Beam Therapeutics (NASDAQ:BEAM) Price Target Lowered to $24.00 at Royal Bank of Canada

Beam Therapeutics (NASDAQ:BEAM) had its price objective dropped by research analysts at Royal Bank of Canada from $27.00 to $24.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective indicates a potential downside of 8.05% from the company’s current price.

BEAM has been the topic of a number of other reports. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and raised their price target for the company from $27.00 to $39.00 in a research note on Wednesday. HC Wainwright restated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research report on Thursday, August 22nd. JPMorgan Chase & Co. upped their price target on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Stifel Nicolaus raised their price objective on Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Finally, Barclays lowered their target price on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a report on Wednesday, August 7th. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $44.91.

Beam Therapeutics Price Performance

NASDAQ BEAM opened at $26.10 on Wednesday. The business has a fifty day moving average price of $24.22 and a two-hundred day moving average price of $24.65. The stock has a market capitalization of $2.15 billion, a PE ratio of -14.42 and a beta of 1.86. Beam Therapeutics has a fifty-two week low of $18.85 and a fifty-two week high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.01). The business had revenue of $14.30 million for the quarter, compared to the consensus estimate of $14.52 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. Beam Therapeutics’s quarterly revenue was down 16.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.22) earnings per share. As a group, sell-side analysts expect that Beam Therapeutics will post -4.6 earnings per share for the current year.

Insider Buying and Selling

In other Beam Therapeutics news, President Giuseppe Ciaramella sold 51,110 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $26.27, for a total transaction of $1,342,659.70. Following the completion of the transaction, the president now owns 160,260 shares in the company, valued at approximately $4,210,030.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $24.60, for a total value of $1,476,000.00. Following the completion of the sale, the chief executive officer now directly owns 938,659 shares in the company, valued at approximately $23,091,011.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Giuseppe Ciaramella sold 51,110 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $26.27, for a total value of $1,342,659.70. Following the transaction, the president now owns 160,260 shares in the company, valued at $4,210,030.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 111,784 shares of company stock valued at $2,834,485 over the last ninety days. 4.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. raised its holdings in shares of Beam Therapeutics by 4.4% during the first quarter. Russell Investments Group Ltd. now owns 143,828 shares of the company’s stock valued at $4,752,000 after purchasing an additional 6,102 shares during the period. Bank of Montreal Can bought a new stake in shares of Beam Therapeutics during the second quarter valued at approximately $3,683,000. Vanguard Group Inc. raised its position in shares of Beam Therapeutics by 5.8% during the first quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company’s stock worth $250,402,000 after purchasing an additional 413,892 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Beam Therapeutics by 34.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 223,929 shares of the company’s stock worth $6,782,000 after purchasing an additional 57,554 shares in the last quarter. Finally, Bellevue Group AG grew its position in Beam Therapeutics by 71.7% in the 1st quarter. Bellevue Group AG now owns 1,193,121 shares of the company’s stock valued at $39,421,000 after purchasing an additional 498,300 shares during the period. Institutional investors and hedge funds own 99.68% of the company’s stock.

About Beam Therapeutics

Beam Therapeutics Inc, a biotechnology company, engages in the development of precision genetic medicines for patients suffering from serious diseases in the United States. It develops BEAM-101 for the treatment of sickle cell disease or beta-thalassemia; and BEAM-302, a liver-targeting LNP formulation to treat severe alpha-1 antitrypsin deficiency; BEAM-201, an anti-CD7 CAR-T product candidate, which is in Phase 1/2 clinical trials for the treatment of refractory T-cell acute lymphoblastic leukemia/T cell lymphoblastic lymphoma; and BEAM-301, a liver-targeting LNP formulation for the treatment of glycogen storage disease 1a.