Zacks Investment Research upgraded shares of BeiGene Ltd. (NASDAQ:BGNE) from a sell rating to a hold rating in a research note published on Tuesday morning.
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 analysts also recently issued research reports about the stock. Maxim Group set a $41.00 price target on shares of BeiGene and gave the stock a buy rating in a report on Saturday, October 8th. Cowen and Company restated a buy rating on shares of BeiGene in a report on Friday, October 7th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. BeiGene presently has an average rating of Buy and a consensus target price of $40.00.
Shares of BeiGene (NASDAQ:BGNE) opened at 31.52 on Tuesday. The stock’s market cap is $1.04 billion. BeiGene has a one year low of $22.51 and a one year high of $35.60. The stock’s 50 day moving average price is $30.79 and its 200 day moving average price is $29.34.
BeiGene (NASDAQ:BGNE) last announced its quarterly earnings results on Wednesday, August 10th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.68) by $0.05. The firm had revenue of $0.40 million for the quarter, compared to analyst estimates of $2.08 million. BeiGene’s quarterly revenue was down 71.4% on a year-over-year basis. Analysts forecast that BeiGene will post ($3.38) earnings per share for the current year.
In related news, Director Donald W. Glazer sold 41,463 shares of BeiGene stock in a transaction that occurred on Wednesday, September 28th. The shares were sold at an average price of $30.66, for a total value of $1,271,255.58. Following the completion of the sale, the director now owns 4,881,997 shares in the company, valued at approximately $149,682,028.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Donald W. Glazer sold 36,443 shares of BeiGene stock in a transaction that occurred on Friday, September 23rd. The shares were sold at an average price of $31.02, for a total transaction of $1,130,461.86. Following the completion of the sale, the director now owns 4,881,997 shares of the company’s stock, valued at approximately $151,439,546.94. The disclosure for this sale can be found here. 24.20% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the stock. Hillhouse Capital Management Ltd. bought a new stake in BeiGene during the first quarter valued at $20,517,000. FMR LLC increased its position in BeiGene by 34.0% in the second quarter. FMR LLC now owns 2,300,337 shares of the company’s stock valued at $68,550,000 after buying an additional 583,277 shares during the period. Temasek Holdings Private Ltd acquired a new position in BeiGene during the first quarter valued at approximately $11,138,000. VHCP Management II LLC acquired a new position in BeiGene during the first quarter valued at approximately $3,488,000. Finally, Boxer Capital LLC increased its position in BeiGene by 18.4% in the second quarter. Boxer Capital LLC now owns 493,630 shares of the company’s stock valued at $14,710,000 after buying an additional 76,751 shares during the period. Hedge funds and other institutional investors own 26.26% of the company’s stock.
BeiGene, Ltd. is a biopharmaceutical company. The Company is engaged in the discovery and development of molecularly targeted and immuno-oncology drugs for the treatment of cancer. It is developing its product candidate, BGB-3111, a potent and selective small molecule Bruton’s tyrosine kinase (BTK) inhibitor, as a monotherapy and in combination with other therapies for the treatment of a range of lymphomas.