Beam Therapeutics (NASDAQ:BEAM) Upgraded at Jones Trading

Jones Trading upgraded shares of Beam Therapeutics (NASDAQ:BEAM) from a hold rating to a buy rating in a report released on Monday morning,Benzinga reports. They currently have $34.00 price objective on the stock.

A number of other brokerages have also recently commented on BEAM. Royal Bank of Canada lifted their target price on shares of Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a report on Wednesday, February 26th. Cantor Fitzgerald raised shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research note on Wednesday, January 29th. Wedbush reissued an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research note on Monday. HC Wainwright reissued a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research note on Monday. Finally, Sanford C. Bernstein raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $50.82.

Beam Therapeutics Trading Up 3.8 %

Shares of NASDAQ:BEAM opened at $27.42 on Monday. The firm has a 50 day simple moving average of $27.10 and a 200-day simple moving average of $26.04. The company has a market capitalization of $2.29 billion, a PE ratio of -15.58 and a beta of 1.91. Beam Therapeutics has a twelve month low of $20.84 and a twelve month high of $37.49.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, February 25th. The company reported ($1.09) EPS for the quarter, beating analysts’ consensus estimates of ($1.25) by $0.16. The business had revenue of $30.00 million for the quarter, compared to analysts’ expectations of $16.47 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The company’s quarterly revenue was down 90.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.73 EPS. As a group, equities research analysts predict that Beam Therapeutics will post -4.57 EPS for the current fiscal year.

Insider Transactions at Beam Therapeutics

In other news, CEO John M. Evans sold 30,000 shares of the stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $26.75, for a total transaction of $802,500.00. Following the transaction, the chief executive officer now directly owns 908,659 shares in the company, valued at $24,306,628.25. This represents a 3.20 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Christine Bellon sold 1,241 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total transaction of $30,627.88. Following the transaction, the insider now owns 102,968 shares in the company, valued at approximately $2,541,250.24. The trade was a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.

Institutional Trading of Beam Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Farallon Capital Management LLC increased its position in Beam Therapeutics by 0.4% during the 4th quarter. Farallon Capital Management LLC now owns 8,239,123 shares of the company’s stock worth $204,330,000 after purchasing an additional 31,000 shares in the last quarter. ARK Investment Management LLC increased its position in Beam Therapeutics by 8.2% during the 4th quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company’s stock worth $175,287,000 after purchasing an additional 536,930 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in Beam Therapeutics by 11.4% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock worth $98,149,000 after purchasing an additional 404,782 shares in the last quarter. Nikko Asset Management Americas Inc. increased its position in Beam Therapeutics by 11.4% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company’s stock worth $98,109,000 after purchasing an additional 404,782 shares in the last quarter. Finally, State Street Corp increased its position in Beam Therapeutics by 12.5% during the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company’s stock worth $96,274,000 after purchasing an additional 437,402 shares in the last quarter. 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.