BeiGene, Ltd. (BGNE) Upgraded by Zacks Investment Research to Buy
BeiGene, Ltd. (NASDAQ:BGNE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm currently has a $115.00 target price on the stock. Zacks Investment Research‘s target price would suggest a potential upside of 9.49% from the company’s current price.
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. “
BGNE has been the topic of several other research reports. Maxim Group reissued a “buy” rating and issued a $120.00 price target (up previously from $77.00) on shares of BeiGene in a research note on Thursday, September 28th. Goldman Sachs Group, Inc. (The) restated a “buy” rating and issued a $86.00 price target (up from $43.00) on shares of BeiGene in a report on Tuesday, August 15th. Ladenburg Thalmann Financial Services initiated coverage on BeiGene in a research report on Monday, August 7th. They set a “buy” rating and a $81.00 price objective for the company. Robert W. Baird upped their price objective on BeiGene from $44.00 to $58.00 and gave the stock an “outperform” rating in a research report on Thursday, July 6th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $83.00 price objective on shares of BeiGene in a report on Monday, July 10th. Eight research analysts have rated the stock with a buy rating, BeiGene presently has an average rating of “Buy” and a consensus price target of $90.50.
Shares of BeiGene (NASDAQ BGNE) traded up 2.58% on Tuesday, reaching $105.03. The company’s stock had a trading volume of 119,544 shares. The stock’s market cap is $4.18 billion. The company’s 50 day moving average is $86.97 and its 200-day moving average is $86.97. BeiGene has a 1-year low of $26.43 and a 1-year high of $107.00.
In other BeiGene news, Director Xiaodong Wang sold 20,000 shares of the business’s stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $72.44, for a total transaction of $1,448,800.00. Following the sale, the director now directly owns 16,300 shares of the company’s stock, valued at approximately $1,180,772. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Donald W. Glazer sold 10,810 shares of the business’s stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $72.15, for a total transaction of $779,941.50. Following the sale, the director now directly owns 7,206 shares in the company, valued at $519,912.90. The disclosure for this sale can be found here. In the last ninety days, insiders sold 250,210 shares of company stock valued at $16,450,250. 19.90% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC grew its holdings in shares of BeiGene by 2.8% in the 1st quarter. FMR LLC now owns 3,987,748 shares of the company’s stock valued at $145,991,000 after acquiring an additional 107,323 shares in the last quarter. Baillie Gifford & Co. boosted its position in BeiGene by 5.0% during the second quarter. Baillie Gifford & Co. now owns 74,424 shares of the company’s stock valued at $3,349,000 after purchasing an additional 3,559 shares during the last quarter. OppenheimerFunds Inc. acquired a new position in BeiGene during the first quarter valued at approximately $2,086,000. Myriad Asset Management Ltd. boosted its position in BeiGene by 16.6% during the second quarter. Myriad Asset Management Ltd. now owns 385,585 shares of the company’s stock valued at $17,351,000 after purchasing an additional 54,900 shares during the last quarter. Finally, Alliancebernstein L.P. acquired a new position in BeiGene during the second quarter valued at approximately $7,373,000. Institutional investors own 51.02% of the company’s stock.
BeiGene Company Profile
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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