BeiGene (NASDAQ:BGNE) Shares Gap Down – Here’s Why

Shares of BeiGene, Ltd. (NASDAQ:BGNE) gapped down prior to trading on Friday . The stock had previously closed at $193.29, but opened at $187.79. BeiGene shares last traded at $187.03, with a volume of 31,286 shares traded.

Wall Street Analyst Weigh In

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

BeiGene Price Performance

The company has a debt-to-equity ratio of 0.05, a current ratio of 1.93 and a quick ratio of 1.75. The business has a 50-day moving average price of $212.91 and a two-hundred day moving average price of $181.72.

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

Insider Buying and Selling

In related news, CEO John Oyler sold 6,175 shares of BeiGene stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $232.22, for a total transaction of $1,433,958.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Chan Henry Lee sold 1,202 shares of the business’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $237.10, for a total transaction of $284,994.20. The disclosure for this sale can be found here. Insiders sold 23,070 shares of company stock worth $4,901,050 in the last ninety days. Insiders own 7.43% of the company’s stock.

Hedge Funds Weigh In On BeiGene

Institutional investors and hedge funds have recently modified their holdings of the company. Janney Montgomery Scott LLC raised its holdings in BeiGene by 63.7% in the 1st quarter. Janney Montgomery Scott LLC now owns 2,280 shares of the company’s stock valued at $357,000 after acquiring an additional 887 shares during the last quarter. Envestnet Portfolio Solutions Inc. acquired a new position in BeiGene in the first quarter valued at $209,000. Headlands Technologies LLC acquired a new position in BeiGene in the first quarter valued at $50,000. ProShare Advisors LLC lifted its position in BeiGene by 8.1% during the first quarter. ProShare Advisors LLC now owns 2,902 shares of the company’s stock worth $454,000 after buying an additional 217 shares during the period. Finally, Bleakley Financial Group LLC boosted its stake in BeiGene by 52.2% in the 1st quarter. Bleakley Financial Group LLC now owns 5,661 shares of the company’s stock worth $885,000 after buying an additional 1,942 shares during the last quarter. Hedge funds and other institutional investors own 48.55% of the company’s stock.

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.