BeOne Medicines Ltd. – Sponsored ADR (NASDAQ:ONC) Sees Significant Decrease in Short Interest
by Scott Moore · The Cerbat GemBeOne Medicines Ltd. – Sponsored ADR (NASDAQ:ONC – Get Free Report) was the recipient of a large decline in short interest during the month of March. As of March 31st, there was short interest totaling 1,214,628 shares, a decline of 19.5% from the March 15th total of 1,508,660 shares. Based on an average daily trading volume, of 206,328 shares, the days-to-cover ratio is currently 5.9 days. Currently, 1.2% of the company’s stock are sold short.
BeOne Medicines Trading Up 1.0%
Shares of ONC traded up $3.17 during midday trading on Friday, hitting $323.87. 207,224 shares of the stock were exchanged, compared to its average volume of 205,312. The firm has a market cap of $35.54 billion, a P/E ratio of 85.98 and a beta of 0.53. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.08 and a current ratio of 3.41. BeOne Medicines has a 52-week low of $218.31 and a 52-week high of $385.22. The stock has a fifty day simple moving average of $313.56 and a 200 day simple moving average of $324.49.
BeOne Medicines (NASDAQ:ONC – Get Free Report) last announced its quarterly earnings data on Thursday, February 26th. The company reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.60 by ($1.02). The company had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.45 billion. BeOne Medicines had a net margin of 5.37% and a return on equity of 10.70%. On average, research analysts anticipate that BeOne Medicines will post -5.82 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
Several analysts have weighed in on ONC shares. Morgan Stanley reiterated an “overweight” rating and set a $405.00 price target on shares of BeOne Medicines in a research note on Thursday, January 8th. Wall Street Zen cut BeOne Medicines from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 28th. Jefferies Financial Group cut BeOne Medicines from a “buy” rating to a “hold” rating and reduced their price target for the stock from $420.00 to $290.00 in a report on Monday, March 16th. Truist Financial increased their target price on BeOne Medicines from $400.00 to $412.00 and gave the company a “buy” rating in a report on Friday, February 27th. Finally, Wolfe Research began coverage on BeOne Medicines in a research report on Friday, March 27th. They issued an “outperform” rating and a $340.00 price target for the company. Eleven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $385.08.
Get Our Latest Research Report on ONC
Insiders Place Their Bets
In other BeOne Medicines news, SVP Chan Henry Lee sold 1,660 shares of the business’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $349.52, for a total transaction of $580,203.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 2,333 shares of company stock worth $785,951. 6.62% of the stock is owned by insiders.
Hedge Funds Weigh In On BeOne Medicines
Several hedge funds have recently made changes to their positions in the company. Capital International Investors grew its holdings in shares of BeOne Medicines by 1.3% during the fourth quarter. Capital International Investors now owns 5,113,866 shares of the company’s stock worth $1,553,909,000 after purchasing an additional 67,808 shares during the last quarter. Siren L.L.C. boosted its holdings in BeOne Medicines by 1.4% in the 4th quarter. Siren L.L.C. now owns 500,000 shares of the company’s stock valued at $151,905,000 after purchasing an additional 7,010 shares in the last quarter. Morgan Stanley boosted its stake in shares of BeOne Medicines by 23.9% during the 4th quarter. Morgan Stanley now owns 437,661 shares of the company’s stock worth $132,966,000 after acquiring an additional 84,367 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of BeOne Medicines by 23.5% during the 3rd quarter. Bank of America Corp DE now owns 345,256 shares of the company’s stock worth $117,629,000 after acquiring an additional 65,763 shares in the last quarter. Finally, Man Group plc boosted its stake in shares of BeOne Medicines by 18.9% during the 4th quarter. Man Group plc now owns 248,514 shares of the company’s stock worth $75,501,000 after acquiring an additional 39,498 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. 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.