BeOne Medicines (NASDAQ:ONC) Reaches New 52-Week High Following Earnings Beat

BeOne Medicines Ltd. – Sponsored ADR (NASDAQ:ONC)’s stock price reached a new 52-week high on Thursday following a stronger than expected earnings report. The company traded as high as $407.00 and last traded at $398.5320, with a volume of 30,627 shares changing hands. The stock had previously closed at $377.78.

The company reported $3.64 earnings per share for the quarter, beating analysts’ consensus estimates of $2.34 by $1.30. BeOne Medicines had a net margin of 10.70% and a return on equity of 14.23%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on ONC shares. Truist Financial raised their target price on BeOne Medicines from $418.00 to $420.00 and gave the stock a “buy” rating in a research report on Wednesday, October 7th. Barclays increased their price objective on shares of BeOne Medicines from $407.00 to $415.00 and gave the company an “overweight” rating in a research report on Thursday, September 10th. Morgan Stanley reiterated an “overweight” rating and set a $425.00 target price on shares of BeOne Medicines in a report on Friday, October 16th. Citizens Jmp upped their target price on BeOne Medicines from $396.00 to $405.00 and gave the stock a “market outperform” rating in a research note on Thursday, August 6th. Finally, Zacks Research downgraded shares of BeOne Medicines from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 5th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $412.26.

Insider Activity at BeOne Medicines

In related news, CEO John Oyler sold 54,892 shares of the company’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $358.15, for a total value of $19,659,569.80. Following the transaction, the chief executive officer owned 240,743 shares in the company, valued at approximately $86,222,105.45. This represents a 18.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Xiaobin Wu sold 280 shares of BeOne Medicines stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $380.00, for a total value of $106,400.00. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 376,373 shares of company stock valued at $134,848,154 over the last 90 days. Insiders own 6.19% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC lifted its stake in shares of BeOne Medicines by 39.5% in the 3rd quarter. GAMMA Investing LLC now owns 120 shares of the company’s stock valued at $44,000 after purchasing an additional 34 shares during the last quarter. Mather Group LLC. lifted its position in shares of BeOne Medicines by 192.0% in the third quarter. Mather Group LLC. now owns 73 shares of the company’s stock valued at $27,000 after acquiring an additional 48 shares in the last quarter. Signaturefd LLC raised its holdings in shares of BeOne Medicines by 13.4% in the 3rd quarter. Signaturefd LLC now owns 414 shares of the company’s stock worth $152,000 after purchasing an additional 49 shares during the period. Steadtrust LLC grew its stake in BeOne Medicines by 3.7% during the 2nd quarter. Steadtrust LLC now owns 1,400 shares of the company’s stock valued at $399,000 after purchasing an additional 50 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in shares of BeOne Medicines by 16.4% during the first quarter. EverSource Wealth Advisors LLC now owns 369 shares of the company’s stock worth $110,000 after buying an additional 52 shares during the period. Institutional investors and hedge funds own 48.55% of the company’s stock.

BeOne Medicines Price Performance

The company has a fifty day simple moving average of $362.57 and a 200-day simple moving average of $325.73. The company has a market cap of $43.62 billion, a P/E ratio of 69.87 and a beta of 0.63. The company has a debt-to-equity ratio of 0.17, a current ratio of 3.40 and a quick ratio of 3.06.

BeOne Medicines Company Profile

BeOne Medicines Ltd. is a global oncology company focused on discovering, developing, manufacturing and commercializing medicines for cancer patients. Formerly known as BeiGene, the company operates an integrated biotechnology platform spanning research, clinical development, regulatory activities and commercial operations.

Its portfolio includes BRUKINSA (zanubrutinib), a Bruton’s tyrosine kinase inhibitor used in the treatment of several blood cancers, and TEVIMBRA (tislelizumab), an anti-PD-1 immunotherapy approved in multiple markets for certain cancers.