New York State Common Retirement Fund grew its stake in Beigene Ltd (NASDAQ:BGNE) by 63.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 84,013 shares of the company’s stock after purchasing an additional 32,700 shares during the period. New York State Common Retirement Fund owned about 0.14% of Beigene worth $11,090,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in the business. FMR LLC boosted its position in Beigene by 2.3% in the 4th quarter. FMR LLC now owns 5,594,173 shares of the company’s stock worth $784,639,000 after purchasing an additional 128,072 shares in the last quarter. Hillhouse Capital Advisors Ltd. purchased a new stake in Beigene in the 4th quarter worth approximately $622,467,000. BlackRock Inc. boosted its position in Beigene by 294.9% in the 4th quarter. BlackRock Inc. now owns 1,877,110 shares of the company’s stock worth $263,281,000 after purchasing an additional 1,401,773 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in Beigene by 0.5% in the 4th quarter. Canada Pension Plan Investment Board now owns 1,121,497 shares of the company’s stock worth $157,288,000 after purchasing an additional 5,627 shares in the last quarter. Finally, Northern Trust Corp boosted its position in Beigene by 22,043.2% in the 4th quarter. Northern Trust Corp now owns 566,423 shares of the company’s stock worth $79,446,000 after purchasing an additional 563,865 shares in the last quarter.
BGNE has been the subject of several research analyst reports. Zacks Investment Research downgraded Beigene from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 4th. BidaskClub raised Beigene from a “hold” rating to a “buy” rating in a research note on Friday, April 5th. Piper Jaffray Companies reduced their target price on Beigene to $170.00 and set an “overweight” rating for the company in a research note on Thursday, February 28th. Maxim Group set a $170.00 target price on Beigene and gave the stock a “buy” rating in a research note on Thursday, February 28th. Finally, Bank of America initiated coverage on Beigene in a research note on Friday, March 15th. They set a “buy” rating and a $200.00 target price for the company. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $182.28.
NASDAQ BGNE traded up $3.64 during mid-day trading on Wednesday, hitting $124.66. The stock had a trading volume of 221,800 shares, compared to its average volume of 333,003. The stock’s 50 day moving average is $124.40. Beigene Ltd has a twelve month low of $105.19 and a twelve month high of $194.56. The company has a debt-to-equity ratio of 0.14, a current ratio of 7.52 and a quick ratio of 7.47. The company has a market capitalization of $5.76 billion, a PE ratio of -10.26 and a beta of 1.11.
Beigene (NASDAQ:BGNE) last issued its earnings results on Thursday, May 9th. The company reported ($2.81) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($3.15) by $0.34. The company had revenue of $77.83 million during the quarter, compared to analysts’ expectations of $55.79 million. Beigene had a negative return on equity of 44.75% and a negative net margin of 302.58%. The firm’s quarterly revenue was up 139.2% on a year-over-year basis. During the same period in the prior year, the business earned ($2.03) EPS. On average, sell-side analysts anticipate that Beigene Ltd will post -12.95 earnings per share for the current year.
In other Beigene news, CMO Jane Huang sold 14,130 shares of the company’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $142.77, for a total value of $2,017,340.10. Following the completion of the sale, the chief marketing officer now directly owns 271,621 shares in the company, valued at approximately $38,779,330.17. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Xiaobin Wu sold 5,955 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $124.52, for a total value of $741,516.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 63,236 shares of company stock valued at $8,286,319. 13.30% of the stock is owned by company insiders.
BeiGene, Ltd., a commercial-stage biotechnology company, develops and commercializes molecularly-targeted and immuno-oncology drugs for the treatment of cancer in the People's Republic of China, the United States, and internationally. Its commercial products include ABRAXANE, a chemotherapy product for the treatment of breast, non-small cell lung, pancreatic, and gastric cancers; 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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