Beam Therapeutics (NASDAQ:BEAM) Stock Rating Upgraded by Leerink Partnrs

Beam Therapeutics (NASDAQ:BEAM) was upgraded by research analysts at Leerink Partnrs from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other analysts also recently issued reports on BEAM. Barclays lowered their price target on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 7th. Wedbush reiterated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Tuesday. Scotiabank initiated coverage on Beam Therapeutics in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 target price for the company. JPMorgan Chase & Co. raised their price target on Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Finally, Leerink Partners upgraded Beam Therapeutics from a “market perform” rating to an “outperform” rating and raised their price target for the company from $27.00 to $39.00 in a research note on Wednesday. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Beam Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $44.91.

Beam Therapeutics Price Performance

Shares of BEAM opened at $26.10 on Wednesday. Beam Therapeutics has a 1 year low of $18.85 and a 1 year high of $49.50. The company has a 50 day simple moving average of $24.22 and a two-hundred day simple moving average of $24.65. The firm has a market cap of $2.15 billion, a P/E ratio of -14.42 and a beta of 1.86.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). Beam Therapeutics had a negative net margin of 40.56% and a negative return on equity of 16.22%. The business had revenue of $14.30 million during the quarter, compared to analysts’ expectations of $14.52 million. During the same period last year, the business posted ($1.22) earnings per share. The company’s revenue for the quarter was down 16.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Beam Therapeutics will post -4.6 earnings per share for the current year.

Insider Transactions at Beam Therapeutics

In related news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the completion of the sale, the chief executive officer now directly owns 938,659 shares in the company, valued at approximately $23,091,011.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $24.60, for a total value of $1,476,000.00. Following the completion of the sale, the chief executive officer now directly owns 938,659 shares in the company, valued at $23,091,011.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Giuseppe Ciaramella sold 51,110 shares of the company’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $26.27, for a total value of $1,342,659.70. Following the completion of the transaction, the president now directly owns 160,260 shares in the company, valued at approximately $4,210,030.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 111,784 shares of company stock valued at $2,834,485 in the last three months. 4.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Beam Therapeutics

Large investors have recently modified their holdings of the business. Quest Partners LLC lifted its stake in Beam Therapeutics by 410.8% during the 3rd quarter. Quest Partners LLC now owns 36,193 shares of the company’s stock worth $887,000 after acquiring an additional 29,108 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Beam Therapeutics by 59.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock valued at $87,044,000 after purchasing an additional 1,328,414 shares in the last quarter. Atria Investments Inc acquired a new stake in Beam Therapeutics in the 3rd quarter valued at about $200,000. Arcadia Investment Management Corp MI acquired a new stake in Beam Therapeutics in the 3rd quarter valued at about $98,000. Finally, China Universal Asset Management Co. Ltd. raised its position in Beam Therapeutics by 62.4% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 16,087 shares of the company’s stock valued at $394,000 after purchasing an additional 6,181 shares in 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.