Fosun International Ltd Cuts Position in BeiGene, Ltd. (BGNE)
Fosun International Ltd cut its stake in BeiGene, Ltd. (NASDAQ:BGNE) by 75.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 53,451 shares of the company’s stock after selling 161,228 shares during the period. BeiGene comprises approximately 0.3% of Fosun International Ltd’s portfolio, making the stock its 27th largest position. Fosun International Ltd owned about 0.13% of BeiGene worth $2,405,000 as of its most recent filing with the SEC.
A number of other large investors also recently made changes to their positions in BGNE. Myriad Asset Management Ltd. purchased a new position in BeiGene in the first quarter worth $12,106,000. Wellington Management Group LLP grew its position in BeiGene by 15.8% in the first quarter. Wellington Management Group LLP now owns 1,256,825 shares of the company’s stock worth $46,013,000 after acquiring an additional 171,704 shares in the last quarter. Alliancebernstein L.P. purchased a new position in BeiGene in the second quarter worth $7,373,000. FMR LLC grew its position in BeiGene by 2.8% in the first quarter. FMR LLC now owns 3,987,748 shares of the company’s stock worth $145,991,000 after acquiring an additional 107,323 shares in the last quarter. Finally, Emory University purchased a new position in BeiGene in the first quarter worth $2,111,000. Institutional investors own 51.02% of the company’s stock.
Several research analysts recently issued reports on BGNE shares. Maxim Group reiterated a “buy” rating and issued a $77.00 target price on shares of BeiGene in a research report on Monday, September 11th. William Blair reiterated an “outperform” rating on shares of BeiGene in a research report on Thursday, June 1st. Ladenburg Thalmann Financial Services started coverage on shares of BeiGene in a research report on Monday, August 7th. They issued a “buy” rating and a $81.00 target price for the company. Morgan Stanley reiterated an “overweight” rating and issued a $83.00 target price on shares of BeiGene in a research report on Monday, July 10th. Finally, Robert W. Baird upped their target price on shares of BeiGene from $44.00 to $58.00 and gave the stock an “outperform” rating in a research report on Thursday, July 6th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. BeiGene currently has a consensus rating of “Buy” and an average target price of $77.33.
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Shares of BeiGene, Ltd. (NASDAQ:BGNE) traded up 6.46% on Friday, reaching $80.90. 658,599 shares of the company traded hands. The stock has a 50-day moving average price of $74.64 and a 200 day moving average price of $59.28. BeiGene, Ltd. has a 1-year low of $26.43 and a 1-year high of $84.73. The firm’s market capitalization is $3.22 billion.
In other BeiGene news, Director Xiaodong Wang sold 20,000 shares of BeiGene stock in a transaction on Wednesday, July 12th. The shares were sold at an average price of $72.44, for a total value of $1,448,800.00. Following the completion of the transaction, the director now directly owns 16,300 shares of the company’s stock, valued at approximately $1,180,772. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Bros. Advisors Lp Baker acquired 176,056 shares of the company’s stock in a transaction on Friday, August 11th. The stock was acquired at an average cost of $71.00 per share, with a total value of $12,499,976.00. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 383,710 shares of company stock worth $22,373,260. 24.20% of the stock is currently owned by insiders.
BeiGene, Ltd. is a clinical-stage biopharmaceutical company. The Company is focused in the discovery and development of molecularly targeted and immuno-oncology drugs for the treatment of cancer. The Company had used its cancer biology platform to develop four clinical-stage drug candidates, such as BGB-3111, BGB-A317, BGB-290 and BGB-283, as of December 31, 2016.
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