BeOne Medicines (NASDAQ:ONC) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

BeOne Medicines (NASDAQ:ONC) had its target price raised by research analysts at Royal Bank Of Canada from $450.00 to $459.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective points to a potential upside of 34.11% from the stock’s current price.

Several other equities analysts also recently weighed in on the company. Barclays lifted their target price on BeOne Medicines from $407.00 to $415.00 and gave the company an “overweight” rating in a research report on Thursday, September 10th. JPMorgan Chase & Co. raised their price objective on shares of BeOne Medicines from $425.00 to $445.00 and gave the company an “overweight” rating in a research note on Thursday, October 1st. Truist Financial lifted their price objective on shares of BeOne Medicines from $418.00 to $420.00 and gave the company a “buy” rating in a report on Wednesday. Wolfe Research reaffirmed an “outperform” rating and set a $370.00 target price on shares of BeOne Medicines in a research note on Monday, August 10th. Finally, Weiss Ratings upgraded shares of BeOne Medicines from a “sell (d-)” rating to a “hold (c+)” rating in a report on Tuesday, September 22nd. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $404.93.

BeOne Medicines Trading Down 6.0%

NASDAQ:ONC traded down $21.77 during trading hours on Thursday, reaching $342.25. 117,432 shares of the stock were exchanged, compared to its average volume of 304,801. BeOne Medicines has a twelve month low of $253.95 and a twelve month high of $385.22. The business has a 50-day moving average of $356.05 and a two-hundred day moving average of $318.08. The company has a market capitalization of $37.58 billion, a price-to-earnings ratio of 60.17 and a beta of 0.61. The company has a quick ratio of 3.06, a current ratio of 3.40 and a debt-to-equity ratio of 0.17.

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, beating 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 during the quarter, compared to analysts’ expectations of $1.66 billion. On average, equities analysts predict that BeOne Medicines will post 8.99 EPS for the current year.

Insider Activity

In related news, CEO John Oyler sold 145,861 shares of the firm’s stock in a transaction that occurred on Tuesday, July 14th. The shares were sold at an average price of $305.95, for a total value of $44,626,172.95. Following the sale, the chief executive officer owned 8,122 shares of the company’s stock, valued at $2,484,925.90. This trade represents a 94.73% decrease in their ownership of the stock. The sale was disclosed in a legal 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, insider Xiaodong Wang sold 38,287 shares of the stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $349.10, for a total value of $13,365,991.70. Following the completion of the transaction, the insider directly owned 6,079 shares in the company, valued at $2,122,178.90. This trade represents a 86.30% 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. Insiders sold a total of 632,311 shares of company stock valued at $210,869,364 in the last quarter. Company insiders own 6.19% of the company’s stock.

Institutional Trading of BeOne Medicines

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. QRG Capital Management Inc. lifted its position in BeOne Medicines by 13.6% in the second quarter. QRG Capital Management Inc. now owns 1,918 shares of the company’s stock valued at $547,000 after acquiring an additional 230 shares during the last quarter. Tidal Investments LLC increased its holdings in shares of BeOne Medicines by 7.3% in the second quarter. Tidal Investments LLC now owns 13,561 shares of the company’s stock valued at $3,864,000 after purchasing an additional 928 shares during the period. Engineers Gate Manager LP purchased a new position in BeOne Medicines during the 2nd quarter worth $4,646,000. Squarepoint Ops LLC lifted its position in BeOne Medicines by 6.0% in the second quarter. Squarepoint Ops LLC now owns 78,561 shares of the company’s stock valued at $22,388,000 after purchasing an additional 4,437 shares during the period. Finally, Baird Financial Group Inc. boosted its stake in shares of BeOne Medicines by 5.5% in the second quarter. Baird Financial Group Inc. now owns 368,978 shares of the company’s stock valued at $105,148,000 after buying an additional 19,327 shares in the last quarter. Institutional investors and hedge funds own 48.55% of the company’s stock.

About BeOne Medicines

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.