Beam Therapeutics (NASDAQ:BEAM) Upgraded by Jones Trading to Buy Rating

Jones Trading upgraded shares of Beam Therapeutics (NASDAQ:BEAM) from a hold rating to a buy rating in a research note issued to investors on Monday,Benzinga reports. They currently have $34.00 target price on the stock.

BEAM has been the subject of several other reports. Sanford C. Bernstein upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Cantor Fitzgerald upgraded Beam Therapeutics from a “neutral” rating to an “overweight” rating in a report 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 report on Monday. Wedbush restated an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a report on Monday. Finally, HC Wainwright reaffirmed a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research note on Monday. Two 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 company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $50.82.

Beam Therapeutics Price Performance

Shares of NASDAQ BEAM opened at $25.69 on Monday. The company has a 50-day simple moving average of $27.02 and a 200-day simple moving average of $26.03. The company has a market cap of $2.15 billion, a PE ratio of -14.60 and a beta of 1.91. Beam Therapeutics has a 12 month low of $20.84 and a 12 month high of $38.37.

Beam Therapeutics (NASDAQ:BEAM) last announced its 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 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%. Beam Therapeutics’s revenue was down 90.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.73 earnings per share. On average, analysts anticipate that Beam Therapeutics will post -4.57 EPS for the current year.

Insider Buying and Selling

In other Beam Therapeutics news, CEO John M. Evans sold 30,000 shares of the business’s stock in a transaction dated 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 directly owns 908,659 shares of the company’s stock, valued at $24,306,628.25. The trade was a 3.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Christine Bellon sold 1,241 shares of the firm’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 transaction of $30,627.88. Following the completion of the sale, the insider now owns 102,968 shares in the company, valued at $2,541,250.24. The trade was a 1.19 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Polar Asset Management Partners Inc. lifted its holdings in Beam Therapeutics by 901.2% in the fourth quarter. Polar Asset Management Partners Inc. now owns 208,255 shares of the company’s stock worth $5,165,000 after purchasing an additional 187,455 shares during the period. GF Fund Management CO. LTD. bought a new stake in shares of Beam Therapeutics during the 4th quarter worth about $43,000. Woodline Partners LP acquired a new stake in shares of Beam Therapeutics in the 4th quarter worth approximately $6,997,000. Squarepoint Ops LLC bought a new position in shares of Beam Therapeutics in the fourth quarter valued at approximately $3,851,000. Finally, Twinbeech Capital LP increased its stake in shares of Beam Therapeutics by 119.3% during the fourth quarter. Twinbeech Capital LP now owns 127,664 shares of the company’s stock valued at $3,166,000 after acquiring an additional 69,456 shares during the period. 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.