Morgan Stanley Issues Positive Forecast for BeOne Medicines (NASDAQ:ONC) Stock Price

BeOne Medicines (NASDAQ:ONC) had its target price increased by Morgan Stanley from $465.00 to $476.00 in a report released on Friday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

ONC has been the subject of a number of other research reports. China Intl Cap began coverage on BeOne Medicines in a research report on Friday, November 6th. They issued a “strong-buy” rating for the company. TD Cowen increased their price objective on shares of BeOne Medicines from $424.00 to $454.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Wells Fargo & Company upped their price target on shares of BeOne Medicines from $400.00 to $435.00 and gave the company an “overweight” rating in a report on Friday, November 6th. Citigroup reiterated an “outperform” rating on shares of BeOne Medicines in a research report on Thursday, August 6th. Finally, Wolfe Research reissued an “outperform” rating and set a $370.00 price objective on shares of BeOne Medicines in a research note on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, BeOne Medicines currently has an average rating of “Buy” and an average price target of $440.56.

BeOne Medicines Price Performance

BeOne Medicines stock traded up $0.58 during mid-day trading on Friday, reaching $416.54. The company had a trading volume of 187,650 shares, compared to its average volume of 471,324. BeOne Medicines has a 1 year low of $253.95 and a 1 year high of $424.73. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.55 and a quick ratio of 3.19. The company has a market capitalization of $45.73 billion, a P/E ratio of 52.93 and a beta of 0.63. The stock’s 50-day simple moving average is $369.18 and its 200-day simple moving average is $328.34.

BeOne Medicines (NASDAQ:ONC) last announced its quarterly earnings results on Thursday, November 5th. The company reported $3.64 EPS for the quarter, topping the consensus estimate of $2.34 by $1.30. The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.76 billion. BeOne Medicines had a return on equity of 19.04% and a net margin of 13.86%. On average, equities analysts predict that BeOne Medicines will post 8.99 EPS for the current year.

Insider Buying and Selling

In related news, insider Titus B. Ball sold 1,559 shares of the business’s stock in a transaction dated Friday, November 6th. The shares were sold at an average price of $405.57, for a total value of $632,283.63. Following the completion of the transaction, the insider owned 880 shares of the company’s stock, valued at approximately $356,901.60. The trade was a 63.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Chan Lee sold 1,115 shares of the business’s stock in a transaction dated Thursday, November 5th. The shares were sold at an average price of $400.82, for a total transaction of $446,914.30. Following the completion of the transaction, the senior vice president directly owned 455 shares of the company’s stock, valued at $182,373.10. The trade was a 71.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 135,571 shares of company stock valued at $48,487,792 over the last three months. Insiders own 6.19% of the company’s stock.

Institutional Investors Weigh In On BeOne Medicines

Hedge funds and other institutional investors have recently modified their holdings of the company. Jump Financial LLC acquired a new stake in BeOne Medicines during the third quarter worth approximately $2,556,000. Pathstone Holdings LLC raised its holdings in BeOne Medicines by 36.9% in the 3rd quarter. Pathstone Holdings LLC now owns 1,276 shares of the company’s stock valued at $464,000 after acquiring an additional 344 shares during the last quarter. Xcelsior Advisor Partners LLC acquired a new position in BeOne Medicines in the 3rd quarter valued at $239,000. Benjamin Edwards Inc. raised its holdings in BeOne Medicines by 7.8% in the 3rd quarter. Benjamin Edwards Inc. now owns 847 shares of the company’s stock valued at $310,000 after acquiring an additional 61 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings in BeOne Medicines by 27.3% in the 3rd quarter. First Trust Advisors LP now owns 312,985 shares of the company’s stock valued at $114,534,000 after acquiring an additional 67,162 shares during the last quarter. 48.55% of the stock is currently owned by hedge funds and other institutional investors.

BeOne Medicines Company Profile

BeOne Medicines, formerly known as BeiGene, is a global biotechnology company focused on discovering, developing, manufacturing and commercializing cancer medicines. Founded in Beijing in 2010, the company has expanded its research and commercial operations across multiple regions, including the United States, Europe and Asia. Its marketed products include Brukinsa (zanubrutinib), a targeted therapy for certain blood cancers, and Tevimbra (tislelizumab), an immunotherapy used to treat several types of cancer.