BeiGene, Ltd. (NASDAQ:BGNE) Shares Sold by BlackRock Inc.

Posted by Defense World Staff on Mar 10th, 2023

BlackRock Inc. reduced its stake in BeiGene, Ltd. (NASDAQ:BGNE – Get Rating) by 2.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,788,901 shares of the company’s stock after selling 73,028 shares during the period. BlackRock Inc. owned 2.69% of BeiGene worth $375,998,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. AXA S.A. increased its holdings in shares of BeiGene by 0.6% in the third quarter. AXA S.A. now owns 28,696 shares of the company’s stock valued at $3,869,000 after buying an additional 183 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in BeiGene during the second quarter valued at about $6,443,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of BeiGene by 5.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,324 shares of the company’s stock worth $3,279,000 after acquiring an additional 1,307 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of BeiGene by 242.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 26,023 shares of the company’s stock valued at $3,508,000 after acquiring an additional 18,417 shares during the period. Finally, Profund Advisors LLC raised its holdings in shares of BeiGene by 5.7% during the third quarter. Profund Advisors LLC now owns 9,581 shares of the company’s stock valued at $1,292,000 after acquiring an additional 519 shares during the period. 51.43% of the stock is currently owned by institutional investors and hedge funds.

BeiGene Stock Performance

NASDAQ BGNE opened at $217.99 on Friday. The stock has a market cap of $22.70 billion, a P/E ratio of -11.19 and a beta of 0.77. The company has a quick ratio of 3.35, a current ratio of 3.55 and a debt-to-equity ratio of 0.05. BeiGene, Ltd. has a twelve month low of $118.18 and a twelve month high of $280.62. The company’s 50-day simple moving average is $245.14 and its 200 day simple moving average is $199.90.

BeiGene (NASDAQ:BGNE – Get Rating) last issued its earnings results on Monday, February 27th. The company reported ($4.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($4.18) by ($0.11). The company had revenue of $380.10 million during the quarter, compared to analyst estimates of $388.17 million. BeiGene had a negative return on equity of 39.72% and a negative net margin of 141.86%. The company’s quarterly revenue was up 77.6% on a year-over-year basis. During the same period in the previous year, the company posted ($6.22) earnings per share. As a group, research analysts forecast that BeiGene, Ltd. will post -12.44 earnings per share for the current fiscal year.

Insider Buying and Selling at BeiGene

In other BeiGene news, CEO John Oyler sold 1,120 shares of BeiGene stock in a transaction on Tuesday, December 27th. The stock was sold at an average price of $224.29, for a total transaction of $251,204.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Xiaodong Wang sold 900 shares of the stock in a transaction that occurred on Monday, January 9th. The stock was sold at an average price of $250.00, for a total transaction of $225,000.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO John Oyler sold 1,120 shares of BeiGene stock in a transaction on Tuesday, December 27th. The shares were sold at an average price of $224.29, for a total value of $251,204.80. The disclosure for this sale can be found here. Insiders have sold 16,046 shares of company stock worth $3,818,956 over the last three months. Company insiders own 7.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on BGNE shares. SVB Leerink lifted their price objective on shares of BeiGene from $236.00 to $300.00 and gave the stock an “outperform” rating in a research report on Friday, January 20th. Guggenheim restated a “buy” rating and set a $350.00 price target on shares of BeiGene in a research note on Tuesday, February 28th. Morgan Stanley cut their target price on shares of BeiGene from $325.00 to $321.00 and set an “overweight” rating for the company in a research report on Tuesday, February 28th. Cowen boosted their target price on shares of BeiGene from $213.00 to $262.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 28th. Finally, Daiwa Capital Markets assumed coverage on shares of BeiGene in a research report on Wednesday, January 11th. They issued a “buy” rating and a $308.00 price target on the stock. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $292.86.

BeiGene Profile

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BeiGene Ltd. is a global, science-driven biotechnology company focused on developing innovative and affordable medicines to improve treatment outcomes and access for patients worldwide. The company was founded by Xiao Dong Wang and John V. Oyler on October 28, 2010 and is headquartered in George Town, KY.