Beigene Ltd (BGNE) Rating Reiterated by Goldman Sachs Group, Inc. (The)
Beigene Ltd (NASDAQ:BGNE)‘s stock had its “buy” rating reaffirmed by investment analysts at Goldman Sachs Group, Inc. (The) in a note issued to investors on Tuesday. They currently have a $86.00 target price on the stock, up from their previous target price of $43.00. Goldman Sachs Group, Inc. (The)’s target price would suggest a potential upside of 22.91% from the company’s previous close.
Several other research firms have also commented on BGNE. Zacks Investment Research raised Beigene from a “sell” rating to a “buy” rating and set a $79.00 price target on the stock in a research report on Tuesday, July 11th. Ladenburg Thalmann Financial Services assumed coverage on Beigene in a research report on Monday, August 7th. They set a “buy” rating and a $81.00 price target on the stock. Morgan Stanley reaffirmed an “overweight” rating and set a $83.00 price target on shares of Beigene in a research report on Monday, July 10th. Maxim Group lifted their price target on Beigene from $57.00 to $73.00 and gave the stock a “buy” rating in a research report on Friday, July 7th. Finally, Robert W. Baird lifted their price target on Beigene from $44.00 to $58.00 and gave the stock an “outperform” rating in a research report on Thursday, July 6th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $76.67.
Shares of Beigene (BGNE) traded down 1.93% during midday trading on Tuesday, reaching $69.97. The company had a trading volume of 559,311 shares. Beigene has a 52-week low of $26.43 and a 52-week high of $79.89. The stock’s market capitalization is $2.79 billion. The company’s 50 day moving average price is $68.72 and its 200 day moving average price is $46.23.
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In other Beigene news, Director Xiaodong Wang sold 5,539 shares of Beigene stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $40.00, for a total value of $221,560.00. Following the transaction, the director now directly owns 55,000 shares in the company, valued at approximately $2,200,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Donald W. Glazer sold 10,810 shares of Beigene stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $72.15, for a total value of $779,941.50. Following the completion of the transaction, the director now owns 7,206 shares in the company, valued at $519,912.90. The disclosure for this sale can be found here. Insiders sold a total of 389,249 shares of company stock worth $22,594,820 over the last quarter.
Several hedge funds and other institutional investors have recently made changes to their positions in BGNE. Boxer Capital LLC increased its position in shares of Beigene by 72.2% in the fourth quarter. Boxer Capital LLC now owns 850,000 shares of the company’s stock valued at $25,806,000 after buying an additional 356,370 shares during the period. FMR LLC increased its position in shares of Beigene by 2.8% in the first quarter. FMR LLC now owns 3,987,748 shares of the company’s stock valued at $145,991,000 after buying an additional 107,323 shares during the period. Temasek Holdings Private Ltd bought a new position in shares of Beigene during the first quarter valued at $11,138,000. Guggenheim Capital LLC bought a new position in shares of Beigene during the fourth quarter valued at $670,000. Finally, Norges Bank bought a new position in shares of Beigene during the fourth quarter valued at $607,000. Institutional investors own 43.69% of the company’s stock.
BeiGene, Ltd. is a clinical-stage biopharmaceutical company. The Company is focused in the discovery and development of molecularly targeted and immuno-oncology drugs for the treatment of cancer. The Company had used its cancer biology platform to develop four clinical-stage drug candidates, such as BGB-3111, BGB-A317, BGB-290 and BGB-283, as of December 31, 2016.
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