BeOne Medicines (NASDAQ:ONC) Stock Price Down 5.8% – What’s Next?

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

Analyst Upgrades and Downgrades

ONC has been the subject of several recent research reports. 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. Nomura raised BeOne Medicines to a “strong-buy” rating in a research report on Monday, July 27th. TD Cowen boosted their price objective on BeOne Medicines from $424.00 to $454.00 and gave the company a “buy” rating in a report on Thursday, August 6th. JPMorgan Chase & Co. upped their target price on BeOne Medicines from $425.00 to $445.00 and gave the stock an “overweight” rating in a research note on Thursday, October 1st. Finally, Citizens Jmp raised their target price on BeOne Medicines from $396.00 to $405.00 and gave the stock a “market outperform” rating in a report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $404.93.

BeOne Medicines Trading Up 1.2%

The company has a market cap of $38.92 billion, a price-to-earnings ratio of 62.41 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. The company’s 50-day moving average is $357.38 and its 200 day moving average is $318.85.

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 net margin of 10.70% and a return on equity of 14.23%. The business had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.66 billion. Research analysts predict that BeOne Medicines Ltd. – Sponsored ADR will post 8.99 EPS for the current year.

Insider Buying and Selling

In other BeOne Medicines news, insider Xiaodong Wang sold 38,287 shares of the firm’s stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $349.10, for a total value of $13,365,991.70. Following the sale, the insider directly owned 6,079 shares of the company’s stock, valued at approximately $2,122,178.90. This trade represents a 86.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO John Oyler sold 145,861 shares of the business’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 completion of 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 620,613 shares of company stock valued at $207,379,383. 6.19% of the stock is owned by company insiders.

Hedge Funds Weigh In On BeOne Medicines

Large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE lifted its position in shares of BeOne Medicines by 7.0% in the first quarter. Bank of America Corp DE now owns 405,273 shares of the company’s stock valued at $120,354,000 after acquiring an additional 26,441 shares in the last quarter. Baird Financial Group Inc. lifted its holdings in BeOne Medicines by 5.5% in the 2nd quarter. Baird Financial Group Inc. now owns 368,978 shares of the company’s stock valued at $105,148,000 after purchasing an additional 19,327 shares in the last quarter. Candriam S.C.A. lifted its holdings in BeOne Medicines by 31.7% in the 1st quarter. Candriam S.C.A. now owns 259,731 shares of the company’s stock valued at $77,132,000 after purchasing an additional 62,470 shares in the last quarter. First Trust Advisors LP boosted its stake in BeOne Medicines by 91.9% during the 1st quarter. First Trust Advisors LP now owns 241,426 shares of the company’s stock worth $71,696,000 after purchasing an additional 115,601 shares during the last quarter. Finally, Jennison Associates LLC boosted its stake in BeOne Medicines by 102.1% during the 1st quarter. Jennison Associates LLC now owns 154,465 shares of the company’s stock worth $45,871,000 after purchasing an additional 78,027 shares during the last quarter. 48.55% of the stock is currently owned by institutional investors and hedge funds.

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.