abrdn plc Reduces Stock Position in BeiGene, Ltd. (NASDAQ:BGNE)

abrdn plc decreased its holdings in BeiGene, Ltd. (NASDAQ:BGNE - Free Report) by 15.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,919 shares of the company's stock after selling 5,149 shares during the period. abrdn plc's holdings in BeiGene were worth $6,268,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. PFG Investments LLC bought a new stake in BeiGene in the 3rd quarter worth about $210,000. Allspring Global Investments Holdings LLC purchased a new position in shares of BeiGene during the third quarter valued at approximately $36,000. Blue Trust Inc. lifted its position in BeiGene by 156.3% during the third quarter. Blue Trust Inc. now owns 123 shares of the company's stock valued at $28,000 after purchasing an additional 75 shares during the period. SG Americas Securities LLC bought a new position in BeiGene during the third quarter valued at approximately $105,000. Finally, Sanctuary Advisors LLC purchased a new stake in BeiGene in the second quarter worth approximately $1,038,000. Hedge funds and other institutional investors own 48.55% of the company's stock.

BeiGene Price Performance

NASDAQ:BGNE traded up $1.57 during trading hours on Friday, hitting $204.21. 463,006 shares of the stock traded hands, compared to its average volume of 368,965. The company has a market cap of $19.88 billion, a price-to-earnings ratio of -40.20 and a beta of 0.63. BeiGene, Ltd. has a 1 year low of $126.97 and a 1 year high of $248.16. The stock has a 50 day moving average price of $211.60 and a 200 day moving average price of $178.45. The company has a quick ratio of 1.75, a current ratio of 1.98 and a debt-to-equity ratio of 0.06.

BeiGene (NASDAQ:BGNE - Get Free Report) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($1.15) EPS for the quarter, beating the consensus estimate of ($2.27) by $1.12. The firm had revenue of $929.20 million for the quarter, compared to the consensus estimate of $810.34 million. BeiGene had a negative net margin of 16.91% and a negative return on equity of 14.93%. The company's revenue was up 56.1% on a year-over-year basis. During the same period last year, the firm earned ($3.64) EPS. Sell-side analysts forecast that BeiGene, Ltd. will post -5 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have weighed in on BGNE. Citigroup boosted their target price on shares of BeiGene from $269.00 to $288.00 and gave the company a "buy" rating in a research note on Thursday, August 8th. JMP Securities assumed coverage on shares of BeiGene in a report on Wednesday, September 18th. They issued a "market outperform" rating and a $288.00 price objective on the stock. Bank of America cut their target price on shares of BeiGene from $180.00 to $152.50 and set a "neutral" rating for the company in a research report on Tuesday, July 9th. Finally, JPMorgan Chase & Co. increased their price target on shares of BeiGene from $200.00 to $235.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 22nd. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $246.21.

Insider Buying and Selling

In related news, CEO John Oyler sold 6,175 shares of the business's stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $232.22, for a total value of $1,433,958.50. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other BeiGene news, CEO John Oyler sold 6,175 shares of the stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $232.22, for a total transaction of $1,433,958.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Chan Henry Lee sold 1,202 shares of the firm's stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $237.10, for a total value of $284,994.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 23,070 shares of company stock worth $4,901,050. 7.43% of the stock is owned by corporate insiders.

About BeiGene

BeiGene, Ltd., through its subsidiaries, engages in the development and commercialization of oncology medicines worldwide. Its products include BRUKINSA to treat various blood cancers; TEVIMBRA to treat various solid tumor and blood cancers; PARTRUVIX for the treatment of various solid tumor malignancies; XGEVA to treat bone metastases from solid tumors and multiple myeloma, as well as giant cell tumor of bone; BLINCYTO to treat acute lymphoblastic leukemia; KYPROLIS to treat R/R multiple myeloma; REVLIMID to treat multiple myeloma; VIDAZA to treat myelodysplastic syndromes, chronic myelomonocyte leukemia, and acute myeloid leukemia; SYLVANT to treat idiopathic multicentric castleman disease; QARZIBA to treat neuroblastoma; POBEVCY to treat metastatic colorectal cancer, liver cancer, and non-small cell lung cancer (NSCLC); BAITUOWEI, to treat breast and prostate cancers; TAFINLAR and MEKINIST to treat NSCLC and melanoma; VOTRIENT for advance renal cell carcinoma; AFINITOR for advance renal cell carcinoma, NET, SEGA, & breast cancers; and ZYKADIA to treat ALK + NSCLC.