Beigene (BGNE) Given Buy Rating at Maxim Group
“BeiGene announced the commercial availability of Celgene’s VIDAZA. Recall that VIDAZA is an injectable nucleoside metabolic inhibitor for patients with Intermediate-2/high-risk myelodysplastic syndrome (MDS), AML with 20-30% bone marrow blasts and chronic myelomonocyte leukemia (CMML). The asset is the third product in BeiGene’s China commercial portfolio along with Abraxane and Revlimid and positions BeiGene to be a leader in the oncology space in China.”,” Maxim Group’s analyst commented.
A number of other analysts also recently commented on BGNE. Zacks Investment Research downgraded Beigene from a hold rating to a sell rating in a report on Monday, November 13th. Robert W. Baird restated a neutral rating and set a $83.00 price objective (up from $58.00) on shares of Beigene in a report on Tuesday, November 14th. Cowen restated a buy rating on shares of Beigene in a report on Tuesday, November 14th. ValuEngine downgraded Beigene from a hold rating to a sell rating in a report on Wednesday, January 3rd. Finally, BidaskClub upgraded Beigene from a hold rating to a buy rating in a report on Friday, January 5th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company has an average rating of Buy and a consensus price target of $96.67.
Beigene (NASDAQ:BGNE) last released its quarterly earnings data on Monday, November 13th. The company reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $2.31. The firm had revenue of $220.21 million for the quarter, compared to analyst estimates of $1.55 million. During the same quarter in the previous year, the company earned ($1.08) earnings per share. equities research analysts anticipate that Beigene will post -2.04 earnings per share for the current fiscal year.
In related news, Director Bros. Advisors Lp Baker purchased 1,980,198 shares of the stock in a transaction that occurred on Thursday, January 18th. The stock was purchased at an average cost of $101.00 per share, for a total transaction of $199,999,998.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO John Oyler sold 20,137 shares of the stock in a transaction on Tuesday, December 26th. The shares were sold at an average price of $96.46, for a total value of $1,942,415.02. Following the completion of the sale, the chief executive officer now owns 110,179 shares of the company’s stock, valued at $10,627,866.34. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 483,482 shares of company stock valued at $42,139,474. Insiders own 19.90% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Orbimed Advisors LLC increased its holdings in Beigene by 2.0% in the 3rd quarter. Orbimed Advisors LLC now owns 1,313,788 shares of the company’s stock valued at $135,925,000 after purchasing an additional 26,200 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in Beigene in the 3rd quarter valued at $62,076,000. BlackRock Inc. increased its holdings in Beigene by 3.8% in the 4th quarter. BlackRock Inc. now owns 357,577 shares of the company’s stock valued at $34,942,000 after purchasing an additional 13,232 shares in the last quarter. Janus Henderson Group PLC acquired a new stake in Beigene in the 3rd quarter valued at $33,744,000. Finally, Artal Group S.A. increased its holdings in Beigene by 33.3% in the 4th quarter. Artal Group S.A. now owns 300,000 shares of the company’s stock valued at $29,316,000 after purchasing an additional 75,000 shares in the last quarter. Hedge funds and other institutional investors own 47.52% of the company’s stock.
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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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