BeOne Medicines (NASDAQ:ONC) Cut to “Hold” at Zacks Research

Zacks Research downgraded shares of BeOne Medicines (NASDAQ:ONC) from a strong-buy rating to a hold rating in a research note published on Monday,Zacks reports.

A number of other analysts have also weighed in on the stock. Citigroup reaffirmed an “outperform” rating on shares of BeOne Medicines in a research note on Thursday, August 6th. Weiss Ratings raised shares of BeOne Medicines from a “sell (d-)” rating to a “hold (c+)” rating in a research report on Tuesday, September 22nd. TD Cowen boosted their price target on shares of BeOne Medicines from $424.00 to $454.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Truist Financial upped their price target on shares of BeOne Medicines from $416.00 to $418.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, Wall Street Zen upgraded shares of BeOne Medicines from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 18th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $404.29.

BeOne Medicines Trading Up 0.3%

Shares of NASDAQ ONC opened at $364.02 on Monday. BeOne Medicines has a twelve month low of $253.95 and a twelve month high of $385.22. The firm has a market cap of $39.97 billion, a PE ratio of 64.09 and a beta of 0.61. The business has a fifty day simple moving average of $356.05 and a two-hundred day simple moving average of $318.08. The company has a quick ratio of 3.06, a current ratio of 3.40 and a debt-to-equity ratio of 0.17.

BeOne Medicines (NASDAQ:ONC) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $2.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.65. The business had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.66 billion. BeOne Medicines had a return on equity of 14.23% and a net margin of 10.70%. Analysts expect that BeOne Medicines will post 8.99 earnings per share for the current fiscal year.

Insider Activity at BeOne Medicines

In other BeOne Medicines news, insider Titus B. Ball sold 132 shares of the stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $355.86, for a total transaction of $46,973.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Chan Lee sold 1,115 shares of the stock in a transaction dated Wednesday, September 30th. The shares were sold at an average price of $375.00, for a total transaction of $418,125.00. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 632,311 shares of company stock valued at $210,869,364 over the last 90 days. Company insiders own 6.19% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. QRG Capital Management Inc. lifted its position in BeOne Medicines by 13.6% during the second quarter. QRG Capital Management Inc. now owns 1,918 shares of the company’s stock valued at $547,000 after acquiring an additional 230 shares during the last quarter. Tidal Investments LLC grew its holdings in BeOne Medicines by 7.3% in the second quarter. Tidal Investments LLC now owns 13,561 shares of the company’s stock worth $3,864,000 after purchasing an additional 928 shares during the last quarter. Engineers Gate Manager LP purchased a new position in BeOne Medicines in the second quarter worth $4,646,000. Squarepoint Ops LLC increased its position in shares of BeOne Medicines by 6.0% during the second quarter. Squarepoint Ops LLC now owns 78,561 shares of the company’s stock worth $22,388,000 after purchasing an additional 4,437 shares in the last quarter. Finally, Baird Financial Group Inc. increased its position in shares of BeOne Medicines by 5.5% during the second quarter. Baird Financial Group Inc. now owns 368,978 shares of the company’s stock worth $105,148,000 after purchasing an additional 19,327 shares in the last quarter. Hedge funds and other institutional investors own 48.55% of the company’s stock.

BeOne Medicines Company Profile

BeOne Medicines Ltd. (NASDAQ: ONC) is a global oncology company focused on discovering, developing, manufacturing and commercializing medicines for people with cancer. The company operates across the research and development, clinical testing, regulatory and commercial stages of the biopharmaceutical industry, with an emphasis on treatments for blood cancers and solid tumors.

Its marketed portfolio includes BRUKINSA (zanubrutinib), a Bruton’s tyrosine kinase inhibitor used to treat several B-cell malignancies, and TEVIMBRA (tislelizumab), an immunotherapy targeting the PD-1 pathway for certain cancers.