Beam Therapeutics (NASDAQ:BEAM) Upgraded to Overweight at Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of Beam Therapeutics (NASDAQ:BEAMFree Report) from a neutral rating to an overweight rating in a research note published on Wednesday, MarketBeat.com reports.

Other equities analysts also recently issued research reports about the stock. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $27.00 to $39.00 in a research report on Wednesday, November 6th. Leerink Partnrs raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Wedbush reaffirmed an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Monday, January 13th. Royal Bank of Canada cut their target price on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 6th. Finally, Sanford C. Bernstein upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $47.67.

Read Our Latest Stock Report on Beam Therapeutics

Beam Therapeutics Stock Up 2.6 %

NASDAQ BEAM opened at $25.91 on Wednesday. The firm has a market cap of $2.15 billion, a P/E ratio of -14.72 and a beta of 1.92. Beam Therapeutics has a 52-week low of $20.84 and a 52-week high of $49.50. The business’s 50-day moving average price is $26.41 and its 200 day moving average price is $25.76.

Beam Therapeutics (NASDAQ:BEAMGet Free Report) last announced its earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.01). The company had revenue of $14.30 million during the quarter, compared to analysts’ expectations of $14.52 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The company’s revenue for the quarter was down 16.9% compared to the same quarter last year. During the same quarter last year, the business posted ($1.22) earnings per share. As a group, analysts anticipate that Beam Therapeutics will post -4.64 earnings per share for the current year.

Insider Buying and Selling at Beam Therapeutics

In other news, insider Christine Bellon sold 1,241 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total value of $30,627.88. Following the sale, the insider now directly owns 102,968 shares in the company, valued at $2,541,250.24. This represents a 1.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $26.36, for a total value of $1,347,259.60. Following the transaction, the president now owns 109,150 shares of the company’s stock, valued at $2,877,194. This represents a 31.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.20% of the stock is owned by corporate insiders.

Institutional Trading of Beam Therapeutics

A number of large investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. lifted its holdings in Beam Therapeutics by 6.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock valued at $15,423,000 after purchasing an additional 36,226 shares in the last quarter. Bank of Montreal Can purchased a new position in shares of Beam Therapeutics during the second quarter valued at approximately $3,683,000. Bellevue Group AG lifted its stake in shares of Beam Therapeutics by 7.1% during the third quarter. Bellevue Group AG now owns 1,518,121 shares of the company’s stock valued at $37,194,000 after buying an additional 100,000 shares during the period. Geode Capital Management LLC boosted its position in Beam Therapeutics by 4.5% during the third quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock worth $44,297,000 after acquiring an additional 78,102 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its stake 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 worth $87,044,000 after acquiring an additional 1,328,414 shares during the period. Institutional investors and hedge funds own 99.68% of the company’s stock.

About Beam Therapeutics

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Beam Therapeutics (NASDAQ:BEAM)

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