BeOne Medicines (NASDAQ:ONC) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

BeOne Medicines (NASDAQ:ONC) had its target price upped by stock analysts at JPMorgan Chase & Co. from $425.00 to $445.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 23.34% from the company’s current price.

A number of other research analysts have also issued reports on the company. Citizens Jmp boosted their target price on BeOne Medicines from $396.00 to $405.00 and gave the company a “market outperform” rating in a report on Thursday, August 6th. Wolfe Research reiterated an “outperform” rating and issued a $370.00 price objective on shares of BeOne Medicines in a research report on Monday, August 10th. Royal Bank Of Canada cut their price objective on shares of BeOne Medicines from $451.00 to $450.00 and set an “outperform” rating for the company in a research report on Thursday, August 6th. 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. Finally, Citigroup reaffirmed an “outperform” rating on shares of BeOne Medicines in a report on Thursday, August 6th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $404.14.

BeOne Medicines Stock Performance

ONC traded down $5.15 during trading on Thursday, hitting $360.79. 187,743 shares of the stock were exchanged, compared to its average volume of 304,262. BeOne Medicines has a 1-year low of $253.95 and a 1-year high of $385.22. The firm has a market capitalization of $39.61 billion, a P/E ratio of 63.54 and a beta of 0.51. The stock has a fifty day moving average price of $352.67 and a two-hundred day moving average price of $315.41. 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 issued its quarterly earnings results on Wednesday, August 5th. The company reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.65. The firm had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.66 billion. BeOne Medicines had a return on equity of 14.23% and a net margin of 10.70%. As a group, sell-side analysts predict that BeOne Medicines will post 8.81 earnings per share for the current year.

Insider Activity at BeOne Medicines

In other BeOne Medicines news, COO Xiaobin Wu sold 280 shares of the company’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $380.00, for a total value of $106,400.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Titus B. Ball sold 132 shares of the firm’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $355.86, for a total value 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. Insiders sold 631,860 shares of company stock valued at $210,652,073 in the last 90 days. 6.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On BeOne Medicines

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Global Retirement Partners LLC increased its stake in shares of BeOne Medicines by 1,051.7% during the 4th quarter. Global Retirement Partners LLC now owns 334 shares of the company’s stock worth $101,000 after purchasing an additional 305 shares in the last quarter. Parallel Advisors LLC lifted its stake in BeOne Medicines by 24.0% in 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 holdings in BeOne Medicines by 16.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 369 shares of the company’s stock valued at $110,000 after buying an additional 52 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in BeOne Medicines during the 1st quarter valued at $201,000. Finally, Empowered Funds LLC purchased a new position in BeOne Medicines during the first quarter worth $201,000. Institutional investors and hedge funds 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.