Beam Therapeutics’ (BEAM) Buy Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a research note published on Thursday morning,Benzinga reports. HC Wainwright currently has a $80.00 price objective on the stock.

A number of other research analysts have also issued reports on BEAM. William Blair upgraded Beam Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 23rd. Wedbush reissued an “outperform” rating and issued a $65.00 price target on shares of Beam Therapeutics in a report on Wednesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a report on Friday, July 17th. Wall Street Zen upgraded shares of Beam Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Saturday, October 3rd. Finally, Bank of America restated a “buy” rating and set a $47.00 price objective on shares of Beam Therapeutics in a research report on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Beam Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $50.10.

Beam Therapeutics Trading Down 5.1%

Shares of Beam Therapeutics stock opened at $23.47 on Thursday. The firm has a 50-day simple moving average of $26.30 and a two-hundred day simple moving average of $28.58. The company has a debt-to-equity ratio of 0.09, a quick ratio of 14.57 and a current ratio of 14.57. Beam Therapeutics has a fifty-two week low of $20.23 and a fifty-two week high of $38.26. The company has a market cap of $2.42 billion, a P/E ratio of -27.29 and a beta of 2.20.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($1.18) earnings per share for the quarter, missing the consensus estimate of ($1.11) by ($0.07). Beam Therapeutics had a negative net margin of 54.75% and a negative return on equity of 30.71%. The business had revenue of $0.49 million during the quarter, compared to analysts’ expectations of $16.37 million. During the same quarter in the prior year, the firm earned ($1.00) EPS. Beam Therapeutics’s revenue for the quarter was down 94.2% on a year-over-year basis. As a group, equities analysts predict that Beam Therapeutics will post -4.49 earnings per share for the current fiscal year.

Insider Activity at Beam Therapeutics

In other news, CEO John Evans sold 25,000 shares of Beam Therapeutics stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $23.57, for a total value of $589,250.00. Following the sale, the chief executive officer directly owned 1,047,205 shares of the company’s stock, valued at $24,682,621.85. The trade was a 2.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Amy Simon sold 16,667 shares of Beam Therapeutics stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $25.74, for a total value of $429,008.58. Following the completion of the sale, the insider directly owned 85,696 shares in the company, valued at $2,205,815.04. This represents a 16.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SteelPeak Wealth LLC lifted its stake in Beam Therapeutics by 131.9% during the 3rd quarter. SteelPeak Wealth LLC now owns 17,440 shares of the company’s stock worth $426,000 after acquiring an additional 9,921 shares in the last quarter. Versant Capital Management Inc boosted its holdings in Beam Therapeutics by 123.6% during the 3rd quarter. Versant Capital Management Inc now owns 1,239 shares of the company’s stock valued at $30,000 after acquiring an additional 685 shares during the period. Nykredit A S acquired a new position in Beam Therapeutics in the 2nd quarter valued at about $75,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Beam Therapeutics in the 2nd quarter valued at about $1,309,000. Finally, Concurrent Investment Advisors LLC grew its position in Beam Therapeutics by 448.7% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 63,879 shares of the company’s stock valued at $2,192,000 after acquiring an additional 52,238 shares in the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

About Beam Therapeutics

Beam Therapeutics Inc is a biotechnology company developing precision genetic medicines using base editing, a technology designed to make targeted changes to DNA without cutting both strands of the DNA double helix. The company’s platform is intended to address diseases caused by specific genetic mutations and to support the development of potentially durable treatments.

Beam’s research and development activities focus on areas including hematology, liver diseases and genetic disorders.