BeOne Medicines (NASDAQ:ONC) Sets New 12-Month High – Here’s Why

BeOne Medicines Ltd. – Sponsored ADR (NASDAQ:ONC)’s stock price reached a new 52-week high on Wednesday. The stock traded as high as $386.87 and last traded at $386.2450, with a volume of 61,766 shares trading hands. The stock had previously closed at $384.50.

Wall Street Analyst Weigh In

Several brokerages have commented on ONC. Truist Financial boosted their target price on BeOne Medicines from $418.00 to $420.00 and gave the stock a “buy” rating in a research note on Wednesday, October 7th. Wall Street Zen raised shares of BeOne Medicines from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 18th. Citigroup restated an “outperform” rating on shares of BeOne Medicines in a research note on Thursday, August 6th. Guggenheim lifted their price target on shares of BeOne Medicines from $420.00 to $430.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Finally, Wolfe Research reaffirmed an “outperform” rating and set a $370.00 price target on shares of BeOne Medicines in a report on Monday, August 10th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, BeOne Medicines presently has an average rating of “Buy” and an average price target of $407.07.

BeOne Medicines Stock Performance

The company has a market cap of $41.97 billion, a price-to-earnings ratio of 67.30 and a beta of 0.61. The company has a debt-to-equity ratio of 0.17, a quick ratio of 3.06 and a current ratio of 3.40. The company has a fifty day moving average of $362.22 and a two-hundred day moving average of $324.01.

BeOne Medicines (NASDAQ:ONC) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.65. BeOne Medicines had a return on equity of 14.23% and a net margin of 10.70%. The business had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.66 billion. Equities research analysts anticipate that BeOne Medicines Ltd. – Sponsored ADR will post 8.99 EPS for the current year.

Insider Transactions at BeOne Medicines

In related news, SVP Chan Lee sold 2,666 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $360.00, for a total value of $959,760.00. Following the completion of the transaction, the senior vice president owned 812 shares in the company, valued at $292,320. This trade represents a 76.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO John Oyler sold 115,011 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $357.87, for a total transaction of $41,158,986.57. Following the completion of the transaction, the chief executive officer owned 125,799 shares of the company’s stock, valued at approximately $45,019,688.13. This trade represents a 47.76% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 347,546 shares of company stock worth $124,285,659. 6.19% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC bought a new position in shares of BeOne Medicines during the 1st quarter worth approximately $19,438,000. Sanders Morris Harris LLC acquired a new stake in shares of BeOne Medicines during the 3rd quarter worth approximately $1,134,000. Rokos Capital Management LLP bought a new stake in shares of BeOne Medicines in the 1st quarter valued at $4,256,000. SEB Asset Management AB bought a new stake in shares of BeOne Medicines in the 1st quarter valued at $16,653,000. Finally, Generali Investments Management Co LLC bought a new stake in shares of BeOne Medicines in the 2nd quarter valued at $2,280,000. Institutional investors own 48.55% of the company’s stock.

BeOne Medicines Company Profile

BeOne Medicines Ltd. is a global oncology company focused on discovering, developing, manufacturing and commercializing medicines for cancer patients. Formerly known as BeiGene, the company operates an integrated biotechnology platform spanning research, clinical development, regulatory activities and commercial operations.

Its portfolio includes BRUKINSA (zanubrutinib), a Bruton’s tyrosine kinase inhibitor used in the treatment of several blood cancers, and TEVIMBRA (tislelizumab), an anti-PD-1 immunotherapy approved in multiple markets for certain cancers.