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 research report released on Monday,Benzinga reports. HC Wainwright currently has a $80.00 price target on the stock.

BEAM has been the subject of a number of other reports. Stifel Nicolaus lifted their price objective on shares of Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Wedbush reiterated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Tuesday, November 5th. Royal Bank of Canada reduced their price objective on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. Scotiabank initiated coverage on Beam Therapeutics in a research report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 target price for the company. Finally, Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and increased their price target for the company from $27.00 to $39.00 in a research report on Wednesday, November 6th. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Beam Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $46.40.

Beam Therapeutics Stock Up 3.0 %

NASDAQ:BEAM opened at $27.51 on Monday. The stock has a market cap of $2.28 billion, a P/E ratio of -15.63 and a beta of 1.90. The business’s 50-day moving average price is $24.85 and its two-hundred day moving average price is $25.17. Beam Therapeutics has a twelve month low of $20.84 and a twelve month high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The company had revenue of $14.30 million during the quarter, compared to analysts’ expectations of $14.52 million. During the same period in the prior year, the business earned ($1.22) earnings per share. The company’s revenue for the quarter was down 16.9% compared to the same quarter last year. On average, equities research analysts expect that Beam Therapeutics will post -4.62 EPS for the current fiscal year.

Insider Buying and Selling

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the completion of the transaction, the chief executive officer now owns 938,659 shares of the company’s stock, valued at $23,091,011.40. This represents a 6.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction that occurred 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 completion of the sale, the president now owns 160,260 shares in the company, valued at approximately $4,210,030.20. This represents a 24.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 162,894 shares of company stock valued at $4,181,745 over the last three months. 4.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC boosted its stake in shares of Beam Therapeutics by 212.6% during the 2nd quarter. SG Americas Securities LLC now owns 19,142 shares of the company’s stock valued at $448,000 after purchasing an additional 13,018 shares in the last quarter. SteelPeak Wealth LLC boosted its position in Beam Therapeutics by 137.1% during the 2nd quarter. SteelPeak Wealth LLC now owns 17,795 shares of the company’s stock valued at $417,000 after acquiring an additional 10,290 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of Beam Therapeutics by 2,648.4% during the 2nd quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock worth $40,000 after acquiring an additional 1,642 shares during the period. Krilogy Financial LLC raised its position in shares of Beam Therapeutics by 52.8% in the 2nd quarter. Krilogy Financial LLC now owns 51,336 shares of the company’s stock worth $1,203,000 after acquiring an additional 17,734 shares in the last quarter. Finally, Liontrust Investment Partners LLP purchased a new position in shares of Beam Therapeutics in the 2nd quarter valued at approximately $1,874,000. 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.