BeiGene (NASDAQ:BGNE) Shares Gap Down – Here’s What Happened

BeiGene, Ltd. (NASDAQ:BGNE)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $193.29, but opened at $187.79. BeiGene shares last traded at $187.03, with a volume of 31,286 shares traded.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on BGNE shares. JMP Securities began coverage on shares of BeiGene in a research note on Wednesday, September 18th. They set a “market outperform” rating and a $288.00 price objective for the company. JPMorgan Chase & Co. boosted their price target on BeiGene from $200.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Citigroup upped their price target on BeiGene from $269.00 to $288.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. TD Cowen lifted their price objective on BeiGene from $254.00 to $260.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, StockNews.com upgraded BeiGene from a “hold” rating to a “buy” rating in a report on Wednesday. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $247.07.

BeiGene Stock Performance

The firm has a 50-day simple moving average of $212.91 and a 200 day simple moving average of $181.72. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.93 and a quick ratio of 1.75.

BeiGene (NASDAQ:BGNE) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($1.15) EPS for the quarter, missing the consensus estimate of ($1.11) by ($0.04). The company had revenue of $1 billion for the quarter, compared to analyst estimates of $983.26 million. BeiGene had a negative return on equity of 25.12% and a negative net margin of 25.94%. The business’s revenue was up 28.2% on a year-over-year basis. During the same period last year, the firm posted $2.01 earnings per share. Equities research analysts anticipate that BeiGene, Ltd. will post -5 EPS for the current fiscal year.

Insider Transactions at BeiGene

In other BeiGene news, CEO John Oyler sold 6,175 shares of the firm’s stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $232.22, for a total transaction of $1,433,958.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Chan Henry Lee sold 1,202 shares of BeiGene stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $237.10, for a total value of $284,994.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,070 shares of company stock valued at $4,901,050. Corporate insiders own 7.43% of the company’s stock.

Hedge Funds Weigh In On BeiGene

Several institutional investors and hedge funds have recently made changes to their positions in BGNE. Blue Trust Inc. raised its holdings in BeiGene by 156.3% in the third quarter. Blue Trust Inc. now owns 123 shares of the company’s stock valued at $28,000 after acquiring an additional 75 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of BeiGene in the 3rd quarter worth about $36,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of BeiGene in the 3rd quarter valued at about $67,000. Headlands Technologies LLC acquired a new stake in shares of BeiGene in the 1st quarter valued at about $50,000. Finally, SG Americas Securities LLC bought a new position in shares of BeiGene during the third quarter worth about $105,000. 48.55% of the stock is currently owned by hedge funds and other institutional investors.

About BeiGene

BeiGene, Ltd., through its subsidiaries, engages in the development and commercialization of oncology medicines worldwide. Its products include BRUKINSA to treat various blood cancers; TEVIMBRA to treat various solid tumor and blood cancers; PARTRUVIX for the treatment of various solid tumor malignancies; XGEVA to treat bone metastases from solid tumors and multiple myeloma, as well as giant cell tumor of bone; BLINCYTO to treat acute lymphoblastic leukemia; KYPROLIS to treat R/R multiple myeloma; REVLIMID to treat multiple myeloma; VIDAZA to treat myelodysplastic syndromes, chronic myelomonocyte leukemia, and acute myeloid leukemia; SYLVANT to treat idiopathic multicentric castleman disease; QARZIBA to treat neuroblastoma; POBEVCY to treat metastatic colorectal cancer, liver cancer, and non-small cell lung cancer (NSCLC); BAITUOWEI, to treat breast and prostate cancers; TAFINLAR and MEKINIST to treat NSCLC and melanoma; VOTRIENT for advance renal cell carcinoma; AFINITOR for advance renal cell carcinoma, NET, SEGA, & breast cancers; and ZYKADIA to treat ALK + NSCLC.