Gold prices buoyed by tariff fears; US duties on 1-kilo bars spur supply concerns
In a recent transaction, Hillhouse Investment Management, Ltd. and HHLR Advisors, Ltd., both major shareholders of BeiGene , Ltd. (NASDAQ:BGNE), a prominent biotechnology company with impressive 83.67% gross profit margins and strong revenue growth of 50.22% over the last twelve months, sold a significant portion of their holdings. The sale, which took place on December 2, 2024, 1,372,500 ADRs at a price of $200 per share, amounting to a total transaction value of approximately $274 million.
The shares sold were in the form of American Depositary Shares (ADSs), with each ADS representing 13 ordinary shares. Following the transaction, the reporting entities collectively retain ownership of 125,045,741 ordinary shares in BeiGene. This filing was made jointly by Hillhouse Investment Management and HHLR Advisors, both based in the Cayman Islands, as they share common control and resources.
In other recent news, BeiGene experienced a series of significant developments. The biopharmaceutical company reported third-quarter earnings that exceeded consensus estimates, with a revenue of $1.1 billion, marking a 28% increase from the same period last year. This improvement was driven by robust sales of their cancer drug, Brukinsa, in the US and Europe. However, the company reported a narrower loss per share of $0.09, lower than the prior-year quarter's earnings per share of $0.15.
Analyst firm Morgan Stanley (NYSE:MS) resumed coverage of BeiGene shares with an Overweight rating and set a new price target of $300.00, reflecting their positive outlook on the company's current product line and its pipeline's potential to drive future growth. Another analyst firm, TD Cowen, raised its price target for BeiGene from $254 to $260, maintaining a Buy rating following the successful performance of Brukinsa.
BeiGene has also resolved ongoing patent litigation with MSN Pharmaceuticals concerning Brukinsa, ensuring market exclusivity for this key product in its oncology portfolio well into the next decade. The company also announced a proposed name change to BeOne Medicines Ltd., pending shareholder approval, to better align with its corporate identity. These are just a few of the recent developments for BeiGene.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.