Beam Therapeutics (NASDAQ:BEAM) Rating Increased to Buy at Bank of America

Bank of America upgraded shares of Beam Therapeutics (NASDAQ:BEAM) from a neutral rating to a buy rating in a research note released on Friday morning, MarketBeat Ratings reports. They currently have $42.00 price target on the stock.

Several other research firms have also recently weighed in on BEAM. Wedbush reissued an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research report on Monday, March 10th. Guggenheim reiterated a “buy” rating and issued a $78.00 target price on shares of Beam Therapeutics in a research note on Thursday, February 27th. Royal Bank of Canada boosted their target price on shares of Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 26th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Beam Therapeutics in a research report on Wednesday, March 12th. Finally, Sanford C. Bernstein upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Two investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $49.45.

Beam Therapeutics Stock Performance

Shares of BEAM stock opened at $22.21 on Friday. The stock’s 50 day simple moving average is $26.65 and its 200 day simple moving average is $25.87. Beam Therapeutics has a twelve month low of $20.84 and a twelve month high of $35.25. The company has a market capitalization of $2.22 billion, a price-to-earnings ratio of -12.62 and a beta of 1.91.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings data 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 business had revenue of $30.00 million during the quarter, compared to analysts’ expectations 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 for the quarter was down 90.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.73 earnings per share. On average, analysts forecast that Beam Therapeutics will post -4.57 EPS for the current fiscal year.

Insider Activity

In related news, CEO John M. Evans sold 30,000 shares of Beam Therapeutics stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $26.75, for a total value of $802,500.00. Following the sale, the chief executive officer now owns 908,659 shares of the company’s stock, valued at approximately $24,306,628.25. The trade was a 3.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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 transaction, the insider now owns 102,968 shares in the company, valued at approximately $2,541,250.24. The trade was a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Intech Investment Management LLC acquired a new position in Beam Therapeutics in the third quarter valued at about $512,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Beam Therapeutics by 6.1% during the third 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. Algert Global LLC increased its stake in shares of Beam Therapeutics by 282.0% in the third quarter. Algert Global LLC now owns 43,523 shares of the company’s stock valued at $1,066,000 after buying an additional 32,130 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Beam Therapeutics by 6.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 145,851 shares of the company’s stock worth $3,573,000 after acquiring an additional 8,762 shares during the last quarter. Finally, D.A. Davidson & CO. grew its holdings in Beam Therapeutics by 8.5% during the 3rd quarter. D.A. Davidson & CO. now owns 53,847 shares of the company’s stock worth $1,319,000 after acquiring an additional 4,222 shares during the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

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.