BeOne Medicines (NASDAQ:ONC) Releases Earnings Results, Beats Expectations By $0.36 EPS

Key Points

• BeOne Medicines reported earnings of $0.84 EPS for the quarter, exceeding analysts' expectations by $0.36 and also surpassing revenue expectations with $1.32 billion in revenue.
• Despite positive earnings results, BeOne Medicines' stock declined by 0.1%, with the stock currently valued at $298.29 and a market capitalization of $32.69 billion.
• Multiple brokerages have raised their price targets for BeOne Medicines, with JPMorgan Chase increasing its target from $321.00 to $345.00 and eight analysts currently rating the stock as a "buy."

BeOne Medicines (NASDAQ:ONC - Get Free Report) released its earnings results on Wednesday. The company reported $0.84 EPS for the quarter, topping analysts' consensus estimates of $0.48 by $0.36, Zacks reports. 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 1.25%.

BeOne Medicines Stock Down 0.1%

NASDAQ:ONC opened at $298.29 on Friday. The stock has a market capitalization of $32.69 billion, a P/E ratio of -172.42 and a beta of 0.27. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.71 and a current ratio of 1.96. BeOne Medicines has a fifty-two week low of $170.99 and a fifty-two week high of $313.29. The stock's 50 day moving average is $267.79.

Analysts Set New Price Targets

Several brokerages have commented on ONC. JPMorgan Chase & Co. boosted their target price on BeOne Medicines from $321.00 to $345.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. Wall Street Zen upgraded shares of BeOne Medicines from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Guggenheim raised their price objective on BeOne Medicines from $350.00 to $365.00 and gave the stock a "buy" rating in a research report on Thursday. TD Securities reiterated a "buy" rating and issued a $334.00 price objective on shares of BeOne Medicines in a research note on Thursday, April 24th. Finally, Morgan Stanley increased their target price on BeOne Medicines from $313.00 to $330.00 and gave the stock an "overweight" rating in a research report on Friday, June 27th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $330.89.

Insider Activity

In related news, insider Xiaodong Wang sold 2,007 shares of the company's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $265.50, for a total transaction of $532,858.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Aaron Rosenberg sold 1,190 shares of the company's stock in a transaction on Friday, August 1st. The shares were 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. Insiders have sold a total of 144,683 shares of company stock worth $36,294,047 over the last three months. 6.62% of the stock is currently owned by corporate insiders.

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.

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