BeOne Medicines (NASDAQ:ONC) Shares Gap Down - What's Next?

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 share price gapped down before the market opened 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.

Analysts Set New Price Targets

A number of research firms recently commented on ONC. TD Securities reiterated a "buy" rating and issued a $334.00 price objective on shares of BeOne Medicines in a report on Thursday, April 24th. Guggenheim upped their price objective on BeOne Medicines from $350.00 to $365.00 and gave the company a "buy" rating in a report on Thursday. Wall Street Zen upgraded BeOne Medicines from a "buy" rating to a "strong-buy" rating in a report on Saturday. Morgan Stanley upped their price objective on BeOne Medicines from $313.00 to $330.00 and gave the company an "overweight" rating in a report on Friday, June 27th. Finally, JPMorgan Chase & Co. upped their price objective on BeOne Medicines from $321.00 to $345.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. Seven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $330.89.

BeOne Medicines Stock Down 3.4%

The stock has a market capitalization of $31.58 billion, a P/E ratio of -166.58 and a beta of 0.27. The company has a current ratio of 1.95, a quick ratio of 1.71 and a debt-to-equity ratio of 0.04. The business's 50-day moving average is $269.66.

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, topping analysts' consensus estimates of $0.48 by $0.36. BeOne Medicines had a negative return on equity of 1.22% and a negative net margin of 3.89%. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.24 billion. As a group, equities research analysts predict that BeOne Medicines Ltd. - Sponsored ADR will post -5.82 EPS for the current fiscal year.

Insider Buying and Selling at BeOne Medicines

In other news, CFO Aaron Rosenberg sold 1,190 shares of the company's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $290.47, for a total transaction of $345,659.30. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Chan Henry Lee sold 920 shares of the company's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $304.60, for a total value of $280,232.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 144,683 shares of company stock valued at $36,294,047. Insiders own 6.62% of the company's stock.

Hedge Funds Weigh In On BeOne Medicines

Several large investors have recently bought and sold shares of ONC. Connor Clark & Lunn Investment Management Ltd. purchased a new position in BeOne Medicines in the second quarter valued at $73,347,000. Candriam S.C.A. purchased a new position in BeOne Medicines in the second quarter valued at $67,852,000. M&G PLC purchased a new position in BeOne Medicines in the second quarter valued at $41,189,000. Envestnet Asset Management Inc. purchased a new position in BeOne Medicines in the second quarter valued at $15,061,000. Finally, Geode Capital Management LLC purchased a new position in BeOne Medicines in the second quarter valued at $8,622,000. Hedge funds and other 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.