Morgan Stanley Reiterates “Overweight” Rating for BeiGene (NASDAQ:BGNE)

BeiGene (NASDAQ:BGNE)‘s stock had its “overweight” rating reiterated by equities researchers at Morgan Stanley in a report released on Tuesday, MarketBeat reports. They presently have a $300.00 target price on the stock. Morgan Stanley’s price objective would indicate a potential upside of 50.69% from the stock’s previous close.

BGNE has been the topic of several other research reports. TD Cowen lifted their price target on BeiGene from $254.00 to $260.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. StockNews.com downgraded BeiGene from a “buy” rating to a “hold” rating in a research report on Thursday, November 21st. JMP Securities started coverage on BeiGene in a research report on Wednesday, September 18th. They issued a “market outperform” rating and a $288.00 target price on the stock. JPMorgan Chase & Co. lifted their target price on BeiGene from $200.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Finally, Citigroup lifted their target price on BeiGene from $269.00 to $288.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, BeiGene has an average rating of “Moderate Buy” and an average price target of $253.69.

BeiGene Stock Performance

Shares of BeiGene stock opened at $199.09 on Tuesday. The company has a market capitalization of $19.39 billion, a PE ratio of -24.16 and a beta of 0.57. BeiGene has a 12 month low of $126.97 and a 12 month high of $248.16. The company has a current ratio of 1.93, a quick ratio of 1.72 and a debt-to-equity ratio of 0.05. The stock’s fifty day simple moving average is $212.29 and its 200 day simple moving average is $185.34.

BeiGene (NASDAQ:BGNE) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($1.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.11) by ($0.04). BeiGene had a negative net margin of 25.94% and a negative return on equity of 25.12%. The firm had revenue of $1 billion during the quarter, compared to analyst estimates of $983.26 million. During the same period in the prior year, the business earned $2.01 EPS. The business’s revenue for the quarter was up 28.2% compared to the same quarter last year. On average, research analysts predict that BeiGene will post -5.49 EPS for the current year.

Insider Transactions at BeiGene

In other news, insider Xiaodong Wang sold 40,468 shares of BeiGene stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $190.10, for a total value of $7,692,966.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Xiaobin Wu sold 500 shares of BeiGene stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $200.00, for a total transaction of $100,000.00. Following the completion of the sale, the chief operating officer now owns 4,500 shares of the company’s stock, valued at approximately $900,000. The trade was a 10.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 57,845 shares of company stock worth $11,514,300 over the last quarter. Company insiders own 7.43% of the company’s stock.

Institutional Investors Weigh In On BeiGene

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. XTX Topco Ltd acquired a new stake in shares of BeiGene in the third quarter valued at approximately $1,614,000. Quantinno Capital Management LP acquired a new stake in shares of BeiGene in the third quarter valued at approximately $295,000. Point72 Asset Management L.P. raised its position in BeiGene by 74.9% during the third quarter. Point72 Asset Management L.P. now owns 667,166 shares of the company’s stock valued at $149,785,000 after purchasing an additional 285,784 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in BeiGene during the third quarter valued at approximately $67,000. Finally, Erste Asset Management GmbH acquired a new position in BeiGene during the third quarter valued at approximately $4,478,000. 48.55% of the stock is currently owned by institutional investors and hedge funds.

BeiGene Company Profile

BeiGene, Ltd., through its subsidiaries, engages in the development and commercialization of oncology medicines worldwide. Its products include BRUKINSA to treat various blood cancers; TEVIMBRA to treat various solid tumor and blood cancers; PARTRUVIX for the treatment of various solid tumor malignancies; XGEVA to treat bone metastases from solid tumors and multiple myeloma, as well as giant cell tumor of bone; BLINCYTO to treat acute lymphoblastic leukemia; KYPROLIS to treat R/R multiple myeloma; REVLIMID to treat multiple myeloma; VIDAZA to treat myelodysplastic syndromes, chronic myelomonocyte leukemia, and acute myeloid leukemia; SYLVANT to treat idiopathic multicentric castleman disease; QARZIBA to treat neuroblastoma; POBEVCY to treat metastatic colorectal cancer, liver cancer, and non-small cell lung cancer (NSCLC); BAITUOWEI, to treat breast and prostate cancers; TAFINLAR and MEKINIST to treat NSCLC and melanoma; VOTRIENT for advance renal cell carcinoma; AFINITOR for advance renal cell carcinoma, NET, SEGA, & breast cancers; and ZYKADIA to treat ALK + NSCLC.