Royal Bank of Canada Forecasts Strong Price Appreciation for Beam Therapeutics (NASDAQ:BEAM) Stock

Beam Therapeutics (NASDAQ:BEAM) had its price objective hoisted by research analysts at Royal Bank of Canada from $24.00 to $26.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective indicates a potential downside of 4.09% from the stock’s current price.

BEAM has been the subject of several other research reports. Leerink Partners raised shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and upped their price target for the company from $27.00 to $39.00 in a research report on Wednesday, November 6th. Cantor Fitzgerald raised shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating in a report on Wednesday, January 29th. Wedbush reiterated an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research report on Monday, January 13th. Leerink Partnrs raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Finally, HC Wainwright restated a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research note on Monday, February 3rd. 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’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $50.90.

Beam Therapeutics Trading Down 2.8 %

NASDAQ:BEAM opened at $27.11 on Wednesday. The company has a market cap of $2.24 billion, a PE ratio of -15.40 and a beta of 1.92. The company has a 50 day simple moving average of $27.22 and a two-hundred day simple moving average of $25.91. Beam Therapeutics has a 12 month low of $20.84 and a 12 month high of $45.79.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.25) by $0.16. The firm had revenue of $30.00 million for the quarter, compared to the consensus estimate of $16.47 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company’s revenue for the quarter was down 90.5% on a year-over-year basis. During the same period last year, the business posted $1.73 EPS. Research analysts forecast that Beam Therapeutics will post -4.57 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO John M. Evans sold 30,000 shares of Beam Therapeutics stock in a transaction that occurred 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 sale, the chief executive officer now owns 908,659 shares in the company, valued at $24,306,628.25. This trade represents a 3.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at 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 transaction of $30,627.88. Following the completion of the transaction, the insider now directly owns 102,968 shares in the company, valued at $2,541,250.24. This trade represents a 1.19 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Beam Therapeutics

Several institutional investors have recently bought and sold shares of BEAM. Wealthfront Advisers LLC bought a new position in shares of Beam Therapeutics during the 4th quarter valued at about $41,000. GF Fund Management CO. LTD. purchased a new stake in shares of Beam Therapeutics in the fourth quarter worth about $43,000. Sterling Capital Management LLC boosted its stake in Beam Therapeutics by 816.0% during the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock valued at $60,000 after buying an additional 2,146 shares during the last quarter. Blue Trust Inc. increased its stake in Beam Therapeutics by 84.0% in the 3rd quarter. Blue Trust Inc. now owns 3,135 shares of the company’s stock worth $73,000 after acquiring an additional 1,431 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Beam Therapeutics by 21.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock worth $75,000 after acquiring an additional 524 shares during the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

About Beam Therapeutics

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.