BeOne Medicines (NASDAQ:ONC) Shares Gap Down Following Weak Earnings

BeOne Medicines Ltd. – Sponsored ADR (NASDAQ:ONC)’s stock price gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $352.23, but opened at $328.62. BeOne Medicines shares last traded at $324.44, with a volume of 102,751 shares.

The company reported $0.58 earnings per share for the quarter, missing the consensus estimate of $1.60 by ($1.02). BeOne Medicines had a net margin of 1.38% and a return on equity of 5.52%.

Analyst Ratings Changes

Several equities analysts recently commented on ONC shares. Jefferies Financial Group restated a “buy” rating and set a $420.00 target price on shares of BeOne Medicines in a research report on Monday, November 17th. Citizens Jmp boosted their price objective on BeOne Medicines from $348.00 to $396.00 and gave the stock a “market outperform” rating in a report on Friday, November 7th. Citigroup upped their price objective on shares of BeOne Medicines from $399.00 to $405.00 and gave the stock a “buy” rating in a research report on Monday, November 10th. Sanford C. Bernstein raised shares of BeOne Medicines from a “hold” rating to an “outperform” rating and set a $414.00 target price on the stock in a research note on Monday, January 12th. Finally, Barclays boosted their price target on shares of BeOne Medicines from $385.00 to $394.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 4th. Thirteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $381.46.

Insider Activity at BeOne Medicines

In other news, CEO John Oyler sold 75,631 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $307.79, for a total value of $23,278,465.49. Following the completion of the sale, the chief executive officer directly owned 24,369 shares in the company, valued at approximately $7,500,534.51. The trade was a 75.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Chan Henry Lee sold 1,660 shares of the company’s stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $349.52, for a total transaction of $580,203.20. The disclosure for this sale is available in the SEC filing. Insiders have sold 102,656 shares of company stock worth $31,567,496 over the last three months. Insiders own 6.62% of the company’s stock.

Institutional Investors Weigh In On BeOne Medicines

Hedge funds and other institutional investors have recently modified their holdings of the stock. Asset Management One Co. Ltd. bought a new stake in BeOne Medicines in the second quarter valued at approximately $4,951,000. Envestnet Asset Management Inc. bought a new stake in BeOne Medicines during the 2nd quarter valued at $15,061,000. Y Intercept Hong Kong Ltd purchased a new stake in BeOne Medicines during the 2nd quarter valued at $564,000. Bank of Montreal Can purchased a new stake in BeOne Medicines during the 2nd quarter valued at $1,932,000. Finally, EFG Asset Management North America Corp. bought a new stake in BeOne Medicines in the 2nd quarter worth $1,298,000. Institutional investors own 48.55% of the company’s stock.

BeOne Medicines Price Performance

The stock has a market cap of $35.16 billion, a PE ratio of 628.65 and a beta of 0.52. The business’s 50-day simple moving average is $336.49 and its 200-day simple moving average is $330.27. The company has a quick ratio of 2.17, a current ratio of 2.39 and a debt-to-equity ratio of 0.03.

About BeOne Medicines

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. The company was founded by Xiao Dong Wang and John V. Oyler on October 28, 2010 and is headquartered in Basel, Switzerland.