BeOne Medicines (NASDAQ:ONC) Sets New 52-Week High - What's Next?

Key Points

• BeOne Medicines Ltd. shares hit a new 52-week high at $318.20, showcasing significant performance in the stock market with an increase from a previous close of $309.69.
• Analysts are optimistic about BeOne Medicines, with multiple firms raising their price targets; Royal Bank of Canada set a target of $364.00 while Guggenheim increased theirs to $365.00.
• In the latest earnings report, BeOne Medicines reported earnings per share of $0.84, exceeding expectations, with revenues of $1.32 billion for the quarter.

Shares of BeOne Medicines Ltd. - Sponsored ADR (NASDAQ:ONC - Get Free Report) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $318.20 and last traded at $318.20, with a volume of 1634 shares trading hands. The stock had previously closed at $309.69.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ONC. Guggenheim raised their target price on BeOne Medicines from $350.00 to $365.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Morgan Stanley lifted their price objective on shares of BeOne Medicines from $313.00 to $330.00 and gave the company an "overweight" rating in a research note on Friday, June 27th. Wall Street Zen upgraded shares of BeOne Medicines from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 9th. TD Securities restated a "buy" rating and set a $334.00 price objective on shares of BeOne Medicines in a research note on Thursday, April 24th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of BeOne Medicines from $321.00 to $345.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Seven research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $330.89.

BeOne Medicines Stock Performance

The stock has a market capitalization of $33.90 billion, a price-to-earnings ratio of -178.80 and a beta of 0.27. The company's 50 day moving average is $276.71. The company has a current ratio of 1.95, a quick ratio of 1.72 and a debt-to-equity ratio of 0.04.

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

Insider Transactions at BeOne Medicines

In related news, CEO John Oyler sold 27,802 shares of the business's stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $253.38, for a total value of $7,044,470.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Aaron Rosenberg sold 1,190 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $290.47, for a total value of $345,659.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 203,730 shares of company stock worth $57,617,229. 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 modified their holdings of ONC. Anchor Investment Management LLC acquired a new position in BeOne Medicines during the second quarter worth $26,000. Caitong International Asset Management Co. Ltd acquired a new position in BeOne Medicines during the second quarter worth $28,000. Daiwa Securities Group Inc. acquired a new position in BeOne Medicines during the second quarter worth $35,000. Farther Finance Advisors LLC acquired a new position in BeOne Medicines during the second quarter worth $39,000. Finally, Signaturefd LLC acquired a new position in BeOne Medicines during the second quarter worth $49,000. 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.