BeOne Medicines (NASDAQ:ONC) Stock Price Expected to Rise, Guggenheim Analyst Says

Key Points

• Guggenheim analysts have raised their price target for BeOne Medicines (NASDAQ:ONC) from $350.00 to $365.00, indicating a potential upside of 23.17% from the previous close.
• Multiple analysts, including Morgan Stanley and JPMorgan Chase, have also increased their price targets for ONC, with an average target price of $329.22 and an overall rating of "Buy."
• BeOne Medicines reported $1.32 billion in revenue for the last quarter, exceeding analysts' expectations, alongside an earnings per share of $0.84, surpassing the consensus estimate of $0.48.

BeOne Medicines (NASDAQ:ONC - Get Free Report) had its price target increased by investment analysts at Guggenheim from $350.00 to $365.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Guggenheim's target price points to a potential upside of 23.17% from the company's previous close.

Several other equities research analysts have also issued reports on ONC. Morgan Stanley boosted their price target on shares of 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 raised BeOne Medicines from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. JPMorgan Chase & Co. lifted their price target on shares of 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 boosted their target price on BeOne Medicines from $311.00 to $349.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Finally, TD Securities restated a "buy" rating and issued a $334.00 price objective on shares of BeOne Medicines in a research report on Thursday, April 24th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $329.22.

BeOne Medicines Stock Performance

Shares of NASDAQ ONC traded down $2.19 during mid-day trading on Thursday, reaching $296.33. The company had a trading volume of 65,654 shares, compared to its average volume of 436,431. The firm has a market capitalization of $32.48 billion, a PE ratio of -79.66 and a beta of 0.27. The stock has a 50 day simple moving average of $266.63. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.96 and a quick ratio of 1.71. BeOne Medicines has a twelve month low of $170.99 and a twelve month high of $313.29.

BeOne Medicines (NASDAQ:ONC - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.84 earnings per share for the quarter, topping analysts' consensus estimates of $0.48 by $0.36. BeOne Medicines had a negative net margin of 9.40% and a negative return on equity of 7.55%. The business had revenue of $1.32 billion during the quarter, compared to analysts' expectations of $1.24 billion. On average, sell-side analysts anticipate that BeOne Medicines will post -5.82 EPS for the current year.

Insider Activity at BeOne Medicines

In related news, insider Lai Wang sold 4,041 shares of the company's stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $302.49, for a total transaction of $1,222,362.09. Following the completion of the sale, the insider owned 259 shares of the company's stock, valued at $78,344.91. This represents a 93.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Xiaodong Wang sold 41,760 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $223.50, for a total transaction of $9,333,360.00. The disclosure for this sale can be found here. Insiders have sold 144,683 shares of company stock valued at $36,294,047 in the last ninety days. Company insiders own 6.62% of the company's stock.

Hedge Funds Weigh In On BeOne Medicines

Institutional investors have recently modified their holdings of the business. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of BeOne Medicines in the second quarter worth $73,347,000. Envestnet Asset Management Inc. bought a new stake in shares of BeOne Medicines during the second quarter valued at approximately $15,061,000. Oppenheimer Asset Management Inc. acquired a new position in shares of BeOne Medicines during the second quarter valued at about $7,150,000. Asset Management One Co. Ltd. bought a new stake in BeOne Medicines during the 2nd quarter worth approximately $4,951,000. Finally, Slow Capital Inc. purchased a new position in shares of BeOne Medicines during the second quarter valued at approximately $4,377,000. Institutional investors and hedge funds 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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