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

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “buy” rating reissued by equities researchers at HC Wainwright in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $80.00 target price on the stock. HC Wainwright’s price target indicates a potential upside of 203.72% from the stock’s previous close.

Other analysts have also issued reports about the stock. Leerink Partners raised shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and increased their target price for the company from $27.00 to $39.00 in a research note on Wednesday, November 6th. Wedbush reissued an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research note on Monday, January 13th. Cantor Fitzgerald raised shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research note on Wednesday, January 29th. Sanford C. Bernstein raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Guggenheim reissued a “buy” rating and set a $78.00 target price on shares of Beam Therapeutics in a research note on Thursday. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Beam Therapeutics presently has a consensus rating of “Buy” and a consensus price target of $50.90.

Beam Therapeutics Trading Down 2.8 %

Shares of NASDAQ:BEAM opened at $26.34 on Friday. The company has a 50 day moving average of $27.18 and a 200-day moving average of $25.93. The firm has a market cap of $2.20 billion, a P/E ratio of -14.97 and a beta of 1.92. Beam Therapeutics has a twelve month low of $20.84 and a twelve month high of $45.05.

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

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, insider Christine Bellon sold 1,241 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total value of $30,627.88. Following the transaction, the insider now owns 102,968 shares in the company, valued at approximately $2,541,250.24. This represents a 1.19 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John M. Evans sold 30,000 shares of the company’s 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 completion of the transaction, the chief executive officer now owns 908,659 shares in the company, valued at approximately $24,306,628.25. This represents a 3.20 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in BEAM. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of Beam Therapeutics during the 4th quarter worth $330,000. Charles Schwab Investment Management Inc. increased its stake in shares of Beam Therapeutics by 6.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock worth $15,423,000 after purchasing an additional 36,226 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Beam Therapeutics by 11.4% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock worth $98,149,000 after purchasing an additional 404,782 shares during the last quarter. Bellevue Group AG increased its stake in shares of Beam Therapeutics by 7.1% during the 3rd quarter. Bellevue Group AG now owns 1,518,121 shares of the company’s stock worth $37,194,000 after purchasing an additional 100,000 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Beam Therapeutics by 4.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock worth $44,297,000 after purchasing an additional 78,102 shares during the last quarter. 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.