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BeiGene Stock Price Prediction: Will BGNE Price Breakdown Soon?

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BeiGene Stock Price Prediction: Will BGNE Price Breakdown Soon?
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The BeiGene stock recently publicized its Q2 earning report on August 2nd, 2023, the reported earnings gave a negative surprise by 8.29% from the estimated earnings of BGNE stock. Moreover, the reported revenue gave a positive surprise by 18.80% from the estimated revenue in BGNE stock.

BeiGene stock performed well in the last month, increasing by 0.87% but plummeting by 20.10% in the last six months. Beigene Ltd. (NASDAQ: BGNE) stock has a negative year-to-date return of 14.15% and a negative one-year return of 0.14%. The average volume is 241.485 K and the current volume is 78.648 K where the current volume is below average volume. 

Moreover, Beigene Ltd. (BGNE) stock market capitalization is $20.954 Billion and the total revenue is $1.416 Billion. Moreover, the stock’s basic EPS is -$16.67 and the price-to-earnings ratio is -12.00. BeiGene has a debt-to-equity ratio of 16.5%, as reported by Simply Wall St. This implies that it has less debt than equity, which is the difference between its total assets of $5.73 Billion and total liabilities of $1.93 Billion. BeiGene debt is $628.48 Million, while its equity is $3.80 Billion.

Technical Analysis of BGNE Stock Price in 1-D Timeframe

The price action shows that BeiGene Ltd. ( NASDAQ: BGNE) stock price took rejection from a high of $272.18 and has been on a declining trend for the last three months, decreasing by 17.75% making lower highs and lower lows. 

At the time of writing, BGNE stock is trading at around $197.68 and a symmetrical triangle might be in a formation stage and about to choose a direction. This is a 50-50 pattern as the price consolidates in a tight narrow range and then chooses the direction, it can be either upwards or downwards.

Therefore, if the BGNE price fails to sustain the current level and drops, it might hit the nearest support levels of $186.26 and $175.26.

However, if it maintains the current level, the BGNE prices could continue to move upward and reach the first and second resistances of $209.64 and $225.11.

BeiGene Stock Price Prediction: Will BGNE Price Breakdown Soon?
Source: BGNE.1D.NASDAQ by TradingView

At the time of publishing, Beigene Ltd. (NASDAQ: BGNE) is trading below the 20, 50, 100, and 200-day EMA (exponential moving averages), which rejects the BGNE price trend. 

Hence, the BGNE price is expected to move downwards showing a bearish overview over the daily time frame chart.

BeiGene Stock Price Prediction: Will BGNE Price Breakdown Soon?
Source: BGNE.1D.NASDAQ by TradingView


The current value of RSI is 48.97 points. The 14 SMA is above the median line at 52.84 points which indicates that BeiGene stock is in bearish territory and the RSI line took rejection from 14 SMA and is headed towards an oversold zone highlighting bearishness.

The MACD line at 0.4414 and signal line at 0.0136 are below the zero line and both lines have crossed each other. A bearish crossover is observed in the MACD oscillator which signals bearishness for the BeiGene stock price.

Summary

Beigene Ltd. (NASDAQ: BGNE) indicates that the investors and traders of the stock price are bearish on the 1-D time frame. The price action reflects a bearish outlook at the time of publishing. The technical analysis tools of BeiGene stock price also supports bearishness. The MACD, RSI, and EMA highlight negative signals and imply that a downtrend may continue in the BeiGene stock price.

Technical Levels

  • Support levels: The nearest support levels for BeiGene stock price are $186.26 and $175.26.
  • Resistance levels: The nearest resistance levels for the BeiGene stock price are $209.64 and $225.11.
Disclaimer

In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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