Beam Therapeutics (NASDAQ:BEAM) Earns Buy Rating from HC Wainwright

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “buy” rating reiterated by equities researchers at HC Wainwright in a note issued to investors on Thursday, Benzinga reports. They currently have a $80.00 price target on the stock. HC Wainwright’s target price would indicate a potential upside of 200.53% from the company’s current price.

Several other equities research analysts have also issued reports on the stock. JPMorgan Chase & Co. increased their target price on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $27.00 to $39.00 in a report on Wednesday. Wedbush restated an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research note on Tuesday. Leerink Partnrs raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. Finally, Royal Bank of Canada dropped their target price on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $44.91.

Beam Therapeutics Stock Up 11.2 %

Shares of Beam Therapeutics stock opened at $26.62 on Thursday. The firm has a market cap of $2.19 billion, a PE ratio of -14.71 and a beta of 1.86. The company’s fifty day simple moving average is $24.24 and its two-hundred day simple moving average is $24.64. Beam Therapeutics has a 12-month low of $18.85 and a 12-month high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly 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 business had revenue of $14.30 million for the quarter, compared to analysts’ expectations of $14.52 million. Beam Therapeutics had a negative net margin of 40.56% and a negative return on equity of 16.22%. The company’s revenue was down 16.9% on a year-over-year basis. During the same period last year, the business earned ($1.22) earnings per share. As a group, sell-side analysts expect that Beam Therapeutics will post -4.6 earnings per share for the current fiscal year.

Insider Transactions at Beam Therapeutics

In other Beam Therapeutics news, President Giuseppe Ciaramella sold 51,110 shares of the firm’s stock in a transaction on 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 transaction, the president now owns 160,260 shares in the company, valued at approximately $4,210,030.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction on Monday, September 30th. The stock was 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 directly owns 938,659 shares in the company, valued at $23,091,011.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction on 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 transaction, the president now owns 160,260 shares in the company, valued at approximately $4,210,030.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 111,784 shares of company stock valued at $2,834,485 in the last 90 days. 4.20% of the stock is currently owned by company insiders.

Institutional Trading of Beam Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Arizona State Retirement System increased its stake in Beam Therapeutics by 2.1% during the second quarter. Arizona State Retirement System now owns 19,431 shares of the company’s stock worth $455,000 after acquiring an additional 392 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position 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 valued at $75,000 after acquiring an additional 524 shares during the last quarter. GAMMA Investing LLC raised its position in Beam Therapeutics by 13.3% in the third quarter. GAMMA Investing LLC now owns 4,620 shares of the company’s stock valued at $113,000 after purchasing an additional 544 shares during the period. Green Alpha Advisors LLC increased its stake in Beam Therapeutics by 5.9% during the third quarter. Green Alpha Advisors LLC now owns 12,475 shares of the company’s stock worth $306,000 after purchasing an additional 698 shares during the period. Finally, American International Group Inc. increased its position in shares of Beam Therapeutics by 2.0% during the first quarter. American International Group Inc. now owns 36,760 shares of the company’s stock worth $1,215,000 after acquiring an additional 732 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.