BeOne Medicines (NASDAQ:ONC) Sees Large Volume Increase Following Analyst Upgrade

BeOne Medicines Ltd. – Sponsored ADR (NASDAQ:ONC) saw strong trading volume on Monday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. 182,550 shares traded hands during mid-day trading, a decline of 35% from the previous session’s volume of 281,438 shares.The stock last traded at $359.6170 and had previously closed at $348.27.

ONC has been the subject of a number of other reports. JPMorgan Chase & Co. increased their target price on shares of BeOne Medicines from $415.00 to $425.00 and gave the company an “overweight” rating in a research report on Thursday, July 23rd. Truist Financial boosted their price target on shares of BeOne Medicines from $416.00 to $418.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Barclays upped their price objective on shares of BeOne Medicines from $403.00 to $407.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Citizens Jmp increased their price objective on shares of BeOne Medicines from $396.00 to $405.00 and gave the company a “market outperform” rating in a report on Thursday, August 6th. Finally, Nomura raised shares of BeOne Medicines to a “strong-buy” rating in a research note on Monday, July 27th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $402.14.

Insider Buying and Selling at BeOne Medicines

In related news, COO Xiaobin Wu sold 1,484 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $269.37, for a total value of $399,745.08. Following the completion of the sale, the chief operating officer owned 40 shares of the company’s stock, valued at approximately $10,774.80. This represents a 97.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO John Oyler sold 145,861 shares of the firm’s stock in a transaction dated Tuesday, July 14th. The stock was sold at an average price of $305.95, for a total transaction of $44,626,172.95. Following the sale, the chief executive officer owned 8,122 shares of the company’s stock, valued at approximately $2,484,925.90. The trade was a 94.73% 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. In the last quarter, insiders have sold 345,229 shares of company stock worth $105,522,788. Insiders own 6.19% of the company’s stock.

Institutional Trading of BeOne Medicines

A number of hedge funds and other institutional investors have recently made changes to their positions in ONC. EFG International AG acquired a new position in BeOne Medicines in the fourth quarter valued at approximately $25,000. Leonteq Securities AG acquired a new stake in BeOne Medicines during the fourth quarter worth $35,000. Daiwa Securities Group Inc. acquired a new stake in BeOne Medicines during the second quarter worth $35,000. CWM LLC increased its stake in BeOne Medicines by 32.8% during the fourth quarter. CWM LLC now owns 158 shares of the company’s stock worth $48,000 after acquiring an additional 39 shares during the last quarter. Finally, Group One Trading LLC purchased a new stake in BeOne Medicines in the fourth quarter valued at $61,000. Institutional investors and hedge funds own 48.55% of the company’s stock.

BeOne Medicines Price Performance

The stock has a 50-day simple moving average of $299.80 and a 200 day simple moving average of $308.98. The company has a market cap of $39.42 billion, a PE ratio of 63.25 and a beta of 0.49. The company has a quick ratio of 3.06, a current ratio of 3.40 and a debt-to-equity ratio of 0.17.

BeOne Medicines (NASDAQ:ONC) last released its quarterly earnings results on Wednesday, August 5th. The company reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.65. The business had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $1.66 billion. BeOne Medicines had a return on equity of 14.23% and a net margin of 10.70%. Equities analysts expect that BeOne Medicines Ltd. – Sponsored ADR will post 7.3 EPS for the current year.

BeOne Medicines Company Profile

BeOne Medicines Ltd. is a global oncology company domiciled in Switzerland that is discovering and developing innovative treatments that are more affordable and accessible to cancer patients worldwide. The firm portfolio spanning hematology and solid tumors, BeOne is expediting development of its diverse pipeline of novel therapeutics through its internal capabilities and collaborations. The company was founded by Xiao Dong Wang and John V. Oyler on October 28, 2010 and is headquartered in Basel, Switzerland.