Beam Therapeutics (NASDAQ:BEAM) Upgraded by Leerink Partners to “Outperform” Rating

Leerink Partners upgraded shares of Beam Therapeutics (NASDAQ:BEAM) from a market perform rating to an outperform rating in a research report sent to investors on Wednesday, Marketbeat reports. Leerink Partners currently has $39.00 price target on the stock, up from their prior price target of $27.00.

A number of other brokerages have also commented on BEAM. Wedbush reiterated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research report on Tuesday. Barclays dropped their price objective 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. JPMorgan Chase & Co. raised their target price on shares of Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. HC Wainwright reissued a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research note on Thursday, August 22nd. 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 price objective on the stock. Four research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $44.91.

Beam Therapeutics Stock Up 11.2 %

Shares of NASDAQ BEAM opened at $26.62 on Wednesday. The company has a market cap of $2.19 billion, a price-to-earnings ratio of -14.71 and a beta of 1.86. Beam Therapeutics has a 12-month low of $18.85 and a 12-month high of $49.50. The firm’s 50-day simple moving average is $24.24 and its 200 day simple moving average is $24.64.

Beam Therapeutics (NASDAQ:BEAM) last announced its 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 company had revenue of $14.30 million for the quarter, compared to analyst estimates 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 for the quarter was down 16.9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($1.22) earnings per share. On average, equities analysts expect that Beam Therapeutics will post -4.6 earnings per share for the current year.

Insider Transactions at Beam Therapeutics

In related news, CEO John M. Evans sold 60,000 shares of the company’s 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 sale, the chief executive officer now owns 938,659 shares in the company, valued at $23,091,011.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the transaction, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Giuseppe Ciaramella sold 51,110 shares of the stock in a transaction dated 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 completion of the sale, the president now owns 160,260 shares of the company’s stock, valued at $4,210,030.20. This trade represents 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 three months. 4.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Beam Therapeutics

Several hedge funds have recently bought and sold shares of BEAM. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Beam Therapeutics by 59.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock valued at $87,044,000 after buying an additional 1,328,414 shares during the period. Atria Investments Inc bought a new stake in shares of Beam Therapeutics in the third quarter valued at about $200,000. Arcadia Investment Management Corp MI bought a new stake in shares of Beam Therapeutics in the third quarter valued at about $98,000. China Universal Asset Management Co. Ltd. boosted its position in shares of Beam Therapeutics by 62.4% during the third quarter. China Universal Asset Management Co. Ltd. now owns 16,087 shares of the company’s stock worth $394,000 after buying an additional 6,181 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Beam Therapeutics by 21.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock worth $75,000 after buying an additional 524 shares in the last quarter. 99.68% of the stock is currently 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.