BeOne Medicines (NASDAQ:ONC) Shares Gap Down - Here's What Happened

Key Points

• BeOne Medicines (NASDAQ:ONC) shares gapped down from $337.82 to $329.50 before trading on Tuesday, with the last trade at $330.72.
• Wall Street analysts have mixed ratings, with one downgrade to "buy" from "strong-buy," and multiple price target increases, the average target price sitting at $336.30.
• Institutional investors have shown significant interest, with major firms acquiring large positions in BeOne Medicines during the second quarter, boosting institutional ownership to 48.55% of the company.

BeOne Medicines Ltd. - Sponsored ADR (NASDAQ:ONC - Get Free Report)'s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $337.82, but opened at $329.50. BeOne Medicines shares last traded at $330.72, with a volume of 16,635 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on ONC shares. Wall Street Zen downgraded shares of BeOne Medicines from a "strong-buy" rating to a "buy" rating in a research report on Friday, September 5th. Royal Bank Of Canada upped their price objective on shares of BeOne Medicines from $349.00 to $364.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Morgan Stanley upped 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. Barclays assumed coverage on shares of BeOne Medicines in a research note on Thursday, September 18th. They issued an "overweight" rating and a $385.00 price objective on the stock. Finally, JPMorgan Chase & Co. upped 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. One research analyst has rated the stock with a Strong Buy rating and eight have issued a Buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $336.30.

BeOne Medicines Stock Down 2.3%

The firm has a market cap of $36.19 billion, a price-to-earnings ratio of -190.76 and a beta of 0.21. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.72 and a current ratio of 1.95. The business's 50-day moving average is $310.42 and its 200-day moving average is $268.97.

BeOne Medicines (NASDAQ:ONC - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 net margin of 3.89% and a negative return on equity of 1.22%. On average, equities analysts predict that BeOne Medicines Ltd. - Sponsored ADR will post -5.82 EPS for the current year.

Insider Transactions at BeOne Medicines

In other BeOne Medicines news, SVP Chan Henry Lee sold 10,006 shares of the firm's stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $325.53, for a total value of $3,257,253.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO John Oyler sold 27,803 shares of the firm's stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $325.71, for a total transaction of $9,055,715.13. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 181,315 shares of company stock worth $54,839,498. Corporate insiders own 6.62% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Primecap Management Co. CA bought a new position in BeOne Medicines during the 2nd quarter worth approximately $1,231,720,000. Temasek Holdings Private Ltd bought a new position in BeOne Medicines during the 2nd quarter worth approximately $244,603,000. Marshall Wace LLP bought a new position in BeOne Medicines during the 2nd quarter worth approximately $113,190,000. Baird Financial Group Inc. bought a new position in BeOne Medicines in the second quarter valued at approximately $82,895,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in BeOne Medicines in the second quarter valued at approximately $73,347,000. Institutional investors own 48.55% of the company's stock.

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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