BeOne Medicines (NASDAQ:ONC) Upgraded by Wall Street Zen to Strong-Buy Rating

Key Points

• BeOne Medicines (NASDAQ:ONC) was upgraded to a Strong-Buy rating by Wall Street Zen, indicating increased confidence from analysts.
• Royal Bank of Canada raised its target price for BeOne Medicines from $349.00 to $364.00, with additional firms also increasing their price targets, reflecting optimistic sentiments about the company's performance.
• The company's Q2 earnings beat estimates, reporting $0.84 earnings per share and $1.32 billion in revenue, resulting in strong interest from institutional investors who own 48.55% of the stock.

BeOne Medicines (NASDAQ:ONC - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research report issued to clients and investors on Friday.

Several other research analysts have also weighed in on the company. Royal Bank Of Canada upped their target price on BeOne Medicines from $349.00 to $364.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Morgan Stanley increased their price objective on BeOne Medicines from $313.00 to $330.00 and gave the company an "overweight" rating in a report on Friday, June 27th. Barclays initiated coverage on BeOne Medicines in a research note on Thursday, September 18th. They set an "overweight" rating and a $385.00 target price for the company. Guggenheim increased their target price on BeOne Medicines from $350.00 to $365.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of BeOne Medicines in a research note on Saturday, September 27th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $336.30.

BeOne Medicines Stock Down 0.4%

NASDAQ:ONC traded down $1.30 during trading hours on Friday, hitting $343.87. 163,179 shares of the company's stock traded hands, compared to its average volume of 307,143. The firm has a market cap of $37.69 billion, a P/E ratio of -198.77 and a beta of 0.31. BeOne Medicines has a twelve month low of $170.99 and a twelve month high of $355.30. 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's fifty day moving average price is $318.57 and its two-hundred day moving average price is $273.76.

BeOne Medicines (NASDAQ:ONC - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.36. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates 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, research analysts expect that BeOne Medicines will post -5.82 earnings per share for the current fiscal year.

Insider Transactions at BeOne Medicines

In related news, insider Lai Wang sold 5,000 shares of the business's stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $350.06, for a total value of $1,750,300.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO John Oyler sold 27,803 shares of the company's stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $325.71, for a total transaction of $9,055,715.13. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 181,315 shares of company stock worth $54,839,498. Insiders own 6.62% of the company's stock.

Institutional Investors Weigh In On BeOne Medicines

A number of hedge funds have recently modified their holdings of the company. Anchor Investment Management LLC purchased a new position in BeOne Medicines during the second quarter worth about $26,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of BeOne Medicines during the second quarter worth about $28,000. Daiwa Securities Group Inc. acquired a new stake in shares of BeOne Medicines during the second quarter worth about $35,000. Farther Finance Advisors LLC acquired a new stake in shares of BeOne Medicines during the second quarter worth about $39,000. Finally, Signaturefd LLC acquired a new stake in shares of BeOne Medicines during the second quarter worth 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.

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