BeOne Medicines (NASDAQ:ONC) Stock Rating Cut to Hold at Zacks Research

Key Points

• Zacks Research downgraded BeOne Medicines from “strong buy” to “hold,” though the broader analyst consensus remains “moderate buy” with an average price target of $404.14.
• BeOne reported stronger-than-expected quarterly results, posting $2.05 in EPS versus the $1.40 consensus estimate and revenue of $1.71 billion versus $1.66 billion expected.
• Shares opened at $362.78, near their 52-week high of $385.22, while insiders sold 632,311 shares worth about $210.9 million in the latest quarter; institutional investors own 48.55% of the stock.

BeOne Medicines (NASDAQ:ONC - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Monday, Zacks reports.

Other analysts have also recently issued research reports about the company. Citigroup reissued an "outperform" rating on shares of BeOne Medicines in a research report on Thursday, August 6th. JPMorgan Chase & Co. raised their price target on BeOne Medicines from $425.00 to $445.00 and gave the stock an "overweight" rating in a research note on Thursday, October 1st. TD Cowen boosted their price target on BeOne Medicines from $424.00 to $454.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Truist Financial boosted their price target on BeOne Medicines from $416.00 to $418.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Finally, Weiss Ratings upgraded BeOne Medicines from a "sell (d-)" rating to a "hold (c+)" rating in a report on Tuesday, September 22nd. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, BeOne Medicines presently has a consensus rating of "Moderate Buy" and an average price target of $404.14.

BeOne Medicines Stock Performance

Shares of ONC opened at $362.78 on Monday. The company has a market capitalization of $39.83 billion, a PE ratio of 63.87 and a beta of 0.61. The company has a debt-to-equity ratio of 0.17, a quick ratio of 3.06 and a current ratio of 3.40. The company's 50 day moving average price is $355.32 and its 200 day moving average price is $317.50. BeOne Medicines has a 52 week low of $253.95 and a 52 week high of $385.22.

BeOne Medicines (NASDAQ:ONC - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $2.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.40 by $0.65. BeOne Medicines had a net margin of 10.70% and a return on equity of 14.23%. The company had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.66 billion. Research analysts expect that BeOne Medicines will post 8.81 EPS for the current fiscal year.

Insider Buying and Selling at BeOne Medicines

In other BeOne Medicines news, insider Xiaodong Wang sold 31,028 shares of the company's stock in a transaction dated Monday, September 28th. The shares were sold at an average price of $364.79, for a total transaction of $11,318,704.12. Following the completion of the sale, the insider directly owned 31,028 shares in the company, valued at $11,318,704.12. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Xiaobin Wu sold 280 shares of the firm's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $380.00, for a total value of $106,400.00. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 632,311 shares of company stock worth $210,869,364 in the last quarter. 6.19% of the stock is owned by corporate insiders.

Institutional Trading of BeOne Medicines

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. QRG Capital Management Inc. lifted its holdings in shares of BeOne Medicines by 13.6% during the second quarter. QRG Capital Management Inc. now owns 1,918 shares of the company's stock worth $547,000 after buying an additional 230 shares during the last quarter. Tidal Investments LLC increased its position in BeOne Medicines by 7.3% during the second quarter. Tidal Investments LLC now owns 13,561 shares of the company's stock worth $3,864,000 after acquiring an additional 928 shares during the period. Engineers Gate Manager LP acquired a new position in BeOne Medicines during the 2nd quarter valued at $4,646,000. Squarepoint Ops LLC grew its position in BeOne Medicines by 6.0% in the 2nd quarter. Squarepoint Ops LLC now owns 78,561 shares of the company's stock worth $22,388,000 after purchasing an additional 4,437 shares during the last quarter. Finally, Baird Financial Group Inc. increased its holdings 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 purchasing an additional 19,327 shares during the period. Institutional investors and hedge funds own 48.55% of the company's stock.

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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