TB Alternative Assets Ltd. Makes New $5.42 Million Investment in BeOne Medicines Ltd. - Sponsored ADR $ONC

Key Points

• TB Alternative Assets Ltd. initiated a $5.42 million position in BeOne Medicines during the third quarter, purchasing 14,800 shares. The stock now represents approximately 1.1% of the fund’s portfolio, while institutional investors collectively own 48.55% of shares.
• BeOne Medicines reported quarterly earnings of $2.05 per share, exceeding estimates of $1.40, while revenue reached $1.71 billion versus expectations of $1.66 billion. Shares recently traded at $374.08, up 6.4%.
• Analyst sentiment remains positive, with a consensus “Buy” rating and an average price target of $404.93, although insiders sold 457,259 shares worth approximately $158.9 million over the past 90 days.

TB Alternative Assets Ltd. bought a new stake in BeOne Medicines Ltd. - Sponsored ADR (NASDAQ:ONC - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 14,800 shares of the company's stock, valued at approximately $5,416,000. BeOne Medicines makes up approximately 1.1% of TB Alternative Assets Ltd.'s investment portfolio, making the stock its 19th largest holding.

Several other institutional investors and hedge funds also recently made changes to their positions in ONC. Mather Group LLC. increased its position in shares of BeOne Medicines by 192.0% during the 3rd quarter. Mather Group LLC. now owns 73 shares of the company's stock worth $27,000 after purchasing an additional 48 shares in the last quarter. GAMMA Investing LLC lifted its holdings in BeOne Medicines by 39.5% during the 3rd quarter. GAMMA Investing LLC now owns 120 shares of the company's stock valued at $44,000 after purchasing an additional 34 shares during the last quarter. Parallel Advisors LLC lifted its holdings in BeOne Medicines by 24.0% during the 1st quarter. Parallel Advisors LLC now owns 351 shares of the company's stock valued at $104,000 after purchasing an additional 68 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in BeOne Medicines by 16.4% in the first quarter. EverSource Wealth Advisors LLC now owns 369 shares of the company's stock valued at $110,000 after buying an additional 52 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in BeOne Medicines in the first quarter valued at about $201,000. Institutional investors and hedge funds own 48.55% of the company's stock.

BeOne Medicines Trading Up 6.4%

Shares of NASDAQ ONC opened at $374.08 on Friday. BeOne Medicines Ltd. - Sponsored ADR has a 1-year low of $253.95 and a 1-year high of $385.22. The company has a market cap of $41.07 billion, a PE ratio of 61.88 and a beta of 0.61. The company has a current ratio of 3.40, a quick ratio of 3.06 and a debt-to-equity ratio of 0.17. The company has a 50-day moving average of $360.00 and a two-hundred day moving average of $321.32.

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

Insider Activity at BeOne Medicines

In related news, CFO Aaron Rosenberg sold 1,157 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $312.71, for a total value of $361,805.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Xiaodong Wang sold 38,287 shares of the company's stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $349.10, for a total value of $13,365,991.70. Following the transaction, the insider directly owned 6,079 shares in the company, valued at approximately $2,122,178.90. This represents a 86.30% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 457,259 shares of company stock worth $158,876,315. Company insiders own 6.19% of the company's stock.

Wall Street Analysts Forecast Growth

ONC has been the subject of several recent analyst reports. Truist Financial raised their price objective on shares of BeOne Medicines from $418.00 to $420.00 and gave the stock a "buy" rating in a report on Wednesday, October 7th. Zacks Research downgraded BeOne Medicines from a "strong-buy" rating to a "hold" rating in a report on Monday, October 5th. Wall Street Zen upgraded BeOne Medicines from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 18th. Citizens Jmp increased their price target on BeOne Medicines from $396.00 to $405.00 and gave the stock a "market outperform" rating in a research report on Thursday, August 6th. Finally, TD Cowen raised their price target on BeOne Medicines from $424.00 to $454.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $404.93.

About BeOne Medicines

BeOne Medicines Ltd. NASDAQ: ONC is a global oncology company focused on discovering, developing, manufacturing and commercializing medicines for people with cancer. The company operates across the research and development, clinical testing, regulatory and commercial stages of the biopharmaceutical industry, with an emphasis on treatments for blood cancers and solid tumors.

Its marketed portfolio includes BRUKINSA (zanubrutinib), a Bruton's tyrosine kinase inhibitor used to treat several B-cell malignancies, and TEVIMBRA (tislelizumab), an immunotherapy targeting the PD-1 pathway for certain cancers.

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