The Manufacturers Life Insurance Company Trims Stake in BeOne Medicines Ltd. - Sponsored ADR $ONC

Key Points

• The Manufacturers Life Insurance Company cut its BeOne Medicines stake by 40% in the first quarter, selling 3,538 shares and retaining 5,308 shares valued at approximately $1.58 million. Institutional investors collectively own 48.55% of the company.
• Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and an average price target of $402.14. TD Cowen, Barclays, and Leerink Partners recently raised their price targets.
• BeOne Medicines reported quarterly EPS of $2.05, exceeding the $1.40 consensus estimate, while revenue of $1.71 billion also surpassed expectations. However, insiders sold approximately $105.6 million of stock over the past 90 days.

The Manufacturers Life Insurance Company reduced its stake in BeOne Medicines Ltd. - Sponsored ADR (NASDAQ:ONC - Free Report) by 40.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,308 shares of the company's stock after selling 3,538 shares during the quarter. The Manufacturers Life Insurance Company's holdings in BeOne Medicines were worth $1,576,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. Bank of America Corp DE bought a new position in shares of BeOne Medicines in the second quarter worth about $67,657,000. Man Group plc bought a new stake in shares of BeOne Medicines in the 2nd quarter valued at approximately $59,031,000. BNP Paribas Financial Markets purchased a new stake in shares of BeOne Medicines in the second quarter valued at $38,337,000. First Trust Advisors LP raised its position in BeOne Medicines by 91.9% in the 1st quarter. First Trust Advisors LP now owns 241,426 shares of the company's stock worth $71,696,000 after purchasing an additional 115,601 shares during the period. Finally, Qube Research & Technologies Ltd bought a new stake in shares of BeOne Medicines during the 2nd quarter worth approximately $26,034,000. Hedge funds and other institutional investors own 48.55% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on ONC shares. TD Cowen upped their target price on shares of BeOne Medicines from $424.00 to $454.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Weiss Ratings reissued a "sell (d-)" rating on shares of BeOne Medicines in a research report on Friday, July 17th. Barclays upped their price objective on shares of BeOne Medicines from $403.00 to $407.00 and gave the company an "overweight" rating in a report on Thursday. Morgan Stanley restated an "overweight" rating on shares of BeOne Medicines in a research note on Thursday. Finally, Leerink Partners lifted their price objective on shares of BeOne Medicines from $364.00 to $367.00 and gave the company an "outperform" rating in a research note on Friday, May 15th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $402.14.

Insider Buying and Selling

In other news, CEO John Oyler sold 61,397 shares of the stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $317.67, for a total value of $19,503,984.99. Following the transaction, the chief executive officer owned 9,180 shares in the company, valued at approximately $2,916,210.60. This represents a 86.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aaron Rosenberg sold 1,157 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $312.71, for a total transaction of $361,805.47. 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 a total of 345,561 shares of company stock worth $105,625,947 over the last ninety days. Insiders own 6.19% of the company's stock.

BeOne Medicines Price Performance

BeOne Medicines stock opened at $359.00 on Tuesday. BeOne Medicines Ltd. - Sponsored ADR has a 1 year low of $253.95 and a 1 year high of $385.22. The company's 50 day simple moving average is $298.11 and its 200-day simple moving average is $308.86. The company has a market capitalization of $39.39 billion, a price-to-earnings ratio of 63.20 and a beta of 0.49. The company has a debt-to-equity ratio of 0.17, a quick ratio of 3.06 and a current ratio of 3.40.

BeOne Medicines (NASDAQ:ONC - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $2.05 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $1.66 billion. As a group, equities research analysts expect that BeOne Medicines Ltd. - Sponsored ADR will post 7.3 earnings per share for the current year.

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. The company was founded by Xiao Dong Wang and John V. Oyler on October 28, 2010 and is headquartered in Basel, Switzerland.

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