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

Key Points

• BeOne Medicines shares gapped up from $313.93 to open at $324.51, closing at $331.59 with strong trading volume of 47,669 shares.
• Analysts have given the company multiple price target increases, with an average target of $330.89 and most analysts rating it as a Buy.
• The recent quarterly earnings reported an EPS of $0.84, exceeding estimates, with total revenue of $1.32 billion, highlighting the company's solid financial performance.

BeOne Medicines Ltd. - Sponsored ADR (NASDAQ:ONC - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $313.93, but opened at $324.51. BeOne Medicines shares last traded at $331.59, with a volume of 47,669 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have weighed in on ONC. Guggenheim lifted their target price on BeOne Medicines from $350.00 to $365.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Morgan Stanley lifted their price target on BeOne Medicines from $313.00 to $330.00 and gave the company an "overweight" rating in a report on Friday, June 27th. JPMorgan Chase & Co. lifted their price target on BeOne Medicines from $321.00 to $345.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. Royal Bank Of Canada lifted their price target on BeOne Medicines from $349.00 to $364.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Finally, Wall Street Zen downgraded BeOne Medicines from a "strong-buy" rating to a "buy" rating in a report on Friday, September 5th. Seven equities research analysts have rated the stock with a Buy rating, According to MarketBeat, BeOne Medicines has a consensus rating of "Buy" and an average target price of $330.89.

BeOne Medicines Trading Down 1.5%

The company has a 50 day moving average of $302.05 and a two-hundred day moving average of $266.13. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.72 and a current ratio of 1.95. The stock has a market capitalization of $35.86 billion, a PE ratio of -189.13 and a beta of 0.21.

BeOne Medicines (NASDAQ:ONC - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.84 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.24 billion. Sell-side analysts predict that BeOne Medicines Ltd. - Sponsored ADR will post -5.82 EPS for the current year.

Insider Activity

In other BeOne Medicines news, Director Corazon (Corsee) D. Sanders sold 2,665 shares of the business's stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $337.00, for a total transaction of $898,105.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Lai Wang sold 5,000 shares of the business's stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $350.06, for a total value of $1,750,300.00. The disclosure for this sale can be found here. Insiders sold 161,084 shares of company stock worth $47,768,652 over the last quarter. Company insiders own 6.62% of the company's stock.

Institutional Trading of BeOne Medicines

Large investors have recently added to or reduced their stakes in the company. Anchor Investment Management LLC purchased a new stake in BeOne Medicines during the 2nd quarter valued at about $26,000. Caitong International Asset Management Co. Ltd purchased a new stake in BeOne Medicines during the 2nd quarter valued at about $28,000. Daiwa Securities Group Inc. purchased a new stake in BeOne Medicines during the 2nd quarter valued at about $35,000. Farther Finance Advisors LLC purchased a new stake in BeOne Medicines during the 2nd quarter valued at about $39,000. Finally, Signaturefd LLC purchased a new stake in BeOne Medicines during the 2nd quarter valued at about $49,000. 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.