BeOne Medicines (NASDAQ:ONC) Stock Gets Price Target Increase from Morgan Stanley

BeOne Medicines (NASDAQ:ONC) had its price objective 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 14.27% from the stock’s previous close.

Several other equities analysts have also commented on the company. JPMorgan Chase & Co. upped their target price on BeOne Medicines from $425.00 to $445.00 and gave the company an “overweight” rating in a research note on Thursday, October 1st. Truist Financial reissued a “buy” rating and issued a $448.00 price target (up from $420.00) on shares of BeOne Medicines in a research note on Friday, November 6th. Wells Fargo & Company raised their price target on BeOne Medicines from $400.00 to $435.00 and gave the stock an “overweight” rating in a research note on Friday, November 6th. Guggenheim lifted their price target on BeOne Medicines from $420.00 to $430.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Finally, Citigroup reaffirmed an “outperform” rating on shares of BeOne Medicines in a research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, BeOne Medicines currently has an average rating of “Buy” and a consensus price target of $440.56.

BeOne Medicines Trading Up 0.1%

ONC traded up $0.58 during trading on Friday, hitting $416.54. The company’s stock had a trading volume of 187,650 shares, compared to its average volume of 471,324. BeOne Medicines has a twelve month low of $253.95 and a twelve month high of $424.73. The stock has a market cap of $45.73 billion, a PE ratio of 52.93 and a beta of 0.63. The firm’s 50 day moving average price is $369.18 and its 200-day moving average price is $328.34. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.55 and a quick ratio of 3.19.

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

Insider Activity at BeOne Medicines

In other news, insider Titus B. Ball sold 1,559 shares of the company’s stock in a transaction on Friday, November 6th. The stock was sold at an average price of $405.57, for a total transaction of $632,283.63. Following the completion of the sale, the insider directly owned 880 shares in the company, valued at $356,901.60. This represents a 63.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Xiaodong Wang sold 31,028 shares of the stock in a transaction on Tuesday, October 27th. The stock was sold at an average price of $362.97, for a total value of $11,262,233.16. Following the completion of the transaction, the insider directly owned 31,028 shares in the company, valued at $11,262,233.16. This trade represents a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 135,571 shares of company stock valued at $48,487,792 over the last quarter. 6.19% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On BeOne Medicines

Several institutional investors and hedge funds have recently added to or reduced their stakes in ONC. Mather Group LLC. raised its holdings in shares of BeOne Medicines by 192.0% in the 3rd quarter. Mather Group LLC. now owns 73 shares of the company’s stock worth $27,000 after purchasing an additional 48 shares during the period. GAMMA Investing LLC grew its holdings in shares of BeOne Medicines by 39.5% during the 3rd quarter. GAMMA Investing LLC now owns 120 shares of the company’s stock worth $44,000 after purchasing an additional 34 shares during the period. Knights of Columbus Asset Advisors LLC purchased a new stake in shares of BeOne Medicines during the 3rd quarter worth about $106,000. Provenance Wealth Advisors LLC purchased a new stake in shares of BeOne Medicines during the 3rd quarter worth about $106,000. Finally, Parallel Advisors LLC increased its position in BeOne Medicines by 24.0% during the 1st quarter. Parallel Advisors LLC now owns 351 shares of the company’s stock worth $104,000 after purchasing an additional 68 shares in the last quarter. 48.55% of the stock is currently owned by institutional investors and hedge funds.

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.