BeiGene Ltd. (BGNE) Upgraded to “Hold” at Zacks Investment Research
BeiGene Ltd. (NASDAQ:BGNE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “BeiGene, Ltd. is a biotechnology company which focused on immuno-oncological therapeutics. The company’s clinical-stage drug candidates include BGB-3111, BGB-283, BGB-290, and BGB-A317. BeiGene, Ltd. is based in Camana Bay, Cayman Islands. “
A number of other equities research analysts have also weighed in on the stock. Maxim Group set a $41.00 price target on shares of BeiGene and gave the company a “buy” rating in a report on Saturday. Cowen and Company reaffirmed a “buy” rating on shares of BeiGene in a report on Friday. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. BeiGene presently has a consensus rating of “Buy” and a consensus price target of $40.00.
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BeiGene (NASDAQ:BGNE) traded up 0.22% on Tuesday, reaching $32.18. 61,026 shares of the company’s stock were exchanged. BeiGene has a 1-year low of $22.51 and a 1-year high of $35.60. The firm’s market capitalization is $1.06 billion. The stock’s 50 day moving average price is $30.52 and its 200 day moving average price is $29.27.
BeiGene (NASDAQ:BGNE) last released its quarterly 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 company had revenue of $0.40 million for the quarter, compared to analyst estimates of $2.08 million. The firm’s revenue for the quarter was down 71.4% compared to the same quarter last year. On average, analysts expect that BeiGene will post ($3.38) earnings per share for the current year.
In other BeiGene news, Director Donald W. Glazer sold 36,443 shares of the firm’s stock in a transaction on Friday, September 23rd. The shares were sold at an average price of $31.02, for a total transaction of $1,130,461.86. Following the completion of the transaction, the director now directly owns 4,881,997 shares of the company’s stock, valued at approximately $151,439,546.94. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Donald W. Glazer sold 47,149 shares of the firm’s stock in a transaction 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 transaction, the director now directly owns 4,881,997 shares of the company’s stock, valued at $144,555,931.17. The disclosure for this sale can be found here.
Hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC raised its position in shares of BeiGene by 34.0% in the second quarter. FMR LLC now owns 2,300,337 shares of the company’s stock valued at $68,550,000 after buying an additional 583,277 shares in the last quarter. Hillhouse Capital Management Ltd. acquired a new position in BeiGene during the first quarter valued at approximately $20,517,000. Boxer Capital LLC raised its position in BeiGene by 18.4% in the second quarter. Boxer Capital LLC now owns 493,630 shares of the company’s stock valued at $14,710,000 after buying an additional 76,751 shares during the period. Temasek Holdings Private Ltd acquired a new position in BeiGene during the first quarter valued at approximately $11,138,000. Finally, VHCP Management II LLC acquired a new position in BeiGene during the first quarter valued at approximately $3,488,000. 26.26% of the stock is owned by institutional investors.
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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