BeOne Medicines (NASDAQ:ONC) Shares Gap Up - Here's Why

BeOne Medicines Ltd. - Sponsored ADR (NASDAQ:ONC - Get Free Report)'s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $252.14, but opened at $269.30. BeOne Medicines shares last traded at $267.14, with a volume of 127,226 shares trading hands.

Analysts Set New Price Targets

A number of research firms have issued reports on ONC. Guggenheim upped their price target on shares of BeOne Medicines from $348.00 to $350.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Royal Bank Of Canada upgraded BeOne Medicines from an "outperform" rating to a "moderate buy" rating and set a $311.00 price target for the company in a report on Friday, June 27th. TD Securities reaffirmed a "buy" rating and set a $334.00 target price on shares of BeOne Medicines in a research report on Thursday, April 24th. JPMorgan Chase & Co. raised their price target on shares of BeOne Medicines from $317.00 to $321.00 and gave the stock an "overweight" rating in a research report on Friday, June 27th. Finally, Wall Street Zen cut shares of BeOne Medicines from a "buy" rating to a "hold" rating in a research note on Saturday. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, BeOne Medicines has a consensus rating of "Moderate Buy" and a consensus target price of $320.67.

BeOne Medicines Trading Up 5.4%

The company has a quick ratio of 1.71, a current ratio of 1.96 and a debt-to-equity ratio of 0.05. The business's 50 day simple moving average is $247.15. The stock has a market cap of $29.14 billion, a price-to-earnings ratio of -71.46 and a beta of 0.28.

BeOne Medicines (NASDAQ:ONC - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $1.22 EPS for the quarter, topping analysts' consensus estimates of ($0.71) by $1.93. BeOne Medicines had a negative net margin of 9.40% and a negative return on equity of 7.55%. The firm had revenue of $1.12 billion during the quarter, compared to analysts' expectations of $1.12 billion. As a group, sell-side analysts forecast that BeOne Medicines Ltd. - Sponsored ADR will post -5.82 EPS for the current fiscal year.

Insider Buying and Selling

In other BeOne Medicines news, COO Xiaobin Wu sold 1,363 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $260.00, for a total transaction of $354,380.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John Oyler sold 27,802 shares of the company's stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $253.38, for a total value of $7,044,470.76. The disclosure for this sale can be found here. Over the last three months, insiders have sold 137,573 shares of company stock worth $34,156,799. 6.62% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On BeOne Medicines

A number of institutional investors and hedge funds have recently made changes to their positions in ONC. Parallel Advisors LLC purchased a new position in shares of BeOne Medicines during the 2nd quarter worth $59,000. Aaron Wealth Advisors LLC purchased a new stake in shares of BeOne Medicines in the second quarter valued at $200,000. Farther Finance Advisors LLC purchased a new stake in BeOne Medicines in the second quarter worth $39,000. Finally, Avanza Fonder AB bought a new position in BeOne Medicines in the second quarter worth approximately $199,000. 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.

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