BeOne Medicines (NASDAQ:ONC) Given New $385.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has raised its price target for BeOne Medicines (NASDAQ:ONC) from $345.00 to $385.00, maintaining an "overweight" rating, indicating a potential upside of 9.66% from the current price.
• BeOne Medicines recently reported earnings of $0.84 per share for the last quarter, surpassing analyst expectations of $0.48, alongside a revenue of $1.32 billion which exceeded the $1.24 billion forecast.
• Insider trading reports reveal that company executives have sold a total of 153,513 shares worth approximately $47.8 million over the last quarter, with corporate insiders owning 6.62% of the stock.

BeOne Medicines (NASDAQ:ONC - Get Free Report) had its target price lifted by analysts at JPMorgan Chase & Co. from $345.00 to $385.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 9.66% from the company's previous close.

Several other research analysts have also recently commented on ONC. Morgan Stanley upped their target price on shares of BeOne Medicines from $313.00 to $330.00 and gave the stock an "overweight" rating in a research report on Friday, June 27th. Wall Street Zen raised BeOne Medicines from a "buy" rating to a "strong-buy" rating in a research note on Friday, October 3rd. Guggenheim raised their price target on BeOne Medicines from $350.00 to $365.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Zacks Research upgraded shares of BeOne Medicines from a "hold" rating to a "strong-buy" rating in a research report on Thursday, September 18th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of BeOne Medicines in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $340.30.

BeOne Medicines Trading Up 2.8%

Shares of ONC traded up $9.47 during midday trading on Wednesday, hitting $351.09. The company had a trading volume of 155,834 shares, compared to its average volume of 275,915. BeOne Medicines has a 52 week low of $170.99 and a 52 week high of $355.30. The company's 50 day moving average price is $321.31 and its 200 day moving average price is $275.53. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.72.

BeOne Medicines (NASDAQ:ONC - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.36. BeOne Medicines had a negative net margin of 3.89% and a negative return on equity of 1.22%. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.24 billion. As a group, equities analysts predict that BeOne Medicines will post -5.82 EPS for the current fiscal year.

Insider Activity at BeOne Medicines

In other BeOne Medicines news, SVP Chan Henry Lee sold 11,013 shares of the business's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $300.45, for a total value of $3,308,855.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Lai Wang sold 5,000 shares of the business's stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $350.06, for a total transaction of $1,750,300.00. The disclosure for this sale can be found here. Insiders have sold a total of 153,513 shares of company stock worth $47,795,028 over the last quarter. 6.62% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ONC. Public Employees Retirement System of Ohio acquired a new position in shares of BeOne Medicines in the 2nd quarter worth approximately $3,491,000. Slow Capital Inc. acquired a new stake in shares of BeOne Medicines in the 2nd quarter valued at $4,377,000. Aaron Wealth Advisors LLC acquired a new stake in shares of BeOne Medicines in the 2nd quarter valued at $200,000. Avanza Fonder AB bought a new position in BeOne Medicines during the 2nd quarter valued at about $199,000. Finally, Perigon Wealth Management LLC acquired a new stake in shares of BeOne Medicines during the second quarter worth approximately $581,000. Institutional investors own 48.55% of the company's stock.

About BeOne Medicines

BeOne Medicines Ltd. is a global oncology company domiciled in Switzerland that is discovering and developing innovative treatments that are more affordable and accessible to cancer patients worldwide. The firm portfolio spanning hematology and solid tumors, BeOne is expediting development of its diverse pipeline of novel therapeutics through its internal capabilities and collaborations.

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