BeOne Medicines (NASDAQ:ONC) Stock Price Down 5.8% – Time to Sell?

BeOne Medicines Ltd. – Sponsored ADR (NASDAQ:ONC)’s stock price fell 5.8% on Thursday. The stock traded as low as $341.74 and last traded at $342.7650. 100,347 shares changed hands during trading, a decline of 67% from the average daily volume of 304,652 shares. The stock had previously closed at $364.02.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Wolfe Research reissued an “outperform” rating and set a $370.00 target price on shares of BeOne Medicines in a report on Monday, August 10th. Zacks Research downgraded shares of BeOne Medicines from a “strong-buy” rating to a “hold” rating in a research note on Monday. Wall Street Zen upgraded shares of BeOne Medicines from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 18th. TD Cowen boosted their price objective on shares of BeOne Medicines from $424.00 to $454.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Finally, JPMorgan Chase & Co. increased their price objective on BeOne Medicines from $425.00 to $445.00 and gave the company an “overweight” rating in a report on Thursday, October 1st. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, BeOne Medicines currently has a consensus rating of “Moderate Buy” and a consensus price target of $404.93.

BeOne Medicines Stock Down 6.1%

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 firm’s 50 day moving average price is $356.05 and its two-hundred day moving average price is $318.08. The company has a market cap of $37.53 billion, a P/E ratio of 60.19 and a beta of 0.61.

BeOne Medicines (NASDAQ:ONC) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate 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 fiscal year.

Insider Buying and Selling

In other news, insider Xiaodong Wang sold 31,028 shares of the firm’s stock in a transaction on Monday, September 28th. The stock was sold at an average price of $364.79, for a total transaction of $11,318,704.12. Following the completion of the sale, the insider directly owned 31,028 shares of the company’s stock, valued at $11,318,704.12. This trade represents a 50.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Titus B. Ball sold 132 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $355.86, for a total transaction of $46,973.52. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 632,311 shares of company stock valued at $210,869,364 over the last 90 days. 6.19% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On BeOne Medicines

Several institutional investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC boosted its position in shares of BeOne Medicines by 24.0% in the first quarter. Parallel Advisors LLC now owns 351 shares of the company’s stock valued at $104,000 after acquiring an additional 68 shares during the period. EverSource Wealth Advisors LLC grew its stake in BeOne Medicines by 16.4% during the first quarter. EverSource Wealth Advisors LLC now owns 369 shares of the company’s stock valued at $110,000 after acquiring an additional 52 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in BeOne Medicines during the 1st quarter worth approximately $201,000. Empowered Funds LLC purchased a new stake in BeOne Medicines in the 1st quarter worth approximately $201,000. Finally, AXQ Capital LP purchased a new stake in BeOne Medicines in the 2nd quarter worth approximately $201,000. 48.55% of the stock is owned by hedge funds and other institutional investors.

BeOne Medicines Company Profile

BeOne Medicines Ltd. (NASDAQ: ONC) is a global oncology company focused on discovering, developing, manufacturing and commercializing medicines for people with cancer. The company operates across the research and development, clinical testing, regulatory and commercial stages of the biopharmaceutical industry, with an emphasis on treatments for blood cancers and solid tumors.

Its marketed portfolio includes BRUKINSA (zanubrutinib), a Bruton’s tyrosine kinase inhibitor used to treat several B-cell malignancies, and TEVIMBRA (tislelizumab), an immunotherapy targeting the PD-1 pathway for certain cancers.