Beam Therapeutics (NASDAQ:BEAM) Receives “Sector Perform” Rating from Royal Bank of Canada

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “sector perform” rating reissued by stock analysts at Royal Bank of Canada in a research note issued to investors on Thursday, Benzinga reports. They presently have a $27.00 price target on the stock. Royal Bank of Canada’s price objective points to a potential upside of 5.84% from the stock’s previous close.

Several other equities analysts have also recently issued reports on BEAM. Barclays dropped their price target on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 7th. HC Wainwright reiterated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research note on Thursday, August 22nd. Stifel Nicolaus upped their price target on Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. JPMorgan Chase & Co. increased their price target on Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Finally, Wedbush reissued an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research note on Tuesday, August 6th. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $44.18.

Beam Therapeutics Stock Down 0.3 %

Beam Therapeutics stock opened at $25.51 on Thursday. The company has a market capitalization of $2.10 billion, a price-to-earnings ratio of -14.33 and a beta of 1.86. The stock has a 50-day moving average price of $26.32 and a 200 day moving average price of $26.62. Beam Therapeutics has a 52 week low of $16.95 and a 52 week high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($1.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.13) by $0.02. The firm had revenue of $11.80 million during the quarter, compared to analysts’ expectations of $14.18 million. Beam Therapeutics had a negative net margin of 40.56% and a negative return on equity of 16.22%. Beam Therapeutics’s quarterly revenue was down 41.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($1.08) EPS. Research analysts anticipate that Beam Therapeutics will post -4.6 EPS for the current fiscal year.

Insider Transactions at Beam Therapeutics

In related news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $24.50, for a total value of $1,470,000.00. Following the completion of the sale, the chief executive officer now owns 998,343 shares in the company, valued at $24,459,403.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Riverview Trust Co purchased a new stake in shares of Beam Therapeutics during the 1st quarter worth approximately $26,000. Fairfield Financial Advisors LTD purchased a new stake in Beam Therapeutics during the second quarter worth $26,000. Blue Trust Inc. grew its holdings in Beam Therapeutics by 2,648.4% in the second quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock valued at $40,000 after purchasing an additional 1,642 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in Beam Therapeutics by 144.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock valued at $43,000 after purchasing an additional 923 shares during the last quarter. Finally, National Bank of Canada FI increased its position in shares of Beam Therapeutics by 200.0% in the second quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock valued at $69,000 after buying an additional 2,000 shares in the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

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.