Beam Therapeutics (NASDAQ:BEAM) Receives Buy Rating from HC Wainwright

HC Wainwright reissued their buy rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a research note issued to investors on Thursday,Benzinga reports. They currently have a $80.00 price target on the stock.

Several other equities research analysts have also recently weighed in on the stock. Barclays lowered their price target on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 7th. Leerink Partnrs upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday. Wedbush restated an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research note on Tuesday. Royal Bank of Canada dropped their price objective on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research report on Wednesday. Finally, Scotiabank initiated coverage on shares of Beam Therapeutics in a report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 target price for the company. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $44.91.

Beam Therapeutics Stock Up 4.8 %

BEAM stock traded up $1.24 during midday trading on Thursday, hitting $27.34. The company’s stock had a trading volume of 534,413 shares, compared to its average volume of 1,227,871. The company has a 50 day moving average of $24.22 and a two-hundred day moving average of $24.65. Beam Therapeutics has a 12 month low of $18.85 and a 12 month high of $49.50. The firm has a market capitalization of $2.25 billion, a price-to-earnings ratio of -14.42 and a beta of 1.86.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 revenue was down 16.9% on a year-over-year basis. During the same period in the prior year, the business posted ($1.22) earnings per share. On average, analysts anticipate that Beam Therapeutics will post -4.6 earnings per share for the current fiscal year.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction on Monday, September 30th. The shares were sold at an average price of $24.60, for a total value of $1,476,000.00. Following the completion of the transaction, the chief executive officer now owns 938,659 shares of the company’s stock, valued at approximately $23,091,011.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other 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 sale, the president now owns 160,260 shares in the company, valued at $4,210,030.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now directly owns 938,659 shares of the company’s stock, valued at approximately $23,091,011.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 111,784 shares of company stock worth $2,834,485 over the last quarter. Insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

A number of institutional investors have recently modified their holdings of BEAM. Swiss National Bank raised its holdings in Beam Therapeutics by 3.1% during the first quarter. Swiss National Bank now owns 136,700 shares of the company’s stock worth $4,517,000 after purchasing an additional 4,100 shares in the last quarter. Reynders McVeigh Capital Management LLC acquired a new position in Beam Therapeutics in the first quarter valued at $201,000. QRG Capital Management Inc. grew its position in Beam Therapeutics by 45.2% during the first quarter. QRG Capital Management Inc. now owns 23,036 shares of the company’s stock valued at $761,000 after acquiring an additional 7,176 shares during the period. Russell Investments Group Ltd. grew its holdings in shares of Beam Therapeutics by 4.4% during the 1st quarter. Russell Investments Group Ltd. now owns 143,828 shares of the company’s stock worth $4,752,000 after purchasing an additional 6,102 shares during the period. Finally, ProShare Advisors LLC lifted its position in Beam Therapeutics by 10.6% during the first quarter. ProShare Advisors LLC now owns 19,511 shares of the company’s stock valued at $645,000 after buying an additional 1,873 shares in the last quarter. 99.68% of the stock is owned by institutional investors and hedge funds.

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.