BeOne Medicines (NASDAQ:ONC) Shares Break Above Fifty Day Moving Average - Here's Why

Key Points

• BeOne Medicines shares rose above their 50-day moving average of $362.57, reaching an intraday high of $383 and last trading at $377.78.
• Analysts give the stock a consensus “Moderate Buy” rating and a $412.26 price target; recent targets included JPMorgan’s $445 and Nomura’s $484.91.
• The company reported quarterly earnings of $3.64 per share, beating the $2.34 consensus estimate by $1.30.

BeOne Medicines Ltd. - Sponsored ADR (NASDAQ:ONC - Get Free Report)'s stock price crossed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $362.57 and traded as high as $383.00. BeOne Medicines shares last traded at $377.78, with a volume of 630,091 shares.

Analysts Set New Price Targets

ONC has been the topic of a number of research reports. Truist Financial increased their price objective on BeOne Medicines from $418.00 to $420.00 and gave the company a "buy" rating in a report on Wednesday, October 7th. JPMorgan Chase & Co. lifted their target price on BeOne Medicines from $425.00 to $445.00 and gave the stock an "overweight" rating in a report on Thursday, October 1st. Citizens Jmp upped their target price 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. Nomura increased their price target on shares of BeOne Medicines from $454.75 to $484.91 and gave the stock a "buy" rating in a report on Thursday, August 6th. Finally, Zacks Research lowered shares of BeOne Medicines from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 5th. One 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. Based on data from MarketBeat.com, BeOne Medicines presently has an average rating of "Moderate Buy" and a consensus price target of $412.26.

BeOne Medicines Price Performance

The company has a quick ratio of 3.06, a current ratio of 3.40 and a debt-to-equity ratio of 0.17. The stock's 50-day moving average price is $362.57 and its 200 day moving average price is $325.73. The firm has a market capitalization of $41.48 billion, a price-to-earnings ratio of 66.51 and a beta of 0.63.

BeOne Medicines (NASDAQ:ONC - Get Free Report) last issued its earnings results on Thursday, November 5th. The company reported $3.64 earnings per share for the quarter, topping the consensus estimate of $2.34 by $1.30. BeOne Medicines had a return on equity of 14.23% and a net margin of 10.70%. Equities research analysts expect that BeOne Medicines Ltd. - Sponsored ADR will post 8.99 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Xiaodong Wang sold 38,287 shares of the stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $349.10, for a total value of $13,365,991.70. Following the completion of the sale, the insider owned 6,079 shares of the company's stock, valued at $2,122,178.90. This represents a 86.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 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 value 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. Over the last quarter, insiders have sold 376,373 shares of company stock valued at $134,848,154. Company insiders own 6.19% of the company's stock.

Hedge Funds Weigh In On BeOne Medicines

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC lifted its stake in BeOne Medicines by 39.5% during the 3rd quarter. GAMMA Investing LLC now owns 120 shares of the company's stock worth $44,000 after acquiring an additional 34 shares in the last quarter. Mather Group LLC. grew its position in BeOne Medicines by 192.0% in the 3rd quarter. Mather Group LLC. now owns 73 shares of the company's stock valued at $27,000 after acquiring an additional 48 shares in the last quarter. Signaturefd LLC grew its position in BeOne Medicines by 13.4% in the 3rd quarter. Signaturefd LLC now owns 414 shares of the company's stock valued at $152,000 after acquiring an additional 49 shares in the last quarter. Steadtrust LLC increased its stake in BeOne Medicines by 3.7% during the second quarter. Steadtrust LLC now owns 1,400 shares of the company's stock worth $399,000 after purchasing an additional 50 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its position in shares of BeOne Medicines by 16.4% during the first quarter. EverSource Wealth Advisors LLC now owns 369 shares of the company's stock worth $110,000 after purchasing an additional 52 shares in the last quarter. 48.55% of the stock is currently owned by hedge funds and other institutional investors.

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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