BeiGene, Ltd. (BGNE) Hits New 12-Month High at $110.53
BeiGene, Ltd. (NASDAQ:BGNE) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $110.53 and last traded at $110.53, with a volume of 167,299 shares traded. The stock had previously closed at $105.03.
BGNE has been the subject of a number of recent analyst reports. Maxim Group reiterated a “buy” rating and set a $77.00 target price on shares of BeiGene in a research report on Monday, September 11th. Zacks Investment Research upgraded shares of BeiGene from a “hold” rating to a “buy” rating and set a $115.00 target price for the company in a research report on Tuesday. Ladenburg Thalmann Financial Services initiated coverage on shares of BeiGene in a research report on Monday, August 7th. They set a “buy” rating and a $81.00 target price for the company. Morgan Stanley reiterated an “overweight” rating and set a $83.00 target price on shares of BeiGene in a research report on Monday, July 10th. Finally, Robert W. Baird increased 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. Eight analysts have rated the stock with a buy rating, The company currently has a consensus rating of “Buy” and an average target price of $90.50.
The stock’s market capitalization is $4.34 billion. The stock has a 50 day moving average price of $89.38 and a 200 day moving average price of $89.38.
In other BeiGene news, Director Bros. Advisors Lp Baker bought 176,056 shares of the stock in a transaction on Friday, August 11th. The stock was purchased at an average price of $71.00 per share, with a total value of $12,499,976.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Xiaodong Wang sold 20,000 shares of the business’s stock in a transaction dated Wednesday, July 12th. The stock was sold at an average price of $72.44, for a total value of $1,448,800.00. Following the transaction, the director now directly owns 16,300 shares of the company’s stock, valued at approximately $1,180,772. The disclosure for this sale can be found here. 19.90% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of BGNE. Hillhouse Capital Management Ltd. raised its stake in BeiGene by 172.6% during the second quarter. Hillhouse Capital Management Ltd. now owns 3,720,726 shares of the company’s stock worth $167,433,000 after acquiring an additional 2,355,906 shares in the last quarter. Wellington Management Group LLP raised its stake in BeiGene by 15.8% during 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. acquired a new position in BeiGene during the second quarter worth about $7,373,000. FMR LLC raised its stake in BeiGene by 2.8% during 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, Employees Retirement System of Texas acquired a new position in BeiGene during the second quarter worth about $2,855,000. 51.02% of the stock is owned by hedge funds and other institutional investors.
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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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