Beam Therapeutics’ (BEAM) Buy Rating Reiterated at HC Wainwright

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “buy” rating reiterated by analysts at HC Wainwright in a research note issued on Monday,Benzinga reports. They currently have a $80.00 price objective on the stock. HC Wainwright’s price target would indicate a potential upside of 208.64% from the stock’s previous close.

BEAM has been the topic of a number of other reports. Leerink Partners raised shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and increased their target price for the company from $27.00 to $39.00 in a research report on Wednesday, November 6th. Sanford C. Bernstein raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Cantor Fitzgerald upgraded shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research note on Wednesday, January 29th. Leerink Partnrs upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Finally, Royal Bank of Canada cut their target price on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 6th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $47.67.

Beam Therapeutics Price Performance

Shares of Beam Therapeutics stock opened at $25.92 on Monday. The business has a 50-day moving average of $26.50 and a 200 day moving average of $25.76. Beam Therapeutics has a 12 month low of $20.84 and a 12 month high of $49.50. The stock has a market capitalization of $2.15 billion, a price-to-earnings ratio of -14.73 and a beta of 1.92.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). The company had revenue of $14.30 million during the quarter, compared to analyst estimates of $14.52 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. Beam Therapeutics’s revenue for the quarter was down 16.9% on a year-over-year basis. During the same period in the prior year, the business earned ($1.22) EPS. Equities research analysts anticipate that Beam Therapeutics will post -4.57 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Beam Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Beam Therapeutics by 59.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock worth $87,044,000 after purchasing an additional 1,328,414 shares during the period. State Street Corp boosted its stake in shares of Beam Therapeutics by 12.5% during the third quarter. State Street Corp now owns 3,929,557 shares of the company’s stock valued at $96,274,000 after purchasing an additional 437,402 shares in the last quarter. Peregrine Investment Management Inc. acquired a new stake in shares of Beam Therapeutics during the fourth quarter valued at about $3,932,000. Bellevue Group AG lifted its stake in shares of Beam Therapeutics by 7.1% in the third quarter. Bellevue Group AG now owns 1,518,121 shares of the company’s stock worth $37,194,000 after acquiring an additional 100,000 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Beam Therapeutics by 4.5% in 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 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.