JPMorgan Chase & Co. Begins Coverage on Beigene (BGNE)

JPMorgan Chase & Co. started coverage on shares of Beigene (NASDAQ:BGNE) in a research report released on Wednesday. The firm issued an overweight rating and a $174.00 target price on the stock.

Several other research firms also recently weighed in on BGNE. CLSA started coverage on Beigene in a research report on Wednesday, September 19th. They issued a buy rating and a $160.75 target price for the company. Cowen reaffirmed a buy rating on shares of Beigene in a research report on Thursday, September 20th. BidaskClub downgraded Beigene from a sell rating to a strong sell rating in a research report on Monday, October 15th. Zacks Investment Research raised Beigene from a sell rating to a hold rating in a research report on Wednesday, October 10th. Finally, Maxim Group set a $170.00 target price on Beigene and gave the company a buy rating in a research report on Thursday, November 15th. Two equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Beigene currently has an average rating of Buy and an average target price of $172.64.

Shares of BGNE opened at $153.31 on Wednesday. The stock has a market capitalization of $8.54 billion, a P/E ratio of -68.75 and a beta of 1.76. Beigene has a 12-month low of $77.54 and a 12-month high of $220.10. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.47 and a current ratio of 11.57.

Beigene (NASDAQ:BGNE) last issued its quarterly earnings data on Wednesday, November 7th. The company reported ($2.53) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.97) by $0.44. The firm had revenue of $54.20 million for the quarter, compared to analyst estimates of $47.06 million. Beigene had a negative net margin of 320.08% and a negative return on equity of 38.44%. Beigene’s revenue was down 75.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.54 EPS. Analysts expect that Beigene will post -9.84 earnings per share for the current year.

In other news, CMO Jane Huang sold 2,911 shares of the business’s stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $174.60, for a total transaction of $508,260.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO John Oyler sold 29,195 shares of the business’s stock in a transaction dated Wednesday, November 28th. The stock was sold at an average price of $143.66, for a total value of $4,194,153.70. Following the transaction, the chief executive officer now directly owns 17,420,172 shares of the company’s stock, valued at $2,502,581,909.52. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 103,895 shares of company stock valued at $13,667,657. 13.30% of the stock is currently owned by corporate insiders.

Institutional investors have recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. grew its position in shares of Beigene by 43.9% during the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 8,521 shares of the company’s stock worth $1,310,000 after buying an additional 2,599 shares in the last quarter. Baker BROS. Advisors LP grew its position in shares of Beigene by 105.2% during the second quarter. Baker BROS. Advisors LP now owns 11,959,824 shares of the company’s stock worth $1,838,584,000 after buying an additional 6,130,395 shares in the last quarter. FMR LLC grew its position in shares of Beigene by 1.7% during the third quarter. FMR LLC now owns 5,466,101 shares of the company’s stock worth $941,371,000 after buying an additional 90,072 shares in the last quarter. MYDA Advisors LLC acquired a new position in shares of Beigene during the second quarter worth about $384,000. Finally, Morgan Stanley grew its position in shares of Beigene by 39.6% during the second quarter. Morgan Stanley now owns 500,476 shares of the company’s stock worth $76,939,000 after buying an additional 142,078 shares in the last quarter. 83.69% of the stock is owned by institutional investors and hedge funds.

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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