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

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.

BeOne Medicines Ltd. - Sponsored ADR (NASDAQ:ONC - Get Free Report)'s stock price gapped up before the market opened 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.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Morgan Stanley boosted their price objective on shares of BeOne Medicines from $313.00 to $330.00 and gave the stock an "overweight" rating in a research report on Friday, June 27th. Royal Bank Of Canada boosted their price objective on shares of BeOne Medicines from $349.00 to $364.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. JPMorgan Chase & Co. boosted 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. Wall Street Zen upgraded shares of BeOne Medicines from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 9th. Finally, Guggenheim boosted their price objective on shares of BeOne Medicines from $350.00 to $365.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Seven equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and an average price target of $330.89.

BeOne Medicines Stock Performance

The firm's 50 day moving average price is $286.56 and its 200-day moving average price is $261.03. The firm has a market cap of $36.95 billion, a price-to-earnings ratio of -194.89 and a beta of 0.21. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.72.

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. The firm had revenue of $1.32 billion during the quarter, compared to analysts' expectations of $1.24 billion. BeOne Medicines had a negative return on equity of 1.22% and a negative net margin of 3.89%. On average, analysts anticipate that BeOne Medicines Ltd. - Sponsored ADR will post -5.82 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Lai Wang sold 4,041 shares of BeOne Medicines stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $302.49, for a total value of $1,222,362.09. Following the completion of the sale, the insider directly owned 259 shares in the company, valued at $78,344.91. This trade represents a 93.98% decrease in their ownership of the stock. 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 business's stock in a transaction that occurred on Wednesday, July 9th. The shares were 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. Insiders sold a total of 203,730 shares of company stock valued at $57,617,229 over the last three months. Company insiders own 6.62% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ONC. China Universal Asset Management Co. Ltd. acquired a new stake in shares of BeOne Medicines during the 2nd quarter worth $2,007,000. Orion Porfolio Solutions LLC acquired a new stake in BeOne Medicines in the second quarter valued at approximately $524,000. Anchor Investment Management LLC purchased a new position in shares of BeOne Medicines during the second quarter valued at approximately $26,000. Tower Research Capital LLC TRC purchased a new position in BeOne Medicines in the second quarter worth $848,000. Finally, Two Sigma Securities LLC purchased a new position in shares of BeOne Medicines during the 2nd quarter valued at $480,000. 48.55% of the stock is owned by institutional investors and hedge funds.

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.