HC Wainwright Initiates Coverage on Beam Therapeutics (NASDAQ:BEAM)

Equities research analysts at HC Wainwright began coverage on shares of Beam Therapeutics (NASDAQ:BEAM) in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $80.00 price target on the stock. HC Wainwright’s price target indicates a potential upside of 168.37% from the company’s previous close.

Several other analysts have also issued reports on the company. Wedbush reaffirmed an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research note on Tuesday, May 7th. Barclays cut their target price on Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 8th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research note on Wednesday, March 27th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Beam Therapeutics presently has an average rating of “Hold” and an average target price of $43.50.

Beam Therapeutics Trading Down 1.7 %

BEAM stock opened at $29.81 on Tuesday. The company’s 50 day moving average is $24.67 and its 200 day moving average is $27.55. The stock has a market cap of $2.45 billion, a price-to-earnings ratio of -16.75 and a beta of 1.87. Beam Therapeutics has a 1-year low of $16.95 and a 1-year high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings data on Tuesday, May 7th. The company reported ($1.21) earnings per share for the quarter, topping the consensus estimate of ($1.42) by $0.21. The company had revenue of $7.40 million for the quarter, compared to analysts’ expectations of $17.09 million. Beam Therapeutics had a negative net margin of 37.33% and a negative return on equity of 15.46%. Beam Therapeutics’s revenue for the quarter was down 69.4% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.33) earnings per share. As a group, sell-side analysts forecast that Beam Therapeutics will post -4.68 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $24.50, for a total value of $1,470,000.00. Following the completion of the sale, the chief executive officer now owns 998,343 shares of the company’s stock, valued at $24,459,403.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Beam Therapeutics

A number of institutional investors have recently added to or reduced their stakes in BEAM. Darwin Global Management Ltd. bought a new position in Beam Therapeutics in the first quarter worth $70,032,000. Price T Rowe Associates Inc. MD raised its holdings in Beam Therapeutics by 3,137.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,246,189 shares of the company’s stock worth $41,175,000 after purchasing an additional 1,207,699 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Beam Therapeutics by 43.6% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,358,091 shares of the company’s stock worth $64,187,000 after purchasing an additional 715,911 shares in the last quarter. Nikko Asset Management Americas Inc. raised its holdings in Beam Therapeutics by 43.6% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 2,358,091 shares of the company’s stock worth $64,093,000 after purchasing an additional 715,911 shares in the last quarter. Finally, ARK Investment Management LLC raised its holdings in Beam Therapeutics by 6.9% in the fourth quarter. ARK Investment Management LLC now owns 9,393,889 shares of the company’s stock worth $255,702,000 after purchasing an additional 609,998 shares in the last quarter. Institutional investors 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.