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

Key Points

• BeOne Medicines shares opened significantly higher at $310.72, up from a previous close of $297.96, indicating strong market interest following analyst upgrades.
• Several prominent firms, including JPMorgan and Guggenheim, have raised their price targets for BeOne Medicines, with an average analyst rating of "Buy" and a target price of $330.89.
• Insider trading reports show significant share sales, with insiders selling a combined total of over $57 million worth of stock in recent months, indicating cautious sentiment among company executives.

Shares of BeOne Medicines Ltd. - Sponsored ADR (NASDAQ:ONC - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $297.96, but opened at $310.72. BeOne Medicines shares last traded at $312.32, with a volume of 32,164 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ONC. JPMorgan Chase & Co. increased 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. Morgan Stanley increased 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. Royal Bank Of Canada increased their price target on BeOne Medicines from $349.00 to $364.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Wall Street Zen raised BeOne Medicines from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 9th. Finally, Guggenheim increased their price target on BeOne Medicines from $350.00 to $365.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Seven investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $330.89.

BeOne Medicines Trading Up 2.7%

The stock has a market capitalization of $33.54 billion, a price-to-earnings ratio of -176.91 and a beta of 0.21. The company has a fifty day moving average of $284.29 and a two-hundred day moving average of $260.01. The company has a quick ratio of 1.72, a current ratio of 1.95 and a debt-to-equity ratio of 0.04.

BeOne Medicines (NASDAQ:ONC - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.84 EPS for the quarter, topping the consensus estimate 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 company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.24 billion. On average, research analysts expect that BeOne Medicines Ltd. - Sponsored ADR will post -5.82 EPS for the current year.

Insider Activity at BeOne Medicines

In other news, SVP Chan Henry Lee sold 11,013 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $300.45, for a total value of $3,308,855.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lai Wang sold 4,041 shares of the firm's stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $302.49, for a total value of $1,222,362.09. Following the completion of the transaction, the insider owned 259 shares of the company's stock, valued at approximately $78,344.91. This represents a 93.98% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 203,730 shares of company stock valued at $57,617,229 in the last ninety days. Company insiders own 6.62% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Primecap Management Co. CA purchased a new position in shares of BeOne Medicines in the second quarter valued at $1,231,720,000. Temasek Holdings Private Ltd purchased a new position in shares of BeOne Medicines in the second quarter valued at $244,603,000. Marshall Wace LLP purchased a new position in shares of BeOne Medicines in the second quarter valued at $113,190,000. Baird Financial Group Inc. purchased a new position in shares of BeOne Medicines in the second quarter valued at $82,895,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of BeOne Medicines in the second quarter valued at $73,347,000. Hedge funds and other 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.