Scotiabank Issues Positive Forecast for Beam Therapeutics (NASDAQ:BEAM) Stock Price

Beam Therapeutics (NASDAQ:BEAM) had its price target upped by Scotiabank from $24.00 to $25.00 in a research report report published on Monday morning,Benzinga reports. They currently have a sector perform rating on the stock.

Several other equities research analysts have also issued reports on BEAM. Royal Bank of Canada lifted their price target on Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a report on Wednesday, February 26th. Guggenheim restated a “buy” rating and set a $78.00 price target on shares of Beam Therapeutics in a research note on Thursday, February 27th. Wedbush restated an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a report on Monday, January 13th. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $27.00 to $39.00 in a report on Wednesday, November 6th. Finally, Sanford C. Bernstein upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Beam Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $51.00.

Beam Therapeutics Stock Performance

BEAM stock opened at $25.10 on Monday. The stock has a market cap of $2.10 billion, a P/E ratio of -14.26 and a beta of 1.92. The firm has a 50 day simple moving average of $27.10 and a 200 day simple moving average of $25.96. Beam Therapeutics has a 52 week low of $20.84 and a 52 week high of $40.65.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) EPS for the quarter, beating the consensus estimate 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 analysts’ expectations of $16.47 million. During the same period in the previous year, the company posted $1.73 EPS. Beam Therapeutics’s revenue was down 90.5% on a year-over-year basis. Sell-side analysts predict that Beam Therapeutics will post -4.57 EPS for the current year.

Insider Transactions at Beam Therapeutics

In related news, insider Christine Bellon sold 1,241 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was 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 in the company, valued at $2,541,250.24. The trade was a 1.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO John M. Evans sold 30,000 shares of Beam Therapeutics stock in a transaction on Thursday, January 30th. The stock was 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 represents a 3.20 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 4.20% of the company’s stock.

Institutional Trading of Beam Therapeutics

Several large investors have recently made changes to their positions in the business. Wealthfront Advisers LLC bought a new stake in Beam Therapeutics during the 4th quarter worth about $41,000. GF Fund Management CO. LTD. acquired a new stake in Beam Therapeutics during the 4th quarter worth $43,000. Sterling Capital Management LLC raised its position in shares of Beam Therapeutics by 816.0% during the 4th quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock valued at $60,000 after acquiring an additional 2,146 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of 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 valued at $75,000 after purchasing an additional 524 shares during the period. Finally, KBC Group NV boosted its position in shares of Beam Therapeutics by 103.2% in the 4th quarter. KBC Group NV now owns 4,143 shares of the company’s stock worth $103,000 after purchasing an additional 2,104 shares during the last quarter. Institutional investors 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.