Beam Therapeutics (NASDAQ:BEAM) Earns Buy Rating from Analysts at HC Wainwright

HC Wainwright initiated coverage on shares of Beam Therapeutics (NASDAQ:BEAM) in a report published on Tuesday, MarketBeat reports. The firm issued a buy rating and a $80.00 price target on the stock.

A number of other research analysts also recently issued reports on BEAM. Wedbush restated an outperform rating and issued a $57.00 price target on shares of Beam Therapeutics in a research report on Tuesday, May 7th. Barclays cut their price target on shares of Beam Therapeutics from $42.00 to $33.00 and set an equal weight rating on the stock in a research report on Wednesday, May 8th. Finally, BMO Capital Markets reissued an outperform rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research report on Wednesday, March 27th. Eight research analysts have rated the stock with a hold rating and six have assigned 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 $43.50.

Beam Therapeutics Stock Up 7.9 %

Shares of NASDAQ:BEAM opened at $32.17 on Tuesday. The firm has a market cap of $2.65 billion, a P/E ratio of -18.07 and a beta of 1.87. Beam Therapeutics has a 12-month low of $16.95 and a 12-month high of $49.50. The business has a fifty day simple moving average of $24.84 and a 200 day simple moving average of $27.58.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($1.21) earnings per share for the quarter, beating the consensus estimate of ($1.42) by $0.21. The company had revenue of $7.40 million during the quarter, compared to analysts’ expectations of $17.09 million. Beam Therapeutics had a negative return on equity of 15.46% and a negative net margin of 37.33%. The business’s quarterly revenue was down 69.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.33) earnings per share. As a group, equities research analysts expect that Beam Therapeutics will post -4.68 EPS for the current year.

Insiders Place Their Bets

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 998,343 shares of the company’s stock, valued at $24,459,403.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 4.20% of the company’s stock.

Institutional Trading of Beam Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Raymond James Financial Services Advisors Inc. bought a new stake in Beam Therapeutics during the fourth quarter worth $216,000. ARK Investment Management LLC grew its stake in shares of Beam Therapeutics by 6.9% in the 4th quarter. ARK Investment Management LLC now owns 9,393,889 shares of the company’s stock worth $255,702,000 after acquiring an additional 609,998 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in shares of Beam Therapeutics by 325.5% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 9,667 shares of the company’s stock valued at $263,000 after purchasing an additional 7,395 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of Beam Therapeutics during the fourth quarter valued at about $1,852,000. Finally, Krilogy Financial LLC bought a new position in shares of Beam Therapeutics during the fourth quarter valued at about $643,000. 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.