BeiGene, Ltd. (BGNE) Trading Down 11.1%
BeiGene, Ltd. (NASDAQ:BGNE)’s share price traded down 11.1% during mid-day trading on Thursday . The stock traded as low as $95.00 and last traded at $96.07. 740,075 shares were traded during trading, an increase of 170% from the average session volume of 274,457 shares. The stock had previously closed at $108.05.
Several equities analysts recently issued reports on the company. Maxim Group set a $57.00 price target on BeiGene and gave the company a “buy” rating in a research note on Saturday, July 1st. Goldman Sachs Group, Inc. (The) restated a “buy” rating and set a $86.00 price target (up from $43.00) on shares of BeiGene in a research note on Tuesday, August 15th. Zacks Investment Research lowered BeiGene from a “buy” rating to a “hold” rating in a research note on Thursday, August 10th. Robert W. Baird boosted their price target on BeiGene from $44.00 to $58.00 and gave the company an “outperform” rating in a research note on Thursday, July 6th. Finally, Ladenburg Thalmann Financial Services assumed coverage on BeiGene in a research note on Monday, August 7th. They set a “buy” rating and a $81.00 price target on the stock. Seven investment analysts have rated the stock with a buy rating, The company has a consensus rating of “Buy” and a consensus price target of $92.50.
The firm’s 50 day moving average is $93.09 and its 200-day moving average is $93.09. The company’s market cap is $3.83 billion.
In other BeiGene news, Director Bros. Advisors Lp Baker purchased 176,056 shares of the company’s stock in a transaction dated Friday, August 11th. The stock was bought at an average cost of $71.00 per share, for a total transaction of $12,499,976.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 19.90% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC increased its stake in BeiGene by 2.8% in the first quarter. FMR LLC now owns 3,987,748 shares of the company’s stock valued at $145,991,000 after acquiring an additional 107,323 shares during the last quarter. Baillie Gifford & Co. increased its stake in BeiGene by 5.0% in the second quarter. Baillie Gifford & Co. now owns 74,424 shares of the company’s stock valued at $3,349,000 after acquiring an additional 3,559 shares during the last quarter. Alliancebernstein L.P. bought a new position in BeiGene in the second quarter valued at approximately $7,373,000. OppenheimerFunds Inc. bought a new position in BeiGene in the first quarter valued at approximately $2,086,000. Finally, Myriad Asset Management Ltd. increased its stake in BeiGene by 16.6% in the second quarter. Myriad Asset Management Ltd. now owns 385,585 shares of the company’s stock valued at $17,351,000 after acquiring an additional 54,900 shares during the last quarter. Institutional investors own 51.02% of the company’s stock.
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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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