JPMorgan Chase & Co. Forecasts Strong Price Appreciation for BeOne Medicines (NASDAQ:ONC) Stock

BeOne Medicines (NASDAQ:ONC) had its price target raised by equities researchers at JPMorgan Chase & Co. from $415.00 to $425.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 30.41% from the company’s previous close.

Other research analysts have also issued reports about the stock. Morgan Stanley restated an “overweight” rating and set a $395.00 price objective on shares of BeOne Medicines in a research note on Thursday, May 7th. Wells Fargo & Company initiated coverage on BeOne Medicines in a report on Monday, May 4th. They set an “overweight” rating and a $400.00 price target for the company. Leerink Partners boosted their price target on BeOne Medicines from $364.00 to $367.00 and gave the stock an “outperform” rating in a research report on Friday, May 15th. Guggenheim upped their price objective on BeOne Medicines from $410.00 to $420.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Finally, Wall Street Zen upgraded BeOne Medicines from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 18th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, BeOne Medicines presently has a consensus rating of “Moderate Buy” and a consensus target price of $394.00.

BeOne Medicines Price Performance

Shares of NASDAQ ONC opened at $325.90 on Thursday. The company has a debt-to-equity ratio of 0.20, a current ratio of 3.64 and a quick ratio of 3.27. The business has a 50-day moving average of $291.44 and a 200-day moving average of $309.43. The stock has a market capitalization of $35.76 billion, a price-to-earnings ratio of 72.91 and a beta of 0.49. BeOne Medicines has a fifty-two week low of $253.95 and a fifty-two week high of $385.22.

BeOne Medicines (NASDAQ:ONC) last released its earnings results on Wednesday, April 1st. The company reported $0.25 earnings per share (EPS) for the quarter. BeOne Medicines had a return on equity of 12.06% and a net margin of 8.94%.The business had revenue of $1.51 billion for the quarter. As a group, sell-side analysts predict that BeOne Medicines will post 5.93 earnings per share for the current fiscal year.

Insider Buying and Selling at BeOne Medicines

In other news, COO Xiaobin Wu sold 1,484 shares of the company’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $269.37, for a total transaction of $399,745.08. Following the completion of the sale, the chief operating officer directly owned 40 shares in the company, valued at approximately $10,774.80. This represents a 97.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Lai Wang sold 1,367 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $269.38, for a total value of $368,242.46. Following the sale, the insider owned 40 shares of the company’s stock, valued at approximately $10,775.20. The trade was a 97.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 233,647 shares of company stock valued at $70,335,553 in the last three months. Corporate insiders own 6.19% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ONC. Bank of America Corp DE acquired a new stake in BeOne Medicines during the second quarter worth about $67,657,000. Man Group plc acquired a new position in shares of BeOne Medicines in the 2nd quarter valued at approximately $59,031,000. BNP Paribas Financial Markets bought a new stake in shares of BeOne Medicines during the 2nd quarter worth approximately $38,337,000. First Trust Advisors LP lifted its holdings in shares of BeOne Medicines by 91.9% during the 1st quarter. First Trust Advisors LP now owns 241,426 shares of the company’s stock worth $71,696,000 after acquiring an additional 115,601 shares during the period. Finally, Qube Research & Technologies Ltd acquired a new stake in shares of BeOne Medicines during the 2nd quarter worth approximately $26,034,000. Institutional investors and hedge funds own 48.55% of the company’s stock.

Key BeOne Medicines News

Here are the key news stories impacting BeOne Medicines this week:

• Positive Sentiment: JPMorgan raised its price target on BeOne Medicines to $425 from $415 and reiterated an overweight rating, signaling additional upside from recent trading levels.
• Positive Sentiment: BeOne announced plans to invest $300 million to expand its New Jersey manufacturing campus, reinforcing long-term U.S. growth, supply-chain capacity, and commitment to oncology production. Article: BeOne Medicines To Invest $300M In New Jersey Manufacturing Expansion
• Positive Sentiment: Another report described the U.S. manufacturing expansion as part of a broader investment plan of more than $1 billion, which may be viewed favorably by investors looking for scale and operational resilience.

BeOne Medicines Company Profile

BeOne Medicines Ltd. is a global oncology company domiciled in Switzerland that is discovering and developing innovative treatments that are more affordable and accessible to cancer patients worldwide. The firm portfolio spanning hematology and solid tumors, BeOne is expediting development of its diverse pipeline of novel therapeutics through its internal capabilities and collaborations. The company was founded by Xiao Dong Wang and John V. Oyler on October 28, 2010 and is headquartered in Basel, Switzerland.