BeOne Medicines (NASDAQ:ONC) Shares Gap Up - Still a Buy?

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) shares gapped up prior to trading 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.

Analysts Set New Price Targets

Several research firms have issued reports on ONC. Morgan Stanley boosted 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. Wall Street Zen lowered BeOne Medicines from a "strong-buy" rating to a "buy" rating in a research note on Friday, September 5th. JPMorgan Chase & Co. raised their price objective on BeOne Medicines from $321.00 to $345.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Royal Bank Of Canada raised their price objective on BeOne Medicines from $349.00 to $364.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Finally, Guggenheim raised their price objective on BeOne Medicines from $350.00 to $365.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Seven analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, BeOne Medicines presently has a consensus rating of "Buy" and an average price target of $330.89.

BeOne Medicines Stock Performance

The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.72. The firm has a fifty day moving average price of $296.84 and a two-hundred day moving average price of $264.77. The stock has a market capitalization of $36.54 billion, a PE ratio of -192.70 and a beta of 0.21.

BeOne Medicines (NASDAQ:ONC - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.84 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $1.24 billion. Research analysts expect that BeOne Medicines Ltd. - Sponsored ADR will post -5.82 EPS for the current year.

Insider Buying and Selling at BeOne Medicines

In related news, Director Corazon (Corsee) D. Sanders sold 2,665 shares of the stock in a transaction on Friday, September 5th. The shares were sold at an average price of $337.00, for a total transaction of $898,105.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO John Oyler sold 27,802 shares of the stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $253.38, for a total transaction of $7,044,470.76. The disclosure for this sale can be found here. Insiders have sold a total of 155,460 shares of company stock worth $45,226,543 in the last three months. 6.62% of the stock is owned by company insiders.

Hedge Funds Weigh In On BeOne Medicines

A number of hedge funds have recently made changes to their positions in the company. Anchor Investment Management LLC acquired a new stake in shares of BeOne Medicines in the second quarter valued at approximately $26,000. Caitong International Asset Management Co. Ltd acquired a new stake in BeOne Medicines during the second quarter worth $28,000. Daiwa Securities Group Inc. acquired a new stake in BeOne Medicines during the second quarter worth $35,000. Farther Finance Advisors LLC acquired a new stake in BeOne Medicines during the second quarter worth $39,000. Finally, Signaturefd LLC acquired a new stake in BeOne Medicines during the second quarter worth $49,000. Institutional investors and hedge funds 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.

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