Beigene (NASDAQ:BGNE) Lifted to Strong-Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Beigene (NASDAQ:BGNE) from a hold rating to a strong-buy rating in a research report report published on Wednesday, Zacks.com reports. The firm currently has $133.00 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. “

A number of other analysts have also recently weighed in on the stock. Maxim Group set a $170.00 price target on shares of Beigene and gave the company a buy rating in a report on Friday, August 9th. Piper Jaffray Companies restated a buy rating on shares of Beigene in a report on Thursday, June 20th. Morgan Stanley lowered their price target on shares of Beigene from $207.00 to $201.00 and set an overweight rating on the stock in a report on Monday, August 12th. Macquarie started coverage on shares of Beigene in a report on Friday, July 5th. They issued an underperform rating on the stock. Finally, ValuEngine upgraded shares of Beigene from a buy rating to a strong-buy rating in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus price target of $178.50.

Shares of Beigene stock opened at $119.45 on Wednesday. The company has a current ratio of 6.46, a quick ratio of 6.28 and a debt-to-equity ratio of 0.15. Beigene has a 1 year low of $105.19 and a 1 year high of $164.99. The firm’s 50-day moving average is $130.87 and its two-hundred day moving average is $129.12.

Beigene (NASDAQ:BGNE) last issued its earnings results on Thursday, August 8th. The company reported ($1.43) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($3.01) by $1.58. Beigene had a negative net margin of 153.32% and a negative return on equity of 38.41%. The company had revenue of $243.35 million for the quarter, compared to analysts’ expectations of $65.58 million. During the same period in the prior year, the business earned ($2.92) EPS. The firm’s quarterly revenue was up 360.8% on a year-over-year basis. Equities analysts expect that Beigene will post -11.23 EPS for the current fiscal year.

In related news, Director Timothy Yung-Cheng Chen sold 8,614 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $144.96, for a total value of $1,248,685.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Jane Huang sold 10,130 shares of the stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $134.54, for a total transaction of $1,362,890.20. Following the completion of the transaction, the chief marketing officer now directly owns 328,873 shares of the company’s stock, valued at $44,246,573.42. The disclosure for this sale can be found here. Insiders sold a total of 24,106 shares of company stock worth $3,361,842 over the last 90 days. Company insiders own 13.40% of the company’s stock.

Several institutional investors have recently made changes to their positions in BGNE. Geode Capital Management LLC raised its position in shares of 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 purchasing an additional 108,218 shares during the last quarter. American International Group Inc. purchased a new position in shares of Beigene in the 1st quarter valued at approximately $476,000. Xact Kapitalforvaltning AB purchased a new position in shares of Beigene in the 1st quarter valued at approximately $515,000. Formula Growth Ltd. purchased a new position in shares of Beigene in the 1st quarter valued at approximately $574,000. Finally, Marshall Wace North America L.P. purchased a new position in shares of Beigene in the 1st quarter valued at approximately $76,000.

About Beigene

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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