BeOne Medicines (NASDAQ:ONC) Shares Gap Down - Should You Sell?

Key Points

• BeOne Medicines shares gapped down from $298.29 to $281.34, and last traded at $286.74, reflecting a 2.9% decrease.
• Wall Street analysts recently upgraded BeOne Medicines, with a consensus rating of "Buy" and a price target averaging $330.89.
• The company reported earnings of $0.84 per share, exceeding estimates, and had a revenue of $1.32 billion for the last quarter.

BeOne Medicines Ltd. - Sponsored ADR (NASDAQ:ONC - Get Free Report)'s stock price gapped down prior to trading on Friday . The stock had previously closed at $298.29, but opened at $281.34. BeOne Medicines shares last traded at $286.74, with a volume of 118,552 shares trading hands.

Analyst Upgrades and Downgrades

ONC has been the topic of several recent analyst reports. Morgan Stanley increased their price objective on shares of BeOne Medicines from $313.00 to $330.00 and gave the stock an "overweight" rating in a report on Friday, June 27th. TD Securities reiterated a "buy" rating and set a $334.00 price objective on shares of BeOne Medicines in a report on Thursday, April 24th. JPMorgan Chase & Co. increased their price objective on shares of BeOne Medicines from $321.00 to $345.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. Wall Street Zen upgraded shares of BeOne Medicines from a "buy" rating to a "strong-buy" rating in a report on Saturday. Finally, Royal Bank Of Canada increased their price objective on shares of BeOne Medicines from $349.00 to $364.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Seven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, BeOne Medicines has a consensus rating of "Buy" and a consensus target price of $330.89.

BeOne Medicines Trading Down 1.3%

The stock has a 50-day moving average of $270.54. The firm has a market capitalization of $31.35 billion, a PE ratio of -165.36 and a beta of 0.27. 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 posted 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. BeOne Medicines had a negative net margin of 3.89% and a negative return on equity of 1.22%. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.24 billion. On average, equities analysts predict that BeOne Medicines Ltd. - Sponsored ADR will post -5.82 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Aaron Rosenberg sold 1,190 shares of the stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $290.47, for a total value of $345,659.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lai Wang sold 259 shares of the stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $305.00, for a total value of $78,995.00. Following the completion of the transaction, the insider directly owned 1,023,529 shares of the company's stock, valued at $312,176,345. This represents a 0.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 102,923 shares of company stock valued at $26,960,687 over the last three months. Company insiders own 6.62% of the company's stock.

Institutional Trading of BeOne Medicines

A number of hedge funds have recently made changes to their positions in the stock. Primecap Management Co. CA acquired a new stake in shares of BeOne Medicines during the second quarter worth approximately $1,231,720,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of BeOne Medicines during the second quarter worth approximately $73,347,000. Candriam S.C.A. acquired a new stake in shares of BeOne Medicines during the second quarter worth approximately $67,852,000. Artisan Partners Limited Partnership acquired a new stake in shares of BeOne Medicines during the second quarter worth approximately $65,396,000. Finally, M&G PLC acquired a new stake in shares of BeOne Medicines during the second quarter worth approximately $41,189,000. 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.