Zacks Investment Research upgraded shares of Beigene (NASDAQ:BGNE) from a hold rating to a strong-buy rating in a research report released on Tuesday morning, Zacks.com reports. The firm currently has $141.00 price target on the stock.
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. “
Other equities research analysts have also recently issued research reports about the company. BidaskClub cut Waterstone Financial from a hold rating to a sell rating in a research note on Friday, June 21st. Maxim Group set a $9.00 price objective on Pitney Bowes and gave the stock a buy rating in a research note on Friday, May 31st. Cowen reiterated a buy rating on shares of Agios Pharmaceuticals in a research note on Friday, May 31st. Morgan Stanley set a $70.00 price objective on Edison International and gave the stock a hold rating in a research note on Monday. Finally, Sanford C. Bernstein initiated coverage on Beigene in a research note on Tuesday, June 4th. They set an outperform rating and a $201.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of Buy and a consensus target price of $181.88.
Beigene (NASDAQ:BGNE) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($2.81) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.15) by $0.34. Beigene had a negative return on equity of 44.75% and a negative net margin of 302.58%. The company had revenue of $77.83 million for the quarter, compared to analysts’ expectations of $55.79 million. During the same quarter in the prior year, the business posted ($2.03) EPS. The business’s revenue was up 139.2% compared to the same quarter last year. Analysts forecast that Beigene will post -12.95 earnings per share for the current fiscal year.
In related news, insider Xiaobin Wu sold 5,955 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $124.52, for a total value of $741,516.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Xiaodong Wang sold 4,847 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $126.46, for a total value of $612,951.62. Following the completion of the sale, the insider now owns 7,611,628 shares in the company, valued at approximately $962,566,476.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 63,365 shares of company stock worth $7,385,178. 13.30% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of BGNE. Norges Bank bought a new stake in Beigene in the 4th quarter valued at $47,799,000. FMR LLC raised its stake in Beigene by 2.3% in the 4th quarter. FMR LLC now owns 5,594,173 shares of the company’s stock valued at $784,639,000 after acquiring an additional 128,072 shares during the period. Geode Capital Management LLC raised its stake in Beigene by 418.8% in the 4th quarter. Geode Capital Management LLC now owns 134,057 shares of the company’s stock valued at $18,629,000 after acquiring an additional 108,218 shares during the period. Legal & General Group Plc raised its stake in Beigene by 98.7% in the 4th quarter. Legal & General Group Plc now owns 173,821 shares of the company’s stock valued at $24,381,000 after acquiring an additional 86,355 shares during the period. Finally, Bank of New York Mellon Corp bought a new stake in Beigene in the 4th quarter valued at $8,241,000.
Beigene Company Profile
BeiGene, Ltd., a commercial-stage biotechnology company, develops and commercializes molecularly-targeted and immuno-oncology drugs for the treatment of cancer in the People's Republic of China, the United States, and internationally. Its commercial products include ABRAXANE, a chemotherapy product for the treatment of breast, non-small cell lung, pancreatic, and gastric cancers; REVLIMID, an oral immunomodulatory drug for the treatment of multiple myeloma in combination with dexamethasone; and VIDAZA, a pyrimidine nucleoside analog for the treatment of intermediate-2 and myelodysplastic syndromes, chronic myelomonocyte leukemia, and acute myeloid leukemia with 20% to 30% blasts and multi-lineage dysplasia.
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