Royal Bank of Canada Forecasts Strong Price Appreciation for Beam Therapeutics (NASDAQ:BEAM) Stock

Beam Therapeutics (NASDAQ:BEAM) had its price objective raised by Royal Bank of Canada from $24.00 to $26.00 in a research report released on Wednesday,Benzinga reports. The brokerage currently has a sector perform rating on the stock.

A number of other equities research analysts also recently issued reports on BEAM. Leerink Partnrs upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Leerink Partners upgraded Beam Therapeutics from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $27.00 to $39.00 in a research report on Wednesday, November 6th. Wedbush restated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research report on Monday, January 13th. HC Wainwright reissued a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Monday, February 3rd. Finally, Sanford C. Bernstein upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $47.89.

Beam Therapeutics Stock Down 6.5 %

Shares of BEAM opened at $27.89 on Wednesday. Beam Therapeutics has a twelve month low of $20.84 and a twelve month high of $49.50. The stock has a market cap of $2.31 billion, a PE ratio of -15.85 and a beta of 1.92. The business’s 50-day moving average price is $27.19 and its 200-day moving average price is $25.89.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.25) by $0.16. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business had revenue of $30.00 million for the quarter, compared to analyst estimates of $16.47 million. During the same quarter in the prior year, the firm posted $1.73 EPS. Beam Therapeutics’s revenue was down 90.5% on a year-over-year basis. Analysts expect that Beam Therapeutics will post -4.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Beam Therapeutics news, insider Christine Bellon sold 1,241 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total value of $30,627.88. Following the completion of the sale, the insider now owns 102,968 shares in the company, valued at approximately $2,541,250.24. The trade was a 1.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO John M. Evans sold 30,000 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $26.75, for a total value of $802,500.00. Following the sale, the chief executive officer now directly owns 908,659 shares of the company’s stock, valued at approximately $24,306,628.25. This trade represents a 3.20 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Wealthfront Advisers LLC purchased a new stake in Beam Therapeutics during the 4th quarter valued at $41,000. GF Fund Management CO. LTD. purchased a new stake in shares of Beam Therapeutics during the fourth quarter worth about $43,000. Sterling Capital Management LLC grew its stake in shares of Beam Therapeutics by 816.0% in the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock worth $60,000 after purchasing an additional 2,146 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Beam Therapeutics by 21.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock valued at $75,000 after purchasing an additional 524 shares during the period. Finally, Blue Trust Inc. raised its position in Beam Therapeutics by 84.0% during the 3rd quarter. Blue Trust Inc. now owns 3,135 shares of the company’s stock valued at $73,000 after purchasing an additional 1,431 shares during the last quarter. 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.