Cowen Reaffirms Buy Rating for Beigene (BGNE)
Beigene (NASDAQ:BGNE)‘s stock had its “buy” rating reiterated by investment analysts at Cowen in a note issued to investors on Monday.
A number of other brokerages have also recently commented on BGNE. Maxim Group set a $120.00 price objective on Beigene and gave the stock a “buy” rating in a research note on Tuesday, November 14th. Zacks Investment Research cut Beigene from a “hold” rating to a “sell” rating in a research note on Monday, November 13th. Robert W. Baird reaffirmed a “neutral” rating and set a $83.00 price objective (up from $58.00) on shares of Beigene in a research note on Tuesday, November 14th. Morgan Stanley reaffirmed an “overweight” rating and set a $95.00 price objective (up from $87.00) on shares of Beigene in a research note on Friday, October 6th. Finally, Goldman Sachs Group reaffirmed a “buy” rating and set a $86.00 price objective (up from $43.00) on shares of Beigene in a research note on Tuesday, August 15th. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. Beigene has an average rating of “Buy” and a consensus target price of $96.67.
Beigene (BGNE) traded down $4.59 during midday trading on Monday, hitting $91.39. The stock had a trading volume of 316,100 shares, compared to its average volume of 206,789. Beigene has a one year low of $27.29 and a one year high of $118.95. The company has a quick ratio of 9.27, a current ratio of 9.33 and a debt-to-equity ratio of 0.20.
In other Beigene news, CEO John Oyler sold 31,446 shares of Beigene stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $92.29, for a total transaction of $2,902,151.34. Following the transaction, the chief executive officer now directly owns 255,137 shares in the company, valued at $23,546,593.73. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CMO Jane Huang sold 600 shares of Beigene stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $85.00, for a total value of $51,000.00. Following the transaction, the chief marketing officer now owns 264,900 shares in the company, valued at $22,516,500. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 460,845 shares of company stock valued at $39,957,684. 19.90% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of BGNE. Hillhouse Capital Management Ltd. lifted its holdings in Beigene by 172.6% during the second quarter. Hillhouse Capital Management Ltd. now owns 3,720,726 shares of the company’s stock worth $167,433,000 after acquiring an additional 2,355,906 shares in the last quarter. Canada Pension Plan Investment Board bought a new position in Beigene during the third quarter worth about $62,076,000. Janus Henderson Group PLC bought a new position in Beigene during the third quarter worth about $33,744,000. Alliancebernstein L.P. bought a new position in Beigene during the second quarter worth about $7,373,000. Finally, Employees Retirement System of Texas bought a new position in Beigene during the second quarter worth about $2,855,000. Hedge funds and other institutional investors own 55.34% of the company’s stock.
COPYRIGHT VIOLATION WARNING: This news story was originally posted by American Banking News and is the sole property of of American Banking News. If you are reading this news story on another domain, it was illegally stolen and republished in violation of U.S. & international copyright legislation. The original version of this news story can be read at https://www.americanbankingnews.com/2017/12/12/cowen-reaffirms-buy-rating-for-beigene-bgne.html.
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.
Receive News & Ratings for Beigene Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Beigene and related companies with MarketBeat.com's FREE daily email newsletter.