BeOne Medicines Ltd. - Sponsored ADR $ONC Position Trimmed by Crossmark Global Holdings Inc.

Key Points

• Crossmark Global Holdings reduced its BeOne Medicines position by 28.6% in the third quarter, selling 3,075 shares and retaining 7,680 shares valued at approximately $2.81 million. Institutional investors collectively own 48.55% of the company.
• Wall Street remains broadly bullish: analysts assign the stock an average “Buy” rating with a consensus price target of $407.07, while several firms recently raised targets to between $405 and $430.
• BeOne Medicines exceeded quarterly expectations, reporting $2.05 in earnings per share versus the $1.40 estimate and revenue of $1.71 billion versus $1.66 billion expected. The stock opened at $377.63, near its 52-week high of $388.66.

Crossmark Global Holdings Inc. lowered its position in BeOne Medicines Ltd. - Sponsored ADR (NASDAQ:ONC - Free Report) by 28.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,680 shares of the company's stock after selling 3,075 shares during the quarter. Crossmark Global Holdings Inc.'s holdings in BeOne Medicines were worth $2,810,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in ONC. Sanders Morris Harris LLC purchased a new stake in shares of BeOne Medicines in the third quarter valued at approximately $1,134,000. Renaissance Technologies LLC bought a new position in BeOne Medicines in the first quarter worth approximately $19,438,000. Rokos Capital Management LLP purchased a new position in BeOne Medicines during the 1st quarter worth $4,256,000. SEB Asset Management AB purchased a new position in BeOne Medicines during the 1st quarter worth $16,653,000. Finally, Generali Investments Management Co LLC purchased a new position in BeOne Medicines during the 2nd quarter worth $2,280,000. Hedge funds and other institutional investors own 48.55% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ONC. Citizens Jmp raised their price objective on BeOne Medicines from $396.00 to $405.00 and gave the company a "market outperform" rating in a research report on Thursday, August 6th. Morgan Stanley reiterated an "overweight" rating and issued a $425.00 target price on shares of BeOne Medicines in a report on Friday, October 16th. Guggenheim boosted their target price on shares of BeOne Medicines from $420.00 to $430.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Barclays raised their price target on shares of BeOne Medicines from $407.00 to $415.00 and gave the company an "overweight" rating in a report on Thursday, September 10th. Finally, Nomura upgraded shares of BeOne Medicines to a "strong-buy" rating in a report on Monday, July 27th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $407.07.

BeOne Medicines Trading Down 1.2%

BeOne Medicines stock opened at $377.63 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 3.06 and a current ratio of 3.40. The stock has a market cap of $41.46 billion, a PE ratio of 66.48 and a beta of 0.61. The stock has a 50-day moving average of $362.82 and a two-hundred day moving average of $324.38. BeOne Medicines Ltd. - Sponsored ADR has a one year low of $253.95 and a one year high of $388.66.

BeOne Medicines (NASDAQ:ONC - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $2.05 earnings per share for the quarter, topping analysts' consensus estimates of $1.40 by $0.65. BeOne Medicines had a return on equity of 14.23% and a net margin of 10.70%. The business had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.66 billion. On average, research analysts anticipate that BeOne Medicines Ltd. - Sponsored ADR will post 8.99 EPS for the current fiscal year.

Insider Buying and Selling

In other BeOne Medicines news, COO Xiaobin Wu sold 280 shares of the business's stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $380.00, for a total transaction of $106,400.00. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Titus B. Ball sold 132 shares of the company's stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $355.86, for a total transaction of $46,973.52. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 347,546 shares of company stock worth $124,285,659 over the last ninety days. Company insiders own 6.19% of the company's stock.

About BeOne Medicines

BeOne Medicines Ltd. is a global oncology company focused on discovering, developing, manufacturing and commercializing medicines for cancer patients. Formerly known as BeiGene, the company operates an integrated biotechnology platform spanning research, clinical development, regulatory activities and commercial operations.

Its portfolio includes BRUKINSA (zanubrutinib), a Bruton's tyrosine kinase inhibitor used in the treatment of several blood cancers, and TEVIMBRA (tislelizumab), an anti-PD-1 immunotherapy approved in multiple markets for certain cancers.

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