BeOne Medicines (NASDAQ:ONC) Now Covered by Wolfe Research

Key Points

• Wolfe Research initiated coverage of BeOne Medicines (NASDAQ:ONC) with an outperform rating and a $340 price target, implying about a 22.8% upside from current levels.
• Analysts remain broadly positive overall—11 Buys, 2 Holds and 1 Sell—with a consensus rating of Moderate Buy and a consensus price target of $385.08, well above Wolfe's target.
• BeOne posted a sizable quarterly EPS miss ($0.58 vs. $1.60 expected) despite revenue beating estimates, and shares trade around $277 with a market cap of $30.39 billion and a P/E near 110.

Equities researchers at Wolfe Research initiated coverage on shares of BeOne Medicines (NASDAQ:ONC - Get Free Report) in a research note issued to investors on Friday,Benzinga reports. The brokerage set an "outperform" rating and a $340.00 price target on the stock. Wolfe Research's price objective would suggest a potential upside of 22.77% from the company's current price.

Several other equities analysts have also commented on ONC. Barclays upped their price target on BeOne Medicines from $394.00 to $405.00 and gave the company an "overweight" rating in a research note on Friday, February 27th. Royal Bank Of Canada boosted their price objective on shares of BeOne Medicines from $417.00 to $425.00 and gave the company an "outperform" rating in a report on Thursday, February 26th. Morgan Stanley reaffirmed an "overweight" rating and issued a $405.00 target price on shares of BeOne Medicines in a research report on Thursday, January 8th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of BeOne Medicines in a research note on Wednesday, January 21st. Finally, Wall Street Zen cut shares of BeOne Medicines from a "strong-buy" rating to a "buy" rating in a research report on Saturday, February 28th. Eleven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, BeOne Medicines currently has an average rating of "Moderate Buy" and a consensus price target of $385.08.

BeOne Medicines Stock Down 2.3%

Shares of NASDAQ ONC opened at $276.95 on Friday. The company has a market capitalization of $30.39 billion, a P/E ratio of 109.90 and a beta of 0.53. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.41 and a quick ratio of 3.08. The company has a 50 day simple moving average of $325.02 and a 200-day simple moving average of $327.33. BeOne Medicines has a 1 year low of $196.45 and a 1 year high of $385.22.

BeOne Medicines (NASDAQ:ONC - Get Free Report) last released its quarterly earnings data on Thursday, February 26th. The company reported $0.58 EPS for the quarter, missing analysts' consensus estimates of $1.60 by ($1.02). The business had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.45 billion. BeOne Medicines had a net margin of 5.37% and a return on equity of 10.70%. On average, equities research analysts predict that BeOne Medicines will post -5.82 earnings per share for the current year.

Insider Activity

In related news, SVP Chan Henry Lee sold 341 shares of the business's stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $300.00, for a total transaction of $102,300.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 2,665 shares of company stock valued at $902,792 in the last 90 days. 6.62% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On BeOne Medicines

Several hedge funds and other institutional investors have recently made changes to their positions in ONC. Capital International Investors increased its stake in BeOne Medicines by 1.3% in the fourth 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 during the last quarter. Temasek Holdings Private Ltd acquired a new position in shares of BeOne Medicines in the 2nd quarter valued at $244,603,000. Siren L.L.C. boosted its holdings in shares of BeOne Medicines by 1.4% in the 4th quarter. Siren L.L.C. now owns 500,000 shares of the company's stock valued at $151,905,000 after buying an additional 7,010 shares in the last quarter. Marshall Wace LLP purchased a new position in shares of BeOne Medicines in the 2nd quarter valued at $113,190,000. Finally, Morgan Stanley grew its position in shares of BeOne Medicines by 23.9% in the 4th quarter. Morgan Stanley now owns 437,661 shares of the company's stock valued at $132,966,000 after buying an additional 84,367 shares during the last quarter. Hedge funds and other 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. The company was founded by Xiao Dong Wang and John V. Oyler on October 28, 2010 and is headquartered in Basel, Switzerland.

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