BeOne Medicines (NASDAQ:ONC) Shares Gap Down – Here’s What Happened

BeOne Medicines Ltd. – Sponsored ADR (NASDAQ:ONC) gapped down prior to trading on Thursday . The stock had previously closed at $341.64, but opened at $331.18. BeOne Medicines shares last traded at $338.87, with a volume of 67,015 shares traded.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BeOne Medicines in a report on Wednesday, October 8th. Royal Bank Of Canada restated an “outperform” rating on shares of BeOne Medicines in a report on Wednesday, December 17th. Sanford C. Bernstein raised BeOne Medicines from a “hold” rating to an “outperform” rating and set a $414.00 target price for the company in a report on Monday, January 12th. Citizens Jmp lifted their price target on BeOne Medicines from $348.00 to $396.00 and gave the stock a “market outperform” rating in a research note on Friday, November 7th. Finally, Citigroup boosted their price objective on BeOne Medicines from $399.00 to $405.00 and gave the stock a “buy” rating in a report on Monday, November 10th. Thirteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, BeOne Medicines currently has a consensus rating of “Moderate Buy” and a consensus target price of $378.43.

BeOne Medicines Trading Down 1.2%

The firm has a market capitalization of $37.03 billion, a price-to-earnings ratio of 662.16 and a beta of 0.47. The company has a fifty day moving average price of $329.51 and a 200-day moving average price of $318.71. The company has a current ratio of 2.39, a quick ratio of 2.17 and a debt-to-equity ratio of 0.03.

Insider Buying and Selling

In related news, Director Corazon (Corsee) D. Sanders sold 2,627 shares of BeOne Medicines stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $340.90, for a total value of $895,544.30. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Chan Henry Lee sold 664 shares of the stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $331.76, for a total value of $220,288.64. The disclosure for this sale is available in the SEC filing. Insiders sold 128,610 shares of company stock worth $41,114,068 over the last ninety days. 6.62% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ONC. Parallel Advisors LLC acquired a new stake in BeOne Medicines during the second quarter worth $59,000. Farther Finance Advisors LLC bought a new stake in BeOne Medicines during the 2nd quarter worth about $39,000. Public Employees Retirement System of Ohio bought a new position in BeOne Medicines in the 2nd quarter worth approximately $3,491,000. Perigon Wealth Management LLC acquired a new position in BeOne Medicines during the 2nd quarter valued at about $581,000. Finally, Signaturefd LLC bought a new position in shares of BeOne Medicines in the 2nd quarter worth $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. The company was founded by Xiao Dong Wang and John V. Oyler on October 28, 2010 and is headquartered in Basel, Switzerland.