BeOne Medicines (NASDAQ:ONC) Stock Price Target Raised at Morgan Stanley

Key Points

• Morgan Stanley raised its price target on BeOne Medicines to $476 from $465 and maintained an Overweight rating, implying about 14.9% upside from the cited share price.
• Analyst sentiment is broadly positive: the stock has a consensus Buy rating and an average price target of $440.56, based on MarketBeat’s data.
• BeOne reported quarterly EPS of $3.64, beating the $2.34 consensus estimate, while revenue of $1.89 billion also topped expectations.

BeOne Medicines (NASDAQ:ONC - Get Free Report) had its price objective increased by equities research analysts at Morgan Stanley from $465.00 to $476.00 in a research note issued on Friday, Benzinga reports. The firm currently has an "overweight" rating on the stock. Morgan Stanley's target price points to a potential upside of 14.88% from the company's current price.

A number of other equities analysts have also recently commented on the stock. TD Cowen boosted their price target 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. Jefferies Financial Group restated a "buy" rating and set a $470.00 price objective on shares of BeOne Medicines in a research report on Thursday, November 5th. Wells Fargo & Company raised their price objective on shares of BeOne Medicines from $400.00 to $435.00 and gave the company an "overweight" rating in a research report on Friday, November 6th. Guggenheim lifted their price objective on shares of BeOne Medicines from $420.00 to $430.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Finally, Truist Financial reiterated a "buy" rating and issued a $448.00 target price (up from $420.00) on shares of BeOne Medicines in a research report on Friday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $440.56.

BeOne Medicines Price Performance

Shares of NASDAQ:ONC traded down $1.61 on Friday, hitting $414.35. The company's stock had a trading volume of 84,067 shares, compared to its average volume of 322,541. The company has a market capitalization of $45.49 billion, a PE ratio of 52.67 and a beta of 0.63. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.55 and a quick ratio of 3.19. The company has a 50-day simple moving average of $368.10 and a 200 day simple moving average of $327.94. BeOne Medicines has a 1 year low of $253.95 and a 1 year high of $424.73.

BeOne Medicines (NASDAQ:ONC - Get Free Report) last issued its quarterly earnings data on Thursday, November 5th. The company reported $3.64 EPS for the quarter, topping the consensus estimate of $2.34 by $1.30. The company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.76 billion. BeOne Medicines had a return on equity of 19.04% and a net margin of 13.86%. Sell-side analysts forecast that BeOne Medicines will post 8.99 EPS for the current fiscal year.

Insider Transactions at BeOne Medicines

In other BeOne Medicines news, insider Xiaodong Wang sold 31,028 shares of BeOne Medicines stock in a transaction that occurred on Tuesday, October 27th. The shares were sold at an average price of $362.97, for a total transaction of $11,262,233.16. Following the transaction, the insider directly owned 31,028 shares of the company's stock, valued at approximately $11,262,233.16. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Xiaobin Wu sold 280 shares of the business's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $380.00, for a total transaction of $106,400.00. 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 135,571 shares of company stock worth $48,487,792 in the last three months. Corporate insiders own 6.19% of the company's stock.

Institutional Trading of BeOne Medicines

Several hedge funds have recently added to or reduced their stakes in ONC. Bank of America Corp DE boosted its position in BeOne Medicines by 7.0% during the first 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 during the period. First Trust Advisors LP increased its holdings in shares of BeOne Medicines by 27.3% in the third quarter. First Trust Advisors LP now owns 312,985 shares of the company's stock worth $114,534,000 after buying an additional 67,162 shares during the period. Baird Financial Group Inc. lifted its stake in shares of BeOne Medicines by 5.5% in the 2nd quarter. Baird Financial Group Inc. now owns 368,978 shares of the company's stock valued at $105,148,000 after acquiring an additional 19,327 shares during the last quarter. Jennison Associates LLC lifted its stake in shares of BeOne Medicines by 102.1% in the 1st 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. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of BeOne Medicines by 96.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 110,586 shares of the company's stock valued at $32,841,000 after acquiring an additional 54,260 shares during the last quarter. 48.55% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.