BeiGene’s (BGNE) “Buy” Rating Reaffirmed at Cowen and Company
“BeiGene reported positive Phase I data in Waldenstrom’s Macroglobulinemia (WM) for.”,” the firm’s analyst wrote.
A number of other research firms have also commented on BGNE. Maxim Group assumed coverage on BeiGene in a research note on Wednesday, September 21st. They issued a buy rating and a $41.00 price objective on the stock. Zacks Investment Research upgraded BeiGene from a sell rating to a hold rating in a report on Tuesday, July 19th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. The company presently has an average rating of Buy and a consensus price target of $40.00.
Shares of BeiGene (NASDAQ:BGNE) opened at 31.40 on Friday. The company’s market capitalization is $1.03 billion. BeiGene has a 52 week low of $22.51 and a 52 week high of $35.60. The stock has a 50 day moving average price of $30.55 and a 200-day moving average price of $29.29.
BeiGene (NASDAQ:BGNE) last announced its quarterly earnings results on Wednesday, August 10th. The company reported ($0.73) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.68) by $0.05. The firm earned $0.40 million during the quarter, compared to analysts’ expectations of $2.08 million. The company’s revenue for the quarter was down 71.4% compared to the same quarter last year. Equities research analysts expect that BeiGene will post ($3.38) EPS for the current year.
In related news, Director Donald W. Glazer sold 36,443 shares of BeiGene stock in a transaction that occurred on Friday, September 23rd. The stock was sold at an average price of $31.02, for a total transaction of $1,130,461.86. Following the transaction, the director now owns 4,881,997 shares of the company’s stock, valued at $151,439,546.94. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Donald W. Glazer sold 47,149 shares of BeiGene stock in a transaction that occurred on Tuesday, September 27th. The shares were sold at an average price of $29.61, for a total value of $1,396,081.89. Following the transaction, the director now directly owns 4,881,997 shares in the company, valued at approximately $144,555,931.17. The disclosure for this sale can be found here. Corporate insiders own 24.20% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in BGNE. Boxer Capital LLC boosted its position in shares of BeiGene by 18.4% in the second quarter. Boxer Capital LLC now owns 493,630 shares of the company’s stock valued at $14,710,000 after buying an additional 76,751 shares during the last quarter. Vident Investment Advisory LLC bought a new position in shares of BeiGene during the second quarter valued at about $678,000. FMR LLC boosted its position in shares of BeiGene by 34.0% in the second quarter. FMR LLC now owns 2,300,337 shares of the company’s stock valued at $68,550,000 after buying an additional 583,277 shares during the last quarter. Board of Trustees of The Leland Stanford Junior University bought a new position in shares of BeiGene during the second quarter valued at about $1,490,000. Finally, BlackRock Institutional Trust Company N.A. boosted its position in shares of BeiGene by 67.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 6,404 shares of the company’s stock valued at $191,000 after buying an additional 2,589 shares during the last quarter. 26.26% of the stock is currently owned by institutional investors.
BeiGene Company Profile
BeiGene, Ltd. is a biopharmaceutical company. The Company is engaged in the discovery and development of molecularly targeted and immuno-oncology drugs for the treatment of cancer. It is developing its product candidate, BGB-3111, a potent and selective small molecule Bruton’s tyrosine kinase (BTK) inhibitor, as a monotherapy and in combination with other therapies for the treatment of a range of lymphomas.
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