BeiGene (NASDAQ:BGNE) Shares Gap Down After Insider Selling

BeiGene, Ltd. (NASDAQ:BGNE)’s share price gapped down prior to trading on Thursday after an insider sold shares in the company. The stock had previously closed at $146.44, but opened at $142.27. BeiGene shares last traded at $142.18, with a volume of 9,254 shares traded.

Specifically, COO Xiaobin Wu sold 1,459 shares of the business’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $159.79, for a total transaction of $233,133.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Julia Aijun Wang sold 899 shares of the company’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $155.66, for a total value of $139,938.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Xiaobin Wu sold 1,459 shares of the company’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $159.79, for a total value of $233,133.61. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,927 shares of company stock valued at $4,965,913. Company insiders own 7.43% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Bank of America decreased their target price on BeiGene from $179.30 to $164.30 and set a “neutral” rating for the company in a research report on Monday, April 8th. JPMorgan Chase & Co. increased their price target on BeiGene from $184.00 to $186.00 and gave the company an “overweight” rating in a report on Tuesday, March 19th. TD Cowen increased their price target on BeiGene from $236.00 to $254.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Finally, Sanford C. Bernstein reduced their price target on BeiGene from $196.00 to $161.00 and set a “market perform” rating for the company in a report on Wednesday, March 27th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $251.93.

BeiGene Stock Performance

The company has a 50 day simple moving average of $156.39 and a 200-day simple moving average of $160.19. The company has a current ratio of 2.08, a quick ratio of 1.84 and a debt-to-equity ratio of 0.06.

BeiGene (NASDAQ:BGNE) last announced its quarterly earnings data on Wednesday, May 8th. The company reported ($2.41) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.07) by $0.66. BeiGene had a negative return on equity of 21.70% and a negative net margin of 28.39%. The firm had revenue of $751.70 million for the quarter, compared to analysts’ expectations of $670.09 million. During the same quarter in the prior year, the firm posted ($3.34) earnings per share. BeiGene’s revenue for the quarter was up 67.9% compared to the same quarter last year. As a group, equities research analysts predict that BeiGene, Ltd. will post -8.2 EPS for the current fiscal year.

Institutional Trading of BeiGene

A number of institutional investors and hedge funds have recently made changes to their positions in BGNE. Capital International Investors raised its position in shares of BeiGene by 11.5% during the 1st quarter. Capital International Investors now owns 7,064,428 shares of the company’s stock worth $1,104,806,000 after purchasing an additional 727,556 shares during the period. First Trust Advisors LP acquired a new stake in BeiGene in the 4th quarter valued at approximately $39,632,000. M&G Plc acquired a new stake in BeiGene in the 1st quarter valued at approximately $29,649,000. Goldman Sachs Group Inc. increased its position in BeiGene by 175.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 214,339 shares of the company’s stock valued at $38,658,000 after acquiring an additional 136,458 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its position in BeiGene by 6.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,026,094 shares of the company’s stock valued at $316,862,000 after acquiring an additional 117,905 shares during the period. 48.55% of the stock is currently owned by institutional investors and hedge funds.

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.