BeOne Medicines (NASDAQ:ONC) Given New $476.00 Price Target at Morgan Stanley

BeOne Medicines (NASDAQ:ONC) had its price target raised by stock analysts at Morgan Stanley from $465.00 to $476.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley‘s price target suggests a potential upside of 14.88% from the stock’s previous close.

A number of other analysts have also weighed in on the stock. Nomura increased their target price on shares of BeOne Medicines from $454.75 to $484.91 and gave the stock a “buy” rating in a report on Thursday, August 6th. JPMorgan Chase & Co. boosted their price target on BeOne Medicines from $425.00 to $445.00 and gave the company an “overweight” rating in a report on Thursday, October 1st. Citizens Jmp upped their price target on BeOne Medicines from $405.00 to $463.00 and gave the company a “market outperform” rating in a research report on Friday, November 6th. Jefferies Financial Group reiterated a “buy” rating and issued a $470.00 price objective on shares of BeOne Medicines in a report on Thursday, November 5th. Finally, Wells Fargo & Company lifted their price objective on BeOne Medicines from $400.00 to $435.00 and gave the stock an “overweight” rating in a research report on Friday, November 6th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $440.56.

BeOne Medicines Trading Down 0.4%

ONC traded down $1.61 during trading on Friday, hitting $414.35. 84,067 shares of the stock traded hands, compared to its average volume of 322,541. The firm has a market capitalization of $45.49 billion, a P/E ratio of 52.67 and a beta of 0.63. 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 firm has a 50-day moving average of $368.10 and a 200 day moving average of $327.94. BeOne Medicines has a 12-month low of $253.95 and a 12-month high of $424.73.

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

Insider Activity at BeOne Medicines

In related news, SVP Chan Lee sold 1,115 shares of the stock in a transaction dated Thursday, November 5th. The shares were sold at an average price of $400.82, for a total value 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. This represents a 71.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Xiaodong Wang sold 31,028 shares of the firm’s stock in a transaction dated Tuesday, October 27th. The stock was sold at an average price of $362.97, for a total transaction of $11,262,233.16. Following the completion of the sale, the insider owned 31,028 shares of the company’s stock, valued at $11,262,233.16. This trade represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 135,571 shares of company stock worth $48,487,792. 6.19% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Xcelsior Advisor Partners LLC bought a new position in shares of BeOne Medicines in the 3rd quarter worth approximately $239,000. Benjamin Edwards Inc. increased its stake in shares of BeOne Medicines by 7.8% in the 3rd quarter. Benjamin Edwards Inc. now owns 847 shares of the company’s stock worth $310,000 after acquiring an additional 61 shares in the last quarter. First Trust Advisors LP lifted its position in BeOne Medicines by 27.3% during 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 period. OneAscent Family Office LLC bought a new stake in BeOne Medicines during the third quarter worth about $244,000. Finally, Voya Investment Management LLC bought a new position in shares of BeOne Medicines during the third quarter valued at approximately $1,705,000. Hedge funds and other institutional investors own 48.55% of the company’s stock.

About BeOne Medicines

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.