BeOne Medicines (NASDAQ:ONC) Reaches New 12-Month High After Analyst Upgrade

BeOne Medicines Ltd. – Sponsored ADR (NASDAQ:ONC)’s share price reached a new 52-week high during trading on Tuesday after Royal Bank Of Canada raised their price target on the stock from $395.00 to $408.00. Royal Bank Of Canada currently has an outperform rating on the stock. BeOne Medicines traded as high as $385.22 and last traded at $376.63, with a volume of 558449 shares changing hands. The stock had previously closed at $365.82.

A number of other equities research analysts have also issued reports on ONC. Wall Street Zen raised shares of BeOne Medicines from a “buy” rating to a “strong-buy” rating in a report on Friday, October 3rd. Citizens Jmp increased their price objective on shares of BeOne Medicines from $348.00 to $396.00 and gave the company a “market outperform” rating in a report on Friday, November 7th. Guggenheim boosted their target price on BeOne Medicines from $350.00 to $365.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. Citigroup increased their price target on BeOne Medicines from $399.00 to $405.00 and gave the company a “buy” rating in a report on Monday, November 10th. Finally, JPMorgan Chase & Co. boosted their price objective on BeOne Medicines from $345.00 to $385.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 8th. Eleven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, BeOne Medicines currently has a consensus rating of “Moderate Buy” and an average price target of $363.15.

Insider Buying and Selling

In other news, COO Xiaobin Wu sold 3,991 shares of the stock in a transaction on Monday, November 17th. The stock was sold at an average price of $380.43, for a total transaction of $1,518,296.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Chan Henry Lee sold 996 shares of the business’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $349.17, for a total transaction of $347,773.32. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 81,254 shares of company stock valued at $27,971,587. 6.62% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On BeOne Medicines

Large investors have recently made changes to their positions in the stock. Coldstream Capital Management Inc. acquired a new stake in BeOne Medicines in the 3rd quarter valued at approximately $201,000. NewEdge Advisors LLC grew its stake in shares of BeOne Medicines by 19.6% in the third quarter. NewEdge Advisors LLC now owns 1,856 shares of the company’s stock valued at $632,000 after buying an additional 304 shares in the last quarter. Voloridge Investment Management LLC purchased a new stake in shares of BeOne Medicines in the 3rd quarter valued at $16,270,000. Nomura Holdings Inc. acquired a new position in BeOne Medicines during the 3rd quarter worth about $12,606,000. Finally, Mariner LLC purchased a new position in BeOne Medicines during the 3rd quarter valued at about $290,000. 48.55% of the stock is currently owned by institutional investors and hedge funds.

BeOne Medicines Stock Down 2.8%

The company has a current ratio of 2.39, a quick ratio of 2.17 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $41.94 billion, a PE ratio of 693.71 and a beta of 0.31. The business has a fifty day moving average of $331.56 and a 200 day moving average of $294.01.

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.