its position in shares of BeiGene by 0.6% in the third quarter. Baillie Gifford & Co. now owns 3,705,756 shares of the company’s stock valued at $831,979,000 after acquiring an additional 23,807 shares during the period. FMR LLC boosted its holdings in BeiGene by 0.8% in the 3rd quarter. FMR LLC now owns 1,660,011 shares of the company’s stock valued at $372,689,000 after purchasing an additional 12,855 shares during the period. Point72 Asset Management L.P. grew its position in shares of BeiGene by 74.9% during the 3rd quarter. Point72 Asset Management L.P. now owns 667,166 shares of the company’s stock valued at $149,785,000 after purchasing an additional 285,784 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of BeiGene by 160.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 225,854 shares of the company’s stock worth $50,706,000 after purchasing an additional 138,978 shares during the period. Finally, TD Asset Management Inc raised its position in shares of BeiGene by 1.4% in the second quarter. TD Asset Management Inc now owns 114,378 shares of the company’s stock worth $16,318,000 after buying an additional 1,599 shares in the last quarter. 48.55% of the stock is currently owned by institutional investors.

About BeiGene

BeiGene, Ltd., through its subsidiaries, engages in the development and commercialization of oncology medicines worldwide. Its products include BRUKINSA to treat various blood cancers; TEVIMBRA to treat various solid tumor and blood cancers; PARTRUVIX for the treatment of various solid tumor malignancies; XGEVA to treat bone metastases from solid tumors and multiple myeloma, as well as giant cell tumor of bone; BLINCYTO to treat acute lymphoblastic leukemia; KYPROLIS to treat R/R multiple myeloma; REVLIMID to treat multiple myeloma; VIDAZA to treat myelodysplastic syndromes, chronic myelomonocyte leukemia, and acute myeloid leukemia; SYLVANT to treat idiopathic multicentric castleman disease; QARZIBA to treat neuroblastoma; POBEVCY to treat metastatic colorectal cancer, liver cancer, and non-small cell lung cancer (NSCLC); BAITUOWEI, to treat breast and prostate cancers; TAFINLAR and MEKINIST to treat NSCLC and melanoma; VOTRIENT for advance renal cell carcinoma; AFINITOR for advance renal cell carcinoma, NET, SEGA, & breast cancers; and ZYKADIA to treat ALK + NSCLC.