BeOne Medicines (NASDAQ:ONC) Given New $416.00 Price Target at Truist Financial

Key Points

• Truist Financial raised its price target on BeOne Medicines to $416 from $413 and kept a buy rating, implying about 34.4% upside from the prior close.
• Broker sentiment remains broadly positive: the stock has a Moderate Buy consensus with an average target price of $390.23, though one recent downgrade came from Jefferies.
• BeOne Medicines shares were up 4.0% in Tuesday trading, with the stock opening at $309.46; the company also reported $1.51 billion in quarterly revenue and $0.25 EPS in its latest earnings release.

BeOne Medicines (NASDAQ:ONC - Get Free Report) had its target price lifted by investment analysts at Truist Financial from $413.00 to $416.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Truist Financial's target price would indicate a potential upside of 34.43% from the company's previous close.

Several other brokerages have also recently weighed in on ONC. Wells Fargo & Company began coverage on shares of BeOne Medicines in a research note on Monday, May 4th. They set an "overweight" rating and a $400.00 price target on the stock. Royal Bank Of Canada boosted their price target on BeOne Medicines from $425.00 to $436.00 and gave the company an "outperform" rating in a report on Tuesday, June 2nd. Jefferies Financial Group cut BeOne Medicines from a "buy" rating to a "hold" rating and reduced their price target for the stock from $420.00 to $290.00 in a research report on Monday, March 16th. Leerink Partners raised their price objective on BeOne Medicines from $364.00 to $367.00 and gave the stock an "outperform" rating in a research note on Friday, May 15th. Finally, Citizens Jmp reiterated a "market outperform" rating and set a $396.00 price objective on shares of BeOne Medicines in a research note on Wednesday, July 1st. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $390.23.

BeOne Medicines Trading Up 4.0%

Shares of NASDAQ:ONC opened at $309.46 on Tuesday. The stock's 50-day simple moving average is $289.42 and its two-hundred day simple moving average is $309.21. The stock has a market capitalization of $33.95 billion, a price-to-earnings ratio of 66.59 and a beta of 0.49. BeOne Medicines has a 52-week low of $240.00 and a 52-week high of $385.22. The company has a debt-to-equity ratio of 0.20, a quick ratio of 3.27 and a current ratio of 3.64.

BeOne Medicines (NASDAQ:ONC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 1st. The company reported $0.25 earnings per share for the quarter. The firm had revenue of $1.51 billion for the quarter. BeOne Medicines had a net margin of 8.94% and a return on equity of 12.06%. Analysts expect that BeOne Medicines will post 6.14 EPS for the current year.

Insiders Place Their Bets

In other BeOne Medicines news, COO Xiaobin Wu sold 1,292 shares of the stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $276.26, for a total transaction of $356,927.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Titus B. Ball sold 169 shares of the business's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $257.20, for a total value of $43,466.80. Following the completion of the sale, the insider owned 99,645 shares in the company, valued at $25,628,694. This represents a 0.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 27,236 shares of company stock worth $7,354,951. 6.19% of the stock is owned by corporate insiders.

Institutional Trading of BeOne Medicines

Several hedge funds have recently modified their holdings of the company. BNP Paribas Financial Markets raised its holdings in shares of BeOne Medicines by 100.6% in the fourth quarter. BNP Paribas Financial Markets now owns 193,951 shares of the company's stock valued at $58,924,000 after acquiring an additional 97,244 shares in the last quarter. Slow Capital Inc. grew its holdings in BeOne Medicines by 51.5% during the 4th quarter. Slow Capital Inc. now owns 27,301 shares of the company's stock worth $8,294,000 after acquiring an additional 9,280 shares in the last quarter. Capital International Sarl increased its position in BeOne Medicines by 2.7% during the 4th quarter. Capital International Sarl now owns 152,515 shares of the company's stock valued at $46,336,000 after purchasing an additional 3,956 shares during the period. AIA Group Ltd increased its position in BeOne Medicines by 31.4% during the 3rd quarter. AIA Group Ltd now owns 32,303 shares of the company's stock valued at $11,006,000 after purchasing an additional 7,716 shares during the period. Finally, Capital International Investors raised its holdings in shares of BeOne Medicines by 1.3% in the 4th quarter. Capital International Investors now owns 5,113,866 shares of the company's stock valued at $1,553,909,000 after purchasing an additional 67,808 shares in the last quarter. 48.55% of the stock is owned by hedge funds and other institutional investors.

BeOne Medicines Company Profile

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. The company was founded by Xiao Dong Wang and John V. Oyler on October 28, 2010 and is headquartered in Basel, Switzerland.

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.