BeOne Medicines (NASDAQ:ONC) Downgraded by Zacks Research to Hold

Zacks Research lowered shares of BeOne Medicines (NASDAQ:ONC) from a strong-buy rating to a hold rating in a research report released on Monday morning,Zacks reports.

A number of other research firms have also recently commented on ONC. Weiss Ratings upgraded BeOne Medicines from a “sell (d-)” rating to a “hold (c+)” rating in a research note on Tuesday, September 22nd. Guggenheim increased their price objective on BeOne Medicines from $420.00 to $430.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Citizens Jmp upped their price target on shares of BeOne Medicines from $396.00 to $405.00 and gave the stock a “market outperform” rating in a report on Thursday, August 6th. JPMorgan Chase & Co. lifted their target price on shares of BeOne Medicines from $425.00 to $445.00 and gave the company an “overweight” rating in a research report on Thursday, October 1st. Finally, Royal Bank Of Canada reduced their price objective on BeOne Medicines from $451.00 to $450.00 and set an “outperform” rating on the stock in a research report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $404.14.

BeOne Medicines Stock Up 0.3%

ONC opened at $362.78 on Monday. BeOne Medicines has a fifty-two week low of $253.95 and a fifty-two week high of $385.22. The firm has a market capitalization of $39.83 billion, a P/E ratio of 63.87 and a beta of 0.61. The company’s 50-day moving average is $355.32 and its 200 day moving average is $317.50. The company has a debt-to-equity ratio of 0.17, a current ratio of 3.40 and a quick ratio of 3.06.

BeOne Medicines (NASDAQ:ONC) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $2.05 EPS for the quarter, beating the consensus estimate of $1.40 by $0.65. BeOne Medicines had a net margin of 10.70% and a return on equity of 14.23%. The firm had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.66 billion. Research analysts expect that BeOne Medicines will post 8.81 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Xiaodong Wang sold 31,028 shares of the stock in a transaction dated Monday, September 28th. The shares were sold at an average price of $364.79, for a total transaction of $11,318,704.12. Following the sale, the insider directly owned 31,028 shares of the company’s stock, valued at approximately $11,318,704.12. This represents a 50.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Titus B. Ball sold 132 shares of BeOne Medicines stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $355.86, for a total transaction of $46,973.52. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 632,311 shares of company stock valued at $210,869,364. Company insiders own 6.19% of the company’s stock.

Institutional Investors Weigh In On BeOne Medicines

Several large investors have recently bought and sold shares of ONC. Parallel Advisors LLC lifted its holdings in BeOne Medicines by 24.0% during the 1st quarter. Parallel Advisors LLC now owns 351 shares of the company’s stock valued at $104,000 after buying an additional 68 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in BeOne Medicines by 16.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 369 shares of the company’s stock worth $110,000 after purchasing an additional 52 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of BeOne Medicines in the first quarter valued at about $201,000. Empowered Funds LLC acquired a new stake in BeOne Medicines during the 1st quarter valued at approximately $201,000. Finally, AXQ Capital LP purchased a new stake in BeOne Medicines in the second quarter valued at $201,000. Institutional investors own 48.55% of the company’s stock.

About BeOne Medicines

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.