Guggenheim Forecasts Strong Price Appreciation for BeOne Medicines (NASDAQ:ONC) Stock

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 objective increased by research analysts at Guggenheim from $350.00 to $365.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. Guggenheim's price objective points to a potential upside of 27.17% from the stock's current price.

Other equities analysts have also issued research reports about the company. JPMorgan Chase & Co. increased their target price on BeOne Medicines from $321.00 to $345.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. TD Securities restated a "buy" rating and issued a $334.00 price target on shares of BeOne Medicines in a report on Thursday, April 24th. Royal Bank Of Canada increased their price target on BeOne Medicines from $311.00 to $349.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Wall Street Zen upgraded BeOne Medicines from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Finally, Morgan Stanley increased their price target on BeOne Medicines from $313.00 to $330.00 and gave the stock an "overweight" rating in a report on Friday, June 27th. Seven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, BeOne Medicines presently has an average rating of "Buy" and an average price target of $330.89.

BeOne Medicines Trading Down 0.4%

ONC traded down $1.17 during midday trading on Thursday, reaching $287.01. The company's stock had a trading volume of 244,580 shares, compared to its average volume of 437,513. The stock has a market capitalization of $31.46 billion, a PE ratio of -165.90 and a beta of 0.27. The firm has a fifty day simple moving average of $269.66. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.72 and a current ratio of 1.95. 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 announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.84 earnings per share for the quarter, beating analysts' consensus estimates of $0.48 by $0.36. The firm had revenue of $1.32 billion for 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%. Sell-side analysts expect that BeOne Medicines will post -5.82 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Xiaodong Wang sold 41,760 shares of the business's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $223.50, for a total transaction of $9,333,360.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Xiaobin Wu sold 1,934 shares of the business's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $253.15, for a total value of $489,592.10. The disclosure for this sale can be found here. In the last quarter, insiders have sold 144,683 shares of company stock worth $36,294,047. 6.62% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On BeOne Medicines

A number of institutional investors and hedge funds have recently made changes to their positions in ONC. Caitong International Asset Management Co. Ltd purchased a new stake in BeOne Medicines during the second quarter valued at about $28,000. Farther Finance Advisors LLC bought a new stake in shares of BeOne Medicines in the second quarter worth about $39,000. Signaturefd LLC bought a new stake in shares of BeOne Medicines in the second quarter worth about $49,000. Parallel Advisors LLC bought a new stake in shares of BeOne Medicines in the second quarter worth about $59,000. Finally, FNY Investment Advisers LLC purchased a new stake in BeOne Medicines in the second quarter worth about $121,000. 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.