BeOne Medicines (NASDAQ:ONC) Stock Price Down 4.8% – What’s Next?
by Doug Wharley · The Cerbat GemBeOne Medicines Ltd. – Sponsored ADR (NASDAQ:ONC – Get Free Report)’s stock price dropped 4.8% on Friday . The stock traded as low as $312.44 and last traded at $315.56. Approximately 190,761 shares traded hands during trading, a decline of 50% from the average daily volume of 384,078 shares. The stock had previously closed at $331.40.
Wall Street Analysts Forecast Growth
Several research analysts have recently issued reports on ONC shares. JPMorgan Chase & Co. raised their target price on shares of BeOne Medicines from $345.00 to $385.00 and gave the company an “overweight” rating in a research note on Wednesday, October 8th. Wall Street Zen upgraded BeOne Medicines from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 3rd. Citizens Jmp lifted their target price 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 target on shares of BeOne Medicines from $399.00 to $405.00 and gave the company a “buy” rating in a research note on Monday, November 10th. Finally, Truist Financial set a $400.00 price target on shares of BeOne Medicines in a research report on Monday, November 24th. Twelve investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $365.79.
Read Our Latest Analysis on ONC
BeOne Medicines Trading Down 3.9%
The company has a market capitalization of $37.76 billion, a price-to-earnings ratio of 624.59 and a beta of 0.45. The firm has a fifty day moving average price of $332.91 and a 200-day moving average price of $301.64. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.17 and a current ratio of 2.39.
Insider Buying and Selling
In other news, COO Xiaobin Wu sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $356.02, for a total transaction of $3,560,200.00. Following the completion of the sale, the chief operating officer owned 6,009 shares of the company’s stock, valued at approximately $2,139,324.18. This represents a 62.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Lai Wang sold 5,000 shares of the company’s stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $350.06, for a total value of $1,750,300.00. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 81,094 shares of company stock worth $27,929,161. 6.62% of the stock is owned by company insiders.
Hedge Funds Weigh In On BeOne Medicines
A number of institutional investors have recently added to or reduced their stakes in ONC. Coldstream Capital Management Inc. bought a new stake in shares of BeOne Medicines during the 3rd quarter worth $201,000. NewEdge Advisors LLC boosted its position in BeOne Medicines by 19.6% during the third quarter. NewEdge Advisors LLC now owns 1,856 shares of the company’s stock valued at $632,000 after buying an additional 304 shares during the period. Voloridge Investment Management LLC bought a new position in shares of BeOne Medicines during the third quarter valued at about $16,270,000. Nomura Holdings Inc. purchased a new position in shares of BeOne Medicines in the third quarter worth about $12,606,000. Finally, Mariner LLC bought a new stake in shares of BeOne Medicines in the 3rd quarter valued at about $290,000. 48.55% of the stock is currently owned by institutional investors and hedge funds.
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.
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