BeOne Medicines (NASDAQ:ONC) Price Target Raised to $420.00

Key Points

• Truist Financial raised BeOne Medicines’ price target to $420 from $418 and maintained a “buy” rating, implying approximately 14.6% upside from the reported $366.60 share price.
• Analyst sentiment remains favorable, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $404.29, although Zacks Research recently downgraded it to “hold.”
• BeOne reported quarterly EPS of $2.05, exceeding the $1.40 estimate, while revenue of $1.71 billion also topped expectations; however, insiders sold about $210.9 million of shares during the last quarter.

BeOne Medicines (NASDAQ:ONC - Get Free Report) had its price target lifted by Truist Financial from $418.00 to $420.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a "buy" rating on the stock. Truist Financial's price target would suggest a potential upside of 14.57% from the company's current price.

ONC has been the topic of a number of other reports. Zacks Research lowered BeOne Medicines from a "strong-buy" rating to a "hold" rating in a research note on Monday. Royal Bank Of Canada dropped their price target on shares of BeOne Medicines from $451.00 to $450.00 and set an "outperform" rating on the stock in a research report on Thursday, August 6th. Citigroup reiterated an "outperform" rating on shares of BeOne Medicines in a research report on Thursday, August 6th. Morgan Stanley reissued an "overweight" rating on shares of BeOne Medicines in a research note on Thursday, August 6th. Finally, JPMorgan Chase & Co. upped their price target on shares of BeOne Medicines from $425.00 to $445.00 and gave the company an "overweight" rating in a research report on Thursday, October 1st. 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. According to data from MarketBeat, BeOne Medicines presently has an average rating of "Moderate Buy" and a consensus price target of $404.29.

BeOne Medicines Trading Up 1.1%

Shares of BeOne Medicines stock traded up $3.81 during trading on Wednesday, hitting $366.60. The company's stock had a trading volume of 54,328 shares, compared to its average volume of 305,415. The company has a debt-to-equity ratio of 0.17, a current ratio of 3.40 and a quick ratio of 3.06. BeOne Medicines has a 52 week low of $253.95 and a 52 week high of $385.22. The stock has a market cap of $40.25 billion, a price-to-earnings ratio of 64.52 and a beta of 0.61. The stock has a 50-day moving average price of $355.32 and a two-hundred day moving average price of $317.50.

BeOne Medicines (NASDAQ:ONC - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $2.05 earnings per share (EPS) for the quarter, topping 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 anticipate that BeOne Medicines will post 8.81 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Xiaodong Wang sold 38,287 shares of the stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $349.10, for a total transaction of $13,365,991.70. Following the transaction, the insider directly owned 6,079 shares of the company's stock, valued at $2,122,178.90. This represents a 86.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 on 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 completion of the sale, the chief executive officer owned 8,122 shares of the company's stock, valued at $2,484,925.90. The trade was a 94.73% 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 have sold a total of 632,311 shares of company stock worth $210,869,364 in the last quarter. 6.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On BeOne Medicines

Large investors have recently modified their holdings of the company. QRG Capital Management Inc. lifted its stake in shares of BeOne Medicines by 13.6% in the second quarter. QRG Capital Management Inc. now owns 1,918 shares of the company's stock valued at $547,000 after buying an additional 230 shares in the last quarter. Tidal Investments LLC lifted its holdings in shares of BeOne Medicines by 7.3% in the second quarter. Tidal Investments LLC now owns 13,561 shares of the company's stock valued at $3,864,000 after purchasing an additional 928 shares in the last quarter. Engineers Gate Manager LP bought a new position in shares of BeOne Medicines in the second quarter valued at approximately $4,646,000. Squarepoint Ops LLC boosted its position in shares of BeOne Medicines by 6.0% during the second quarter. Squarepoint Ops LLC now owns 78,561 shares of the company's stock valued at $22,388,000 after buying an additional 4,437 shares during the last quarter. Finally, Baird Financial Group Inc. grew its holdings in BeOne Medicines by 5.5% during the second quarter. Baird Financial Group Inc. now owns 368,978 shares of the company's stock worth $105,148,000 after buying an additional 19,327 shares in the last quarter. 48.55% of the stock is currently 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.

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