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

HC Wainwright reiterated their buy rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a report issued on Monday,Benzinga reports. The firm currently has a $80.00 price objective on the stock.

BEAM has been the topic of a number of other research reports. Royal Bank of Canada increased their price objective on shares of Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 26th. Wedbush reiterated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research note on Monday. Cantor Fitzgerald upgraded shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research note on Wednesday, January 29th. Scotiabank upgraded shares of Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 price objective on the stock in a research note on Monday. Finally, Sanford C. Bernstein upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Beam Therapeutics has an average rating of “Buy” and a consensus target price of $50.82.

Beam Therapeutics Trading Up 3.8 %

Shares of Beam Therapeutics stock opened at $27.42 on Monday. Beam Therapeutics has a 12-month low of $20.84 and a 12-month high of $37.49. The firm has a market capitalization of $2.29 billion, a price-to-earnings ratio of -15.58 and a beta of 1.91. The firm’s 50 day simple moving average is $27.10 and its two-hundred day simple moving average is $26.04.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.25) by $0.16. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business had revenue of $30.00 million for the quarter, compared to analyst estimates of $16.47 million. During the same quarter in the prior year, the business posted $1.73 EPS. Beam Therapeutics’s revenue for the quarter was down 90.5% compared to the same quarter last year. On average, sell-side analysts predict 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, insider Christine Bellon sold 1,241 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total transaction of $30,627.88. Following the transaction, the insider now directly owns 102,968 shares of the company’s stock, valued at $2,541,250.24. This trade represents a 1.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO John M. Evans sold 30,000 shares of the stock in a transaction on 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 approximately $24,306,628.25. The trade was a 3.20 % 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.

Hedge Funds Weigh In On Beam Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Polar Asset Management Partners Inc. lifted its holdings in Beam Therapeutics by 901.2% during the fourth quarter. Polar Asset Management Partners Inc. now owns 208,255 shares of the company’s stock valued at $5,165,000 after purchasing an additional 187,455 shares in the last quarter. GF Fund Management CO. LTD. purchased a new position in shares of Beam Therapeutics in the fourth quarter worth about $43,000. Woodline Partners LP purchased a new position in shares of Beam Therapeutics in the fourth quarter worth about $6,997,000. Squarepoint Ops LLC purchased a new position in shares of Beam Therapeutics in the fourth quarter worth about $3,851,000. Finally, Twinbeech Capital LP lifted its stake in shares of Beam Therapeutics by 119.3% in the fourth quarter. Twinbeech Capital LP now owns 127,664 shares of the company’s stock worth $3,166,000 after buying an additional 69,456 shares in the last quarter. 99.68% of the stock is 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.