BeOne Medicines (NASDAQ:ONC) Sets New 52-Week High on Better-Than-Expected Earnings

Key Points

• BeOne Medicines hit a 52-week high, trading as high as $407 after closing the prior session at $377.78.
• Quarterly EPS was $3.64, beating analyst expectations of $2.34 by $1.30.
• Analyst sentiment is broadly positive: the stock has a “Moderate Buy” consensus rating and an average price target of $412.26.

BeOne Medicines Ltd. - Sponsored ADR (NASDAQ:ONC - Get Free Report) shares reached a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $407.00 and last traded at $398.5320, with a volume of 30,627 shares trading hands. The stock had previously closed at $377.78.

The company reported $3.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.34 by $1.30. BeOne Medicines had a return on equity of 14.23% and a net margin of 10.70%.

Wall Street Analyst Weigh In

ONC has been the topic of a number of recent research reports. Weiss Ratings raised BeOne Medicines from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, October 8th. Citigroup reissued an "outperform" rating on shares of BeOne Medicines in a research note on Thursday, August 6th. Wolfe Research restated an "outperform" rating and set a $370.00 price target on shares of BeOne Medicines in a research note on Monday, August 10th. Truist Financial boosted their price objective on shares of BeOne Medicines from $418.00 to $420.00 and gave the company a "buy" rating in a research report on Wednesday, October 7th. Finally, Guggenheim upped their price objective on BeOne Medicines from $420.00 to $430.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, BeOne Medicines has a consensus rating of "Moderate Buy" and an average price target of $412.26.

Insider Activity at BeOne Medicines

In related news, insider Titus B. Ball sold 132 shares of BeOne Medicines stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $355.86, for a total value of $46,973.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO John Oyler sold 54,892 shares of the company's stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $358.15, for a total transaction of $19,659,569.80. Following the sale, the chief executive officer owned 240,743 shares of the company's stock, valued at $86,222,105.45. The trade was a 18.57% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 376,373 shares of company stock worth $134,848,154. Insiders own 6.19% of the company's stock.

Institutional Investors Weigh In On BeOne Medicines

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. First Trust Advisors LP raised its position in shares of BeOne Medicines by 91.9% during the 1st quarter. First Trust Advisors LP now owns 241,426 shares of the company's stock valued at $71,696,000 after buying an additional 115,601 shares in the last quarter. Jennison Associates LLC boosted its stake in shares of BeOne Medicines by 102.1% in the first quarter. Jennison Associates LLC now owns 154,465 shares of the company's stock valued at $45,871,000 after purchasing an additional 78,027 shares during the period. Renaissance Technologies LLC purchased a new position in shares of BeOne Medicines during the first quarter worth about $19,438,000. Candriam S.C.A. grew its holdings in BeOne Medicines by 31.7% during the first quarter. Candriam S.C.A. now owns 259,731 shares of the company's stock worth $77,132,000 after acquiring an additional 62,470 shares during the period. Finally, SEB Asset Management AB purchased a new stake in BeOne Medicines in the 1st quarter valued at approximately $16,653,000. 48.55% of the stock is currently owned by institutional investors.

BeOne Medicines Stock Performance

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 firm has a market capitalization of $43.62 billion, a PE ratio of 69.87 and a beta of 0.63. The company's fifty day moving average price is $362.57 and its two-hundred day moving average price is $325.73.

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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