BeiGene, Ltd. (NASDAQ:BGNE) Sees Large Drop in Short Interest

BeiGene, Ltd. (NASDAQ:BGNE) was the target of a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 1,090,000 shares, a drop of 27.8% from the October 15th total of 1,510,000 shares. Based on an average daily volume of 319,500 shares, the days-to-cover ratio is presently 3.4 days.

BeiGene Price Performance

Shares of NASDAQ BGNE traded down $4.06 during midday trading on Friday, hitting $189.23. 273,933 shares of the company’s stock were exchanged, compared to its average volume of 264,916. The business’s fifty day moving average price is $212.95 and its two-hundred day moving average price is $181.80. The company has a market cap of $18.43 billion, a price-to-earnings ratio of -22.96 and a beta of 0.63. The company has a current ratio of 1.93, a quick ratio of 1.75 and a debt-to-equity ratio of 0.05. BeiGene has a 12-month low of $126.97 and a 12-month high of $248.16.

BeiGene (NASDAQ:BGNE) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($1.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.04). The firm had revenue of $1 billion for the quarter, compared to analysts’ expectations of $983.26 million. BeiGene had a negative net margin of 25.94% and a negative return on equity of 25.12%. The company’s revenue for the quarter was up 28.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.01 EPS. As a group, research analysts forecast that BeiGene will post -5 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on BGNE. StockNews.com raised shares of BeiGene from a “hold” rating to a “buy” rating in a research report on Wednesday. JMP Securities initiated coverage on BeiGene in a research note on Wednesday, September 18th. They issued a “market outperform” rating and a $288.00 price objective on the stock. TD Cowen raised their target price on BeiGene from $254.00 to $260.00 and gave the stock a “buy” rating in a research report on Wednesday. Citigroup boosted their target price on BeiGene from $269.00 to $288.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Finally, JPMorgan Chase & Co. increased their price target on BeiGene from $200.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, BeiGene currently has a consensus rating of “Moderate Buy” and an average target price of $247.07.

Insider Activity at BeiGene

In related news, COO Xiaobin Wu sold 5,556 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $189.65, for a total transaction of $1,053,695.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Titus B. Ball sold 137 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $189.94, for a total value of $26,021.78. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,070 shares of company stock valued at $4,901,050. 7.43% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. XTX Topco Ltd purchased a new position in shares of BeiGene in the third quarter worth about $1,614,000. Quantinno Capital Management LP bought a new position in BeiGene during the 3rd quarter worth approximately $295,000. Point72 Asset Management L.P. increased its stake in BeiGene by 74.9% in the 3rd quarter. Point72 Asset Management L.P. now owns 667,166 shares of the company’s stock worth $149,785,000 after purchasing an additional 285,784 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in BeiGene in the third quarter valued at approximately $67,000. Finally, Erste Asset Management GmbH purchased a new stake in shares of BeiGene during the third quarter valued at approximately $4,478,000. 48.55% of the stock is owned by hedge funds and other institutional investors.

About BeiGene

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.