Zacks Research Downgrades BeOne Medicines (NASDAQ:ONC) to Hold

BeOne Medicines (NASDAQ:ONC) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday, Zacks reports.

A number of other research firms also recently weighed in on ONC. Weiss Ratings raised BeOne Medicines from a “sell (d-)” rating to a “hold (c+)” rating in a research report on Tuesday, September 22nd. Truist Financial lifted their price objective on shares of BeOne Medicines from $416.00 to $418.00 and gave the company a “buy” rating in a report on Thursday, August 6th. TD Cowen boosted their price objective on shares of BeOne Medicines from $424.00 to $454.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Wall Street Zen upgraded shares of BeOne Medicines from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 18th. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of BeOne Medicines in a research report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $404.14.

BeOne Medicines Trading Up 0.3%

Shares of NASDAQ ONC opened at $362.78 on Monday. The company’s fifty day moving average is $355.32 and its 200-day moving average is $317.50. The stock has a market cap of $39.83 billion, a price-to-earnings ratio of 63.87 and a beta of 0.61. BeOne Medicines has a twelve month low of $253.95 and a twelve month high of $385.22. 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 issued its quarterly earnings data on Wednesday, August 5th. The company reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.65. The business had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.66 billion. BeOne Medicines had a return on equity of 14.23% and a net margin of 10.70%. Equities research analysts predict that BeOne Medicines will post 8.81 EPS for the current year.

Insider Buying and Selling

In other BeOne Medicines news, insider Xiaodong Wang sold 38,287 shares of the stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $349.10, for a total transaction of $13,365,991.70. Following the transaction, the insider owned 6,079 shares in the company, valued at $2,122,178.90. This trade represents a 86.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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 transaction, the chief executive officer directly owned 8,122 shares in the company, valued at approximately $2,484,925.90. This represents 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 632,311 shares of company stock worth $210,869,364. 6.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On BeOne Medicines

Several hedge funds have recently bought and sold shares of ONC. Bank of America Corp DE raised its position in shares of BeOne Medicines by 7.0% in the 1st quarter. Bank of America Corp DE now owns 405,273 shares of the company’s stock valued at $120,354,000 after buying an additional 26,441 shares in the last quarter. Baird Financial Group Inc. boosted its position in shares of BeOne Medicines by 5.5% during the 2nd quarter. Baird Financial Group Inc. now owns 368,978 shares of the company’s stock worth $105,148,000 after acquiring an additional 19,327 shares in the last quarter. Candriam S.C.A. boosted its position in shares of BeOne Medicines by 31.7% during the 1st quarter. Candriam S.C.A. now owns 259,731 shares of the company’s stock worth $77,132,000 after acquiring an additional 62,470 shares in the last quarter. First Trust Advisors LP increased its stake in BeOne Medicines by 91.9% in the first quarter. First Trust Advisors LP now owns 241,426 shares of the company’s stock valued at $71,696,000 after acquiring an additional 115,601 shares during the last quarter. Finally, Jennison Associates LLC increased its stake in BeOne Medicines by 102.1% in the first quarter. Jennison Associates LLC now owns 154,465 shares of the company’s stock valued at $45,871,000 after acquiring an additional 78,027 shares during the last quarter. 48.55% of the stock is owned by institutional investors.

About BeOne Medicines

BeOne Medicines Ltd. (NASDAQ: ONC) is a global oncology company focused on discovering, developing, manufacturing and commercializing medicines for people with cancer. The company operates across the research and development, clinical testing, regulatory and commercial stages of the biopharmaceutical industry, with an emphasis on treatments for blood cancers and solid tumors.

Its marketed portfolio includes BRUKINSA (zanubrutinib), a Bruton’s tyrosine kinase inhibitor used to treat several B-cell malignancies, and TEVIMBRA (tislelizumab), an immunotherapy targeting the PD-1 pathway for certain cancers.