BeOne Medicines (NASDAQ:ONC) Upgraded to Buy at Wall Street Zen

Key Points

• BeOne Medicines has been upgraded from a "hold" to a "buy" rating by Wall Street Zen, reflecting increased analyst confidence in the company's stock.
• Several analysts, including JPMorgan Chase and Royal Bank of Canada, have raised their price targets for BeOne Medicines, with the average target now at $327.56.
• The company's shares declined by 1.7% recently, trading at $291.47, despite a recently reported quarterly earnings that beat consensus estimates significantly.

BeOne Medicines (NASDAQ:ONC - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Saturday.

A number of other analysts also recently issued reports on ONC. Morgan Stanley increased their target price on shares of BeOne Medicines from $313.00 to $330.00 and gave the stock an "overweight" rating in a research report on Friday, June 27th. Royal Bank Of Canada raised their target price on BeOne Medicines from $311.00 to $349.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Guggenheim raised their price target on BeOne Medicines from $348.00 to $350.00 and gave the company a "buy" rating in a report on Thursday, May 8th. TD Securities reissued a "buy" rating and issued a $334.00 price target on shares of BeOne Medicines in a research note on Thursday, April 24th. Finally, JPMorgan Chase & Co. lifted their price target on BeOne Medicines from $321.00 to $345.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $327.56.

BeOne Medicines Stock Up 3.8%

BeOne Medicines stock traded up $11.23 during mid-day trading on Friday, hitting $305.74. The company had a trading volume of 789,238 shares, compared to its average volume of 358,264. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.71 and a current ratio of 1.96. The stock has a market cap of $33.51 billion, a PE ratio of -82.19 and a beta of 0.28. The business has a fifty day moving average of $260.32. BeOne Medicines has a 1 year low of $155.75 and a 1 year high of $308.87.

BeOne Medicines (NASDAQ:ONC - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.22 earnings per share for the quarter, topping analysts' consensus estimates of ($0.71) by $1.93. BeOne Medicines had a negative net margin of 9.40% and a negative return on equity of 7.55%. The business had revenue of $1.12 billion for the quarter, compared to analysts' expectations of $1.12 billion. Equities analysts anticipate that BeOne Medicines will post -5.82 earnings per share for the current year.

Insider Transactions at BeOne Medicines

In other BeOne Medicines news, insider Lai Wang sold 700 shares of the stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $300.00, for a total value of $210,000.00. Following the completion of the sale, the insider directly owned 1,023,529 shares in the company, valued at $307,058,700. This represents a 0.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John Oyler sold 27,802 shares of the stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $253.38, for a total value of $7,044,470.76. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 138,273 shares of company stock valued at $34,366,799. Company insiders own 6.62% of the company's stock.

Hedge Funds Weigh In On BeOne Medicines

A number of hedge funds have recently added to or reduced their stakes in ONC. Allianz Asset Management GmbH bought a new stake in BeOne Medicines during the 2nd quarter worth approximately $799,000. Sequoia Financial Advisors LLC bought a new position in BeOne Medicines in the second quarter valued at $298,000. Yousif Capital Management LLC bought a new position in shares of BeOne Medicines during the second quarter valued at about $368,000. Vanguard Personalized Indexing Management LLC purchased a new stake in shares of BeOne Medicines during the second quarter worth about $537,000. Finally, Blue Trust Inc. purchased a new stake in BeOne Medicines in the second quarter worth about $210,000. Institutional investors own 48.55% of the company's stock.

BeOne Medicines Company Profile

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.