BeiGene, Ltd. (BGNE) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of BeiGene, Ltd. (NASDAQ:BGNE) from a hold rating to a buy rating in a research report report published on Tuesday morning. They currently have $115.00 price target on the stock.
According to Zacks, “BeiGene, Ltd. is a biotechnology company which focused on immuno-oncological therapeutics. The company’s clinical-stage drug candidates include BGB-3111, BGB-283, BGB-290, and BGB-A317. BeiGene, Ltd. is based in Camana Bay, Cayman Islands. “
Several other research firms have also recently commented on BGNE. Maxim Group reaffirmed a buy rating and set a $120.00 target price (up previously from $77.00) on shares of BeiGene in a research note on Thursday, September 28th. Ladenburg Thalmann Financial Services assumed coverage on BeiGene in a research note on Monday, August 7th. They set a buy rating and a $81.00 target price for the company. Morgan Stanley reaffirmed an overweight rating and set a $83.00 target price on shares of BeiGene in a research note on Monday, July 10th. Goldman Sachs Group, Inc. (The) reaffirmed a buy rating and set a $86.00 target price (up previously from $43.00) on shares of BeiGene in a research note on Tuesday, August 15th. Finally, Robert W. Baird raised their target price on BeiGene from $44.00 to $58.00 and gave the stock an outperform rating in a research note on Thursday, July 6th. Eight equities research analysts have rated the stock with a buy rating, BeiGene presently has a consensus rating of Buy and an average price target of $90.50.
BeiGene (NASDAQ BGNE) traded down 1.16% during trading on Tuesday, hitting $107.78. The stock had a trading volume of 14,876 shares. The company has a 50-day moving average of $89.38 and a 200 day moving average of $89.38. BeiGene has a 52 week low of $26.43 and a 52 week high of $112.00. The company’s market cap is $4.29 billion.
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In other news, Director Bros. Advisors Lp Baker acquired 176,056 shares of BeiGene stock in a transaction on Friday, August 11th. The stock was purchased at an average price of $71.00 per share, with a total value of $12,499,976.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Donald W. Glazer sold 10,810 shares of the firm’s stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $72.15, for a total value of $779,941.50. Following the completion of the sale, the director now directly owns 7,206 shares of the company’s stock, valued at approximately $519,912.90. The disclosure for this sale can be found here. Company insiders own 19.90% of the company’s stock.
A number of institutional investors have recently made changes to their positions in BGNE. Hillhouse Capital Management Ltd. grew its stake in BeiGene by 172.6% in the second quarter. Hillhouse Capital Management Ltd. now owns 3,720,726 shares of the company’s stock valued at $167,433,000 after acquiring an additional 2,355,906 shares during the period. Wellington Management Group LLP grew its stake in BeiGene by 15.8% in the first quarter. Wellington Management Group LLP now owns 1,256,825 shares of the company’s stock valued at $46,013,000 after acquiring an additional 171,704 shares during the period. Alliancebernstein L.P. acquired a new stake in BeiGene in the second quarter valued at approximately $7,373,000. FMR LLC grew its stake in BeiGene by 2.8% in the first quarter. FMR LLC now owns 3,987,748 shares of the company’s stock valued at $145,991,000 after acquiring an additional 107,323 shares during the period. Finally, Employees Retirement System of Texas acquired a new stake in BeiGene in the second quarter valued at approximately $2,855,000. 51.02% of the stock is owned by hedge funds and other institutional investors.
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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