Beam Therapeutics (NASDAQ:BEAM) Raised to Buy at Bank of America

Beam Therapeutics (NASDAQ:BEAM) was upgraded by Bank of America from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Friday,Briefing.com Automated Import reports. The brokerage presently has a $42.00 price objective on the stock. Bank of America‘s price target indicates a potential upside of 89.27% from the company’s current price.

A number of other equities research analysts have also weighed in on the stock. 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 research note on Wednesday, February 26th. Guggenheim restated a “buy” rating and issued a $78.00 price objective on shares of Beam Therapeutics in a report on Thursday, February 27th. Wedbush reaffirmed an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a report on Monday, March 10th. Scotiabank raised Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 target price on the stock in a report on Monday, March 10th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Beam Therapeutics in a research note on Wednesday, March 12th. Two analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $49.45.

Beam Therapeutics Trading Up 1.3 %

NASDAQ:BEAM opened at $22.19 on Friday. The stock has a market capitalization of $2.21 billion, a PE ratio of -12.61 and a beta of 1.91. The firm’s 50 day moving average is $26.67 and its 200 day moving average is $25.87. Beam Therapeutics has a 12 month low of $20.84 and a 12 month high of $35.25.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, February 25th. The company reported ($1.09) EPS for the quarter, topping the consensus estimate of ($1.25) by $0.16. The business had revenue of $30.00 million during the quarter, compared to the consensus estimate of $16.47 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The firm’s revenue was down 90.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.73 EPS. Research analysts predict that Beam Therapeutics will post -4.57 earnings per share for the current year.

Insider Activity at Beam Therapeutics

In other news, CEO John M. Evans sold 30,000 shares of Beam Therapeutics stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $26.75, for a total value of $802,500.00. Following the sale, the chief executive officer now owns 908,659 shares of the company’s stock, valued at $24,306,628.25. The trade was a 3.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christine Bellon sold 1,241 shares of Beam Therapeutics stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total value of $30,627.88. Following the completion of the sale, the insider now owns 102,968 shares in the company, valued at approximately $2,541,250.24. This trade represents 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 Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Wealthfront Advisers LLC purchased a new stake in shares of Beam Therapeutics during the 4th quarter valued at $41,000. GF Fund Management CO. LTD. purchased a new position in shares of Beam Therapeutics in the 4th quarter valued at $43,000. Sterling Capital Management LLC raised its stake in shares of Beam Therapeutics by 816.0% in the 4th quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock valued at $60,000 after acquiring an additional 2,146 shares during the period. KBC Group NV lifted its holdings in shares of Beam Therapeutics by 103.2% during the 4th quarter. KBC Group NV now owns 4,143 shares of the company’s stock valued at $103,000 after acquiring an additional 2,104 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in Beam Therapeutics by 36.3% during the 4th quarter. Blue Trust Inc. now owns 4,274 shares of the company’s stock worth $105,000 after purchasing an additional 1,139 shares during the period. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Company Profile

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.