BeiGene Ltd. (BGNE) Announces Quarterly Earnings Results, Misses Estimates By $0.30 EPS
BeiGene Ltd. (NASDAQ:BGNE) issued its earnings results on Thursday. The company reported ($1.08) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.78) by $0.30.
Shares of BeiGene (NASDAQ:BGNE) opened at 35.92 on Friday. BeiGene has a one year low of $22.51 and a one year high of $36.76. The stock has a 50 day moving average of $32.07 and a 200 day moving average of $29.68.
BGNE has been the topic of several research reports. Zacks Investment Research upgraded shares of BeiGene from a “sell” rating to a “hold” rating in a report on Monday, September 19th. Maxim Group initiated coverage on shares of BeiGene in a report on Wednesday, September 21st. They set a “buy” rating and a $41.00 price objective on the stock. Finally, Cowen and Company restated a “buy” rating on shares of BeiGene in a report on Friday, October 7th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $40.00.
In related news, Director Donald W. Glazer sold 36,443 shares of BeiGene stock in a transaction on Friday, September 23rd. The shares were sold at an average price of $31.02, for a total value of $1,130,461.86. Following the sale, the director now owns 4,881,997 shares in the company, valued at $151,439,546.94. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Donald W. Glazer sold 47,149 shares of BeiGene stock in a transaction on Tuesday, September 27th. The shares were sold at an average price of $29.61, for a total transaction of $1,396,081.89. Following the completion of the sale, the director now owns 4,881,997 shares in the company, valued at approximately $144,555,931.17. The disclosure for this sale can be found here. 24.20% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in BGNE. Vident Investment Advisory LLC bought a new stake in BeiGene during the second quarter valued at $678,000. FMR LLC boosted its stake in BeiGene by 34.0% in the second quarter. FMR LLC now owns 2,300,337 shares of the company’s stock valued at $68,550,000 after buying an additional 583,277 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in BeiGene by 67.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 6,404 shares of the company’s stock valued at $191,000 after buying an additional 2,589 shares during the period. Finally, BlackRock Inc. boosted its stake in BeiGene by 3,410.1% in the second quarter. BlackRock Inc. now owns 3,826 shares of the company’s stock valued at $114,000 after buying an additional 3,717 shares during the period. Institutional investors and hedge funds own 26.26% of the company’s stock.
BeiGene, Ltd. is a biopharmaceutical company. The Company is engaged in the discovery and development of molecularly targeted and immuno-oncology drugs for the treatment of cancer. It is developing its product candidate, BGB-3111, a potent and selective small molecule Bruton’s tyrosine kinase (BTK) inhibitor, as a monotherapy and in combination with other therapies for the treatment of a range of lymphomas.
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