BeOne Medicines (NASDAQ:ONC) Raised to "Strong-Buy" at Zacks Research

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 research note issued to investors on Thursday morning,Zacks.com reports.

ONC has been the subject of several other research reports. Morgan Stanley increased their price target on shares of BeOne Medicines from $313.00 to $330.00 and gave the company an "overweight" rating in a research report on Friday, June 27th. Guggenheim increased their target price on shares of BeOne Medicines from $350.00 to $365.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. 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 note on Thursday, August 7th. Barclays began coverage on BeOne Medicines in a research note on Thursday. They issued an "overweight" rating and a $385.00 price objective on the stock. Finally, Wall Street Zen lowered BeOne Medicines from a "strong-buy" rating to a "buy" rating in a report on Friday, September 5th. One equities research analyst has rated the stock with a Strong Buy rating and eight have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $336.30.

BeOne Medicines Stock Performance

Shares of ONC stock traded down $8.49 during trading on Thursday, hitting $334.40. The company's stock had a trading volume of 241,895 shares, compared to its average volume of 340,339. The business has a fifty day moving average of $308.71 and a 200-day moving average of $268.33. The company has a market cap of $36.67 billion, a PE ratio of -193.29 and a beta of 0.21. BeOne Medicines has a 52 week low of $170.99 and a 52 week high of $351.27. 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 (NASDAQ:ONC - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.84 earnings per share for the quarter, topping the consensus estimate 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 analysts' expectations of $1.24 billion. As a group, research analysts anticipate that BeOne Medicines will post -5.82 earnings per share for the current year.

Insider Buying and Selling

In other BeOne Medicines news, Director Corazon (Corsee) D. Sanders sold 2,665 shares of the business's 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 legal filing with the SEC, which is accessible through this hyperlink. Also, insider Lai Wang sold 5,000 shares of the firm's stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $350.06, for a total value of $1,750,300.00. The disclosure for this sale can be found here. Insiders sold 188,887 shares of company stock worth $56,824,367 in the last 90 days. 6.62% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Parallel Advisors LLC purchased a new stake in shares of BeOne Medicines in the second quarter worth $59,000. Aaron Wealth Advisors LLC purchased a new stake in shares of BeOne Medicines in the 2nd quarter valued at about $200,000. Farther Finance Advisors LLC bought a new stake in shares of BeOne Medicines during the 2nd quarter valued at about $39,000. Avanza Fonder AB purchased a new position in shares of BeOne Medicines during the second quarter worth about $199,000. Finally, Public Employees Retirement System of Ohio bought a new position in shares of BeOne Medicines in the second quarter worth approximately $3,491,000. 48.55% of the stock is owned by institutional investors.

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.