BeOne Medicines (NASDAQ:ONC) Shares Gap Down on Insider Selling

Key Points

• BeOne Medicines shares opened significantly lower at $324.49 after insider selling activity, following a previous close of $351.13.
• Director Corazon D. Sanders sold 2,665 shares at an average price of $337.00, totaling nearly $898,105, which has raised concerns among investors.
• Despite the drop, analysts maintain a generally positive outlook with an average rating of "Buy" and a price target of $330.89 for the stock.

BeOne Medicines Ltd. - Sponsored ADR (NASDAQ:ONC - Get Free Report) shares gapped down before the market opened on Wednesday following insider selling activity. The stock had previously closed at $351.13, but opened at $324.49. BeOne Medicines shares last traded at $325.00, with a volume of 326,240 shares trading hands.

Specifically, Director Corazon (Corsee) D. Sanders sold 2,665 shares of the business's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $337.00, for a total value of $898,105.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Titus B. Ball sold 122 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $326.76, for a total transaction of $39,864.72. The disclosure for this sale can be found here.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Wall Street Zen lowered shares of BeOne Medicines from a "strong-buy" rating to a "buy" rating in a report on Friday, September 5th. Morgan Stanley increased their price objective on shares of BeOne Medicines from $313.00 to $330.00 and gave the company an "overweight" rating in a research report on Friday, June 27th. Royal Bank Of Canada increased their target price on shares of BeOne Medicines from $349.00 to $364.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Guggenheim increased their target price on shares of BeOne Medicines from $350.00 to $365.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Finally, JPMorgan Chase & Co. raised their price objective on shares of BeOne Medicines from $321.00 to $345.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Seven investment analysts have rated the stock with a Buy rating, According to MarketBeat, BeOne Medicines presently has an average rating of "Buy" and an average price target of $330.89.

BeOne Medicines Trading Down 5.9%

The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.72. The company has a market cap of $36.21 billion, a price-to-earnings ratio of -190.95 and a beta of 0.21. The business's 50-day simple moving average is $295.45 and its 200-day simple moving average is $264.43.

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

Hedge Funds Weigh In On BeOne Medicines

Several institutional investors and hedge funds have recently bought and sold shares of ONC. Parallel Advisors LLC acquired a new position in BeOne Medicines during the second quarter worth approximately $59,000. Aaron Wealth Advisors LLC bought a new position in BeOne Medicines during the 2nd quarter valued at $200,000. Farther Finance Advisors LLC bought a new position in BeOne Medicines during the 2nd quarter valued at $39,000. Avanza Fonder AB bought a new position in BeOne Medicines during the 2nd quarter valued at $199,000. Finally, Public Employees Retirement System of Ohio bought a new position in BeOne Medicines during the 2nd quarter valued at $3,491,000. Institutional investors and hedge funds 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.

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