BeOne Medicines (NASDAQ:ONC) Coverage Initiated at Barclays

Key Points

• Barclays has initiated coverage on BeOne Medicines (NASDAQ:ONC) with an "overweight" rating and a price target of $385.00, indicating a potential upside of 15.89% from the previous close.
• BeOne Medicines recently reported earnings of $0.84 per share, which surpassed analysts' expectations of $0.48, while the company's revenue for the quarter reached $1.32 billion.
• Insider transactions reveal that company executives have sold a total of 161,084 shares valued at approximately $47.77 million in the last three months.

Barclays started coverage on shares of BeOne Medicines (NASDAQ:ONC - Get Free Report) in a note issued to investors on Thursday, Marketbeat.com reports. The brokerage set an "overweight" rating and a $385.00 price target on the stock. Barclays's price objective points to a potential upside of 13.79% from the company's current price.

A number of other research firms have also recently commented on ONC. Royal Bank Of Canada increased their price target on BeOne Medicines from $349.00 to $364.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. JPMorgan Chase & Co. increased their price target on BeOne Medicines from $321.00 to $345.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. Guggenheim increased their price objective on BeOne Medicines from $350.00 to $365.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Morgan Stanley upped their target price on shares of BeOne Medicines from $313.00 to $330.00 and gave the company an "overweight" rating in a report on Friday, June 27th. Finally, Wall Street Zen lowered BeOne Medicines from a "strong-buy" rating to a "buy" rating in a report on Friday, September 5th. One equities research analyst has rated the stock with a Strong Buy rating and eight have issued a Buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $336.30.

BeOne Medicines Stock Performance

Shares of ONC stock traded up $3.94 on Thursday, hitting $338.34. 59,432 shares of the stock were exchanged, compared to its average volume of 422,251. The firm's 50 day moving average is $308.71 and its two-hundred day moving average is $268.33. BeOne Medicines has a one year low of $170.99 and a one year high of $351.27. The company has a current ratio of 1.95, a quick ratio of 1.72 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $37.10 billion, a PE ratio of -195.57 and a beta of 0.21.

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

Insider Activity

In related news, SVP Chan Henry Lee sold 10,006 shares of the company's stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $325.53, for a total transaction of $3,257,253.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Corazon (Corsee) D. Sanders sold 2,665 shares of the stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $337.00, for a total value of $898,105.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 183,322 shares of company stock valued at $55,372,357. Company insiders own 6.62% of the company's stock.

Institutional Trading of BeOne Medicines

Several institutional investors have recently added to or reduced their stakes in the business. Primecap Management Co. CA bought a new stake in shares of BeOne Medicines in the second quarter worth about $1,231,720,000. Temasek Holdings Private Ltd purchased a new stake in BeOne Medicines in the 2nd quarter valued at $244,603,000. Marshall Wace LLP purchased a new position in BeOne Medicines during the second quarter worth about $113,190,000. Baird Financial Group Inc. purchased a new stake in BeOne Medicines during the 2nd quarter worth approximately $82,895,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in BeOne Medicines in the second quarter worth approximately $73,347,000. 48.55% of the stock is currently owned by hedge funds and other institutional investors.

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.