Zacks Research Upgrades BeOne Medicines (NASDAQ:ONC) to Strong-Buy

Key Points

• BeOne Medicines has been upgraded from a "hold" to a "strong-buy" rating by Zacks Research, reflecting increased confidence in the company's stock performance.
• Analysts have set varying price targets, with Barclays suggesting a target of $385.00 and Royal Bank of Canada increasing theirs to $364.00, contributing to a consensus rating of "Buy" with an average price target of $336.30.
• In its recent quarterly earnings, BeOne Medicines reported an EPS of $0.84, surpassing expectations and achieving revenue of $1.32 billion for the quarter.

Zacks Research upgraded shares of BeOne Medicines (NASDAQ:ONC - Free Report) from a hold rating to a strong-buy rating in a report published on Thursday,Zacks.com reports.

A number of other brokerages have also recently issued reports on ONC. Guggenheim upped their price objective on shares of BeOne Medicines from $350.00 to $365.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Morgan Stanley lifted their target price on shares of BeOne Medicines from $313.00 to $330.00 and gave the stock an "overweight" rating in a report on Friday, June 27th. JPMorgan Chase & Co. increased their price objective on BeOne Medicines from $321.00 to $345.00 and gave the company an "overweight" rating in a research report on Thursday, July 17th. Royal Bank Of Canada raised their price target on shares of BeOne Medicines from $349.00 to $364.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Finally, Wall Street Zen lowered shares of BeOne Medicines from a "strong-buy" rating to a "buy" rating in a research report on Friday, September 5th. One investment analyst has rated the stock with a Strong Buy rating and eight have given a Buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $336.30.

BeOne Medicines Stock Up 1.0%

ONC stock traded up $3.42 during midday trading on Thursday, reaching $337.82. The company had a trading volume of 112,332 shares, compared to its average volume of 422,571. The company has a 50 day moving average of $310.42 and a two-hundred day moving average of $268.97. The company has a current ratio of 1.95, a quick ratio of 1.72 and a debt-to-equity ratio of 0.04. BeOne Medicines has a 1 year low of $170.99 and a 1 year high of $351.27. The company has a market capitalization of $37.03 billion, a P/E ratio of -195.27 and a beta of 0.21.

BeOne Medicines (NASDAQ:ONC - Get Free Report) last released its quarterly earnings data 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. The firm had revenue of $1.32 billion during 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%. On average, equities research analysts expect that BeOne Medicines will post -5.82 earnings per share for the current fiscal year.

Insider Activity

In other BeOne Medicines news, CEO John Oyler sold 27,803 shares of the business's stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $325.71, for a total value of $9,055,715.13. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Corazon (Corsee) D. Sanders sold 2,665 shares of the business's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $337.00, for a total transaction of $898,105.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 183,322 shares of company stock valued at $55,372,357. 6.62% of the stock is owned by company insiders.

Hedge Funds Weigh In On BeOne Medicines

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Anchor Investment Management LLC acquired a new position in BeOne Medicines in the second quarter valued at about $26,000. Caitong International Asset Management Co. Ltd bought a new position in BeOne Medicines in the 2nd quarter valued at $28,000. Daiwa Securities Group Inc. acquired a new stake in shares of BeOne Medicines in the 2nd quarter valued at $35,000. Farther Finance Advisors LLC acquired a new position in shares of BeOne Medicines during the second quarter valued at $39,000. Finally, Signaturefd LLC bought a new position in BeOne Medicines in the second quarter valued at about $49,000. 48.55% of the stock is currently owned by institutional investors and hedge funds.

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.