Engineers Gate Manager LP Acquires New Position in BeOne Medicines Ltd. - Sponsored ADR $ONC

Key Points

• Engineers Gate Manager LP acquired 16,302 shares of BeOne Medicines worth approximately $4.6 million in the second quarter. Institutional investors and hedge funds collectively own 48.55% of the company.
• BeOne Medicines exceeded quarterly expectations, reporting $2.05 in EPS versus the $1.40 consensus estimate and revenue of $1.71 billion. Analysts maintain a “Buy” average rating with a consensus price target of $402.71.
• ONC shares opened at $346.51, while insiders sold approximately $202.7 million worth of stock over the past 90 days, mostly through pre-arranged Rule 10b5-1 trading plans.

Engineers Gate Manager LP bought a new position in shares of BeOne Medicines Ltd. - Sponsored ADR (NASDAQ:ONC - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 16,302 shares of the company's stock, valued at approximately $4,646,000.

Several other hedge funds have also modified their holdings of the business. EFG International AG purchased a new stake in shares of BeOne Medicines in the fourth quarter valued at approximately $25,000. Leonteq Securities AG purchased a new position in BeOne Medicines in the fourth quarter worth $35,000. Daiwa Securities Group Inc. purchased a new position in shares of BeOne Medicines in the 2nd quarter valued at about $35,000. Group One Trading LLC acquired a new stake in shares of BeOne Medicines during the 4th quarter valued at approximately $61,000. Finally, EverSource Wealth Advisors LLC purchased a new stake in BeOne Medicines during the second quarter worth $68,000. 48.55% of the stock is owned by institutional investors and hedge funds.

BeOne Medicines Stock Performance

Shares of NASDAQ ONC opened at $346.51 on Friday. The company has a market cap of $38.04 billion, a PE ratio of 61.01 and a beta of 0.51. The company has a current ratio of 3.40, a quick ratio of 3.06 and a debt-to-equity ratio of 0.17. BeOne Medicines Ltd. - Sponsored ADR has a 12-month low of $253.95 and a 12-month high of $385.22. The stock has a 50 day simple moving average of $339.71 and a 200-day simple moving average of $311.50.

BeOne Medicines (NASDAQ:ONC - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $2.05 EPS for the quarter, topping the consensus estimate of $1.40 by $0.65. BeOne Medicines had a return on equity of 14.23% and a net margin of 10.70%.The firm had revenue of $1.71 billion for the quarter, compared to analysts' expectations of $1.66 billion. On average, equities research analysts forecast that BeOne Medicines Ltd. - Sponsored ADR will post 8.81 EPS for the current year.

Insider Transactions at BeOne Medicines

In other news, SVP Chan Lee sold 2,666 shares of the company's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $360.00, for a total value of $959,760.00. Following the transaction, the senior vice president owned 812 shares in the company, valued at $292,320. This represents a 76.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Xiaobin Wu sold 280 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $380.00, for a total transaction of $106,400.00. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 613,411 shares of company stock worth $202,729,283. 6.19% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on ONC shares. TD Cowen boosted their price target on BeOne Medicines from $424.00 to $454.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Zacks Research upgraded BeOne Medicines from a "hold" rating to a "strong-buy" rating in a report on Friday, August 7th. Guggenheim boosted their price objective on shares of BeOne Medicines from $420.00 to $430.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Barclays lifted their price target on shares of BeOne Medicines from $407.00 to $415.00 and gave the company an "overweight" rating in a research report on Thursday. Finally, Wolfe Research reaffirmed an "outperform" rating and set a $370.00 price target on shares of BeOne Medicines in a research report on Monday, August 10th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, BeOne Medicines presently has an average rating of "Buy" and an average target price of $402.71.

About BeOne Medicines

BeOne Medicines Ltd. is a global biotechnology company focused on the discovery, development and commercialization of medicines for cancer and other serious diseases. The company works across research, clinical development, manufacturing and commercialization, with the goal of expanding access to innovative treatments in markets around the world.

BeOne's commercial portfolio includes BRUKINSA (zanubrutinib), a Bruton's tyrosine kinase inhibitor used to treat certain B-cell malignancies, and TEVIMBRA (tislelizumab), an immunotherapy approved in multiple markets for several cancer indications.

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