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

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “buy” rating reissued by analysts at HC Wainwright in a report released on Friday,Benzinga reports. They presently have a $80.00 target price on the stock. HC Wainwright’s price objective would suggest a potential upside of 194.74% from the company’s current price.

A number of other equities research analysts have also weighed in on the company. Cantor Fitzgerald raised shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research note on Wednesday, January 29th. Royal Bank of Canada increased their price target on Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a report on Wednesday. Guggenheim reissued a “buy” rating and set a $78.00 target price on shares of Beam Therapeutics in a research note on Thursday. Wedbush reaffirmed an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research note on Monday, January 13th. Finally, Leerink Partners upgraded Beam Therapeutics from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $27.00 to $39.00 in a report on Wednesday, November 6th. Two analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Beam Therapeutics currently has an average rating of “Buy” and a consensus target price of $50.90.

Beam Therapeutics Stock Up 0.1 %

Shares of NASDAQ BEAM opened at $27.14 on Friday. Beam Therapeutics has a twelve month low of $20.84 and a twelve month high of $45.05. The company’s fifty day moving average is $27.23 and its 200-day moving average is $25.92. The stock has a market cap of $2.25 billion, a price-to-earnings ratio of -15.10 and a beta of 1.92.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, beating 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 net margin of 41.07% and a negative return on equity of 16.22%. Beam Therapeutics’s revenue was down 90.5% on a year-over-year basis. During the same period last year, the business posted $1.73 EPS. On average, research analysts anticipate that Beam Therapeutics will post -4.57 EPS for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 30,000 shares of Beam Therapeutics stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $26.75, for a total value of $802,500.00. Following the transaction, the chief executive officer now directly owns 908,659 shares of the company’s stock, valued at approximately $24,306,628.25. The trade was a 3.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christine Bellon sold 1,241 shares of the business’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total value of $30,627.88. Following the transaction, 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. 4.20% of the stock is owned by corporate insiders.

Institutional Trading of Beam Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in BEAM. Horizon Kinetics Asset Management LLC grew its position in Beam Therapeutics by 4.4% in the fourth quarter. Horizon Kinetics Asset Management LLC now owns 9,597 shares of the company’s stock worth $238,000 after acquiring an additional 403 shares during the period. Summit Investment Advisors Inc. grew its position in Beam Therapeutics by 6.6% in the 4th quarter. Summit Investment Advisors Inc. now owns 7,999 shares of the company’s stock valued at $198,000 after acquiring an additional 496 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Beam Therapeutics by 2.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,396 shares of the company’s stock worth $524,000 after purchasing an additional 516 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Beam Therapeutics by 21.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock valued at $75,000 after purchasing an additional 524 shares during the period. Finally, Martingale Asset Management L P grew its holdings in shares of Beam Therapeutics by 8.6% in the fourth quarter. Martingale Asset Management L P now owns 11,438 shares of the company’s stock valued at $284,000 after purchasing an additional 909 shares in the last quarter. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

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.