BeOne Medicines (NASDAQ:ONC) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

Key Points

• Royal Bank of Canada raised BeOne Medicines’ price target from $450 to $459 and maintained an “outperform” rating, implying 34.11% upside from the reported $342.25 share price.
• Analyst sentiment remains favorable, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $404.93. BeOne also exceeded quarterly expectations, reporting $2.05 in EPS and $1.71 billion in revenue.
• Insiders sold 632,311 shares worth approximately $210.9 million over the past 90 days, while institutional ownership stands at 48.55%; the company is focused on oncology drugs including BRUKINSA and TEVIMBRA.

BeOne Medicines (NASDAQ:ONC - Get Free Report) had its target price hoisted by equities researchers at Royal Bank Of Canada from $450.00 to $459.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Royal Bank Of Canada's price target would indicate a potential upside of 34.11% from the stock's current price.

A number of other research firms have also recently issued reports on ONC. Guggenheim lifted their price target on shares of BeOne Medicines from $420.00 to $430.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Wall Street Zen upgraded shares of BeOne Medicines from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 18th. Morgan Stanley reaffirmed an "overweight" rating on shares of BeOne Medicines in a report on Thursday, August 6th. JPMorgan Chase & Co. lifted their target price 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. Finally, TD Cowen boosted their target price on shares of BeOne Medicines from $424.00 to $454.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $404.93.

BeOne Medicines Price Performance

Shares of BeOne Medicines stock traded down $21.77 during trading hours on Thursday, reaching $342.25. The stock had a trading volume of 117,432 shares, compared to its average volume of 304,801. The stock's 50 day moving average is $356.05 and its 200 day moving average is $318.08. The firm has a market capitalization of $37.58 billion, a PE ratio of 60.17 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 current ratio of 3.40, a quick ratio of 3.06 and a debt-to-equity ratio of 0.17.

BeOne Medicines (NASDAQ:ONC - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $2.05 EPS for the quarter, beating analysts' consensus estimates of $1.40 by $0.65. BeOne Medicines had a return on equity of 14.23% and a net margin of 10.70%.The firm had revenue of $1.71 billion for the quarter, compared to analysts' expectations of $1.66 billion. Equities analysts expect that BeOne Medicines will post 8.99 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other BeOne Medicines news, insider Xiaodong Wang sold 38,287 shares of BeOne Medicines 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 sale, the insider owned 6,079 shares of the company's stock, valued at $2,122,178.90. The trade was a 86.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through 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 company'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 sale, the chief executive officer directly owned 8,122 shares of the company's stock, valued at $2,484,925.90. The trade was a 94.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 632,311 shares of company stock worth $210,869,364 in the last 90 days. 6.19% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC purchased a new position in shares of BeOne Medicines during the 1st quarter worth $19,438,000. Rokos Capital Management LLP purchased a new stake in BeOne Medicines in the 1st quarter valued at about $4,256,000. SEB Asset Management AB purchased a new stake in BeOne Medicines in the 1st quarter valued at about $16,653,000. Generali Investments Management Co LLC acquired a new position in BeOne Medicines in the second quarter valued at about $2,280,000. Finally, Engineers Gate Manager LP acquired a new position in BeOne Medicines in the second quarter valued at about $4,646,000. 48.55% of the stock is owned by hedge funds and other institutional investors.

BeOne Medicines Company Profile

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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