BeiGene, Ltd. (NASDAQ:BGNE) Downgraded to “Hold” at Zacks Investment Research
BeiGene, Ltd. (NASDAQ:BGNE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday.
According to Zacks, “BeiGene, Ltd. is a biotechnology company which focused on immuno-oncological therapeutics. The company’s clinical-stage drug candidates include BGB-3111, BGB-283, BGB-290, and BGB-A317. BeiGene, Ltd. is based in Camana Bay, Cayman Islands. “
Several other research firms also recently issued reports on BGNE. Robert W. Baird lifted their price target on BeiGene from $44.00 to $58.00 and gave the stock an “outperform” rating in a research note on Thursday, July 6th. Ladenburg Thalmann Financial Services initiated coverage on BeiGene in a research note on Monday. They set a “buy” rating and a $81.00 price target for the company. Maxim Group reaffirmed a “buy” rating and set a $52.00 price target on shares of BeiGene in a research note on Thursday, May 11th. William Blair reaffirmed an “outperform” rating on shares of BeiGene in a research note on Thursday, June 1st. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $83.00 price target on shares of BeiGene in a research note on Monday, July 10th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $74.80.
BeiGene (BGNE) traded down 6.03% during midday trading on Thursday, hitting $72.64. 512,417 shares of the stock were exchanged. BeiGene has a one year low of $26.43 and a one year high of $79.89. The firm has a 50-day moving average price of $65.71 and a 200-day moving average price of $45.09. The stock’s market cap is $2.89 billion.
In related news, Director Xiaodong Wang sold 20,000 shares of BeiGene stock in a transaction dated Wednesday, July 12th. The stock was sold at an average price of $72.44, for a total transaction of $1,448,800.00. Following the completion of the sale, the director now owns 16,300 shares in the company, valued at approximately $1,180,772. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Donald W. Glazer sold 10,810 shares of BeiGene stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $72.15, for a total value of $779,941.50. Following the sale, the director now owns 7,206 shares of the company’s stock, valued at approximately $519,912.90. The disclosure for this sale can be found here. Insiders have sold a total of 389,249 shares of company stock valued at $22,594,820 in the last ninety days. Corporate insiders own 24.20% of the company’s stock.
A number of hedge funds have recently bought and sold shares of BGNE. Guggenheim Capital LLC bought a new stake in BeiGene during the fourth quarter worth approximately $670,000. Norges Bank bought a new stake in BeiGene during the fourth quarter worth approximately $607,000. Candriam Luxembourg S.C.A. bought a new stake in BeiGene during the first quarter worth approximately $4,210,000. ProShare Advisors LLC boosted its stake in BeiGene by 42.0% in the first quarter. ProShare Advisors LLC now owns 9,872 shares of the company’s stock worth $361,000 after buying an additional 2,918 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D boosted its stake in BeiGene by 3.8% in the first quarter. State of New Jersey Common Pension Fund D now owns 45,987 shares of the company’s stock worth $1,684,000 after buying an additional 1,700 shares in the last quarter. Hedge funds and other institutional investors own 43.85% of the company’s stock.
BeiGene, Ltd. is a clinical-stage biopharmaceutical company. The Company is focused in the discovery and development of molecularly targeted and immuno-oncology drugs for the treatment of cancer. The Company had used its cancer biology platform to develop four clinical-stage drug candidates, such as BGB-3111, BGB-A317, BGB-290 and BGB-283, as of December 31, 2016.
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