Beigene (BGNE) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Beigene (NASDAQ:BGNE) from a buy rating to a hold rating in a report released on Wednesday.

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. “

BGNE has been the topic of several other reports. Maxim Group set a $170.00 target price on Beigene and gave the stock a buy rating in a report on Monday, December 3rd. Cowen reaffirmed a buy rating on shares of Beigene in a report on Sunday, October 14th. ValuEngine raised Beigene from a buy rating to a strong-buy rating in a report on Tuesday, October 2nd. Piper Jaffray Companies set a $200.00 target price on Beigene and gave the stock a buy rating in a report on Sunday, December 2nd. Finally, BidaskClub raised Beigene from a strong sell rating to a sell rating in a report on Tuesday, November 20th. Two equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of Buy and an average price target of $175.19.

BGNE stock traded up $1.88 during midday trading on Wednesday, reaching $144.25. 224,556 shares of the stock were exchanged, compared to its average volume of 926,563. The firm has a market capitalization of $8.48 billion, a P/E ratio of -64.69 and a beta of 1.70. Beigene has a 52 week low of $95.34 and a 52 week high of $220.10. The company has a quick ratio of 11.47, a current ratio of 11.57 and a debt-to-equity ratio of 0.09.

Beigene (NASDAQ:BGNE) last issued its quarterly earnings data on Wednesday, November 7th. The company reported ($2.53) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.97) by $0.44. The business had revenue of $54.20 million for the quarter, compared to analyst estimates of $47.06 million. Beigene had a negative return on equity of 38.44% and a negative net margin of 320.08%. Beigene’s quarterly revenue was down 75.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.54 EPS. As a group, equities research analysts expect that Beigene will post -10.09 EPS for the current fiscal year.

In other news, Director Xiaodong Wang sold 5,000 shares of the business’s stock in a transaction dated Monday, November 19th. The stock was sold at an average price of $124.30, for a total value of $621,500.00. Following the transaction, the director now directly owns 3,900 shares of the company’s stock, valued at approximately $484,770. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John Oyler sold 29,195 shares of the business’s stock in a transaction dated Wednesday, November 28th. The shares were sold at an average price of $143.66, for a total value of $4,194,153.70. Following the completion of the transaction, the chief executive officer now directly owns 17,420,172 shares in the company, valued at $2,502,581,909.52. The disclosure for this sale can be found here. Insiders sold a total of 130,122 shares of company stock worth $17,156,904 over the last three months. 13.30% of the stock is owned by company insiders.

Large investors have recently made changes to their positions in the company. Belpointe Asset Management LLC lifted its stake in shares of Beigene by 314.5% in the 3rd quarter. Belpointe Asset Management LLC now owns 15,998 shares of the company’s stock valued at $2,755,000 after purchasing an additional 12,138 shares during the period. FMR LLC lifted its stake in shares of Beigene by 1.7% in the 3rd quarter. FMR LLC now owns 5,466,101 shares of the company’s stock valued at $941,371,000 after purchasing an additional 90,072 shares during the period. BlackRock Inc. raised its stake in Beigene by 9.2% during the 3rd quarter. BlackRock Inc. now owns 475,337 shares of the company’s stock worth $81,863,000 after buying an additional 39,948 shares during the period. Pictet Asset Management Ltd. acquired a new position in Beigene during the 3rd quarter worth approximately $2,213,000. Finally, Morgan Stanley raised its stake in Beigene by 39.6% during the 2nd quarter. Morgan Stanley now owns 500,476 shares of the company’s stock worth $76,939,000 after buying an additional 142,078 shares during the period. 76.70% of the stock is currently owned by institutional investors.

About Beigene

BeiGene, Ltd. develops and commercializes molecularly-targeted and immuno-oncology drugs for the treatment of cancer. Its commercial products include ABRAXANE, a chemotherapy product for the treatment of breast, non-small cell lung, pancreatic, and gastric cancer; 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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