Beam Therapeutics (NASDAQ:BEAM) Price Target Raised to $48.00 at JPMorgan Chase & Co.

Beam Therapeutics (NASDAQ:BEAM) had its price target boosted by equities research analysts at JPMorgan Chase & Co. from $45.00 to $48.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 94.65% from the stock’s previous close.

BEAM has been the topic of a number of other reports. Wedbush reaffirmed an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a research note on Tuesday. Barclays cut their price objective on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a research report on Wednesday. Royal Bank of Canada reiterated a “sector perform” rating and set a $27.00 price target on shares of Beam Therapeutics in a report on Wednesday. Finally, HC Wainwright initiated coverage on Beam Therapeutics in a research note on Tuesday, July 23rd. They issued a “buy” rating and a $80.00 price target on the stock. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $43.33.

Beam Therapeutics Trading Down 3.4 %

Shares of NASDAQ BEAM traded down $0.86 during midday trading on Wednesday, reaching $24.66. 399,093 shares of the company were exchanged, compared to its average volume of 1,385,770. Beam Therapeutics has a 1 year low of $16.95 and a 1 year high of $49.50. The stock has a fifty day simple moving average of $25.66 and a 200 day simple moving average of $27.84. The stock has a market cap of $2.03 billion, a P/E ratio of -13.84 and a beta of 1.87.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($1.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.13) by $0.02. The business had revenue of $11.80 million for the quarter, compared to analyst estimates of $14.18 million. Beam Therapeutics had a negative net margin of 37.33% and a negative return on equity of 15.46%. The business’s revenue was down 41.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.08) earnings per share. As a group, analysts forecast that Beam Therapeutics will post -4.68 earnings per share for the current year.

Insiders Place Their Bets

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The stock was 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 approximately $24,459,403.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 4.20% of the stock is owned by company insiders.

Institutional Trading of Beam Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the company. Darwin Global Management Ltd. bought a new stake in shares of Beam Therapeutics during the 1st quarter valued at about $70,032,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Beam Therapeutics by 3,137.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,246,189 shares of the company’s stock worth $41,175,000 after acquiring an additional 1,207,699 shares in the last quarter. Nikko Asset Management Americas Inc. lifted its stake in Beam Therapeutics by 43.6% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 2,358,091 shares of the company’s stock valued at $64,093,000 after buying an additional 715,911 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Beam Therapeutics by 43.6% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,358,091 shares of the company’s stock valued at $64,187,000 after acquiring an additional 715,911 shares in the last quarter. Finally, Bellevue Group AG boosted its position in shares of Beam Therapeutics by 71.7% in the first quarter. Bellevue Group AG now owns 1,193,121 shares of the company’s stock worth $39,421,000 after buying an additional 498,300 shares during the period. 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.