BeiGene Ltd. (BGNE) Earns “Buy” Rating from Cowen and Company
BeiGene Ltd. (NASDAQ:BGNE)‘s stock had its “buy” rating reiterated by equities research analysts at Cowen and Company in a research report issued on Friday.
The analysts wrote, “BeiGene reported positive Phase I data in Waldenstrom’s Macroglobulinemia (WM) for.””
Several other equities research analysts have also commented on the stock. Zacks Investment Research raised shares of BeiGene from a “sell” rating to a “hold” rating in a research report on Tuesday, July 19th. Maxim Group started coverage on shares of BeiGene in a research report on Wednesday, September 21st. They set a “buy” rating and a $41.00 price target for the company. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. BeiGene presently has an average rating of “Buy” and a consensus target price of $40.00.
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Shares of BeiGene (NASDAQ:BGNE) traded up 0.16% during midday trading on Friday, reaching $31.84. 120,623 shares of the company were exchanged. BeiGene has a 12-month low of $22.51 and a 12-month high of $35.60. The company has a 50 day moving average price of $30.27 and a 200-day moving average price of $29.21. The stock’s market capitalization is $1.05 billion.
BeiGene (NASDAQ:BGNE) last issued its earnings results on Wednesday, August 10th. The company reported ($0.73) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.68) by $0.05. The business earned $0.40 million during the quarter, compared to analyst estimates of $2.08 million. The firm’s revenue for the quarter was down 71.4% on a year-over-year basis. On average, analysts forecast that BeiGene will post ($3.38) earnings per share for the current fiscal year.
In related news, Director Donald W. Glazer sold 47,149 shares of the business’s stock in a transaction that occurred on Tuesday, September 27th. The stock was sold at an average price of $29.61, for a total transaction of $1,396,081.89. Following the completion of the transaction, the director now directly owns 4,881,997 shares in the company, valued at approximately $144,555,931.17. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Donald W. Glazer sold 36,443 shares of the business’s stock in a transaction that occurred on Friday, September 23rd. The shares were sold at an average price of $31.02, for a total value of $1,130,461.86. Following the transaction, the director now owns 4,881,997 shares of the company’s stock, valued at $151,439,546.94. The disclosure for this sale can be found here. Corporate insiders own 24.20% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in BGNE. BlackRock Institutional Trust Company N.A. bought a new position in shares of BeiGene during the first quarter worth about $112,000. BlackRock Inc. increased its position in shares of BeiGene by 3,410.1% in the second quarter. BlackRock Inc. now owns 3,826 shares of the company’s stock worth $114,000 after buying an additional 3,717 shares during the period. Bank of Montreal Can bought a new position in shares of BeiGene during the second quarter worth about $191,000. Landscape Capital Management L.L.C. bought a new position in shares of BeiGene during the first quarter worth about $202,000. Finally, Vident Investment Advisory LLC bought a new position in shares of BeiGene during the second quarter worth about $678,000. Institutional investors own 26.26% of the company’s stock.
BeiGene Company Profile
BeiGene, Ltd. is a biopharmaceutical company. The Company is engaged in the discovery and development of molecularly targeted and immuno-oncology drugs for the treatment of cancer. It is developing its product candidate, BGB-3111, a potent and selective small molecule Bruton’s tyrosine kinase (BTK) inhibitor, as a monotherapy and in combination with other therapies for the treatment of a range of lymphomas.
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