Beam Therapeutics (NASDAQ:BEAM) Price Target Raised to $25.00

Beam Therapeutics (NASDAQ:BEAM) had its target price raised by Scotiabank from $24.00 to $25.00 in a research note published on Monday morning,Benzinga reports. The brokerage currently has a sector perform rating on the stock.

BEAM has been the topic of a number of other reports. Wedbush restated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Monday, January 13th. Cantor Fitzgerald upgraded shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research report on Wednesday, January 29th. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and upped their target price for the company from $27.00 to $39.00 in a research report on Wednesday, November 6th. Leerink Partnrs upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Finally, Guggenheim reiterated a “buy” rating and issued a $78.00 price target on shares of Beam Therapeutics in a research report on Thursday, February 27th. Three research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Beam Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.00.

Beam Therapeutics Stock Down 1.2 %

Shares of NASDAQ:BEAM opened at $26.11 on Monday. Beam Therapeutics has a 12 month low of $20.84 and a 12 month high of $40.09. The company’s 50-day moving average price is $27.00 and its two-hundred day moving average price is $25.98. The firm has a market cap of $2.19 billion, a P/E ratio of -14.84 and a beta of 1.91.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, beating 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 company had revenue of $30.00 million for the quarter, compared to the consensus estimate of $16.47 million. During the same period in the prior year, the company posted $1.73 EPS. The company’s revenue was down 90.5% compared to the same quarter last year. As a group, equities analysts predict that Beam Therapeutics will post -4.57 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO John M. Evans sold 30,000 shares of the stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total transaction of $802,500.00. Following the completion of 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 represents a 3.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christine Bellon sold 1,241 shares of the 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 sale, the insider now directly owns 102,968 shares of the company’s stock, valued at approximately $2,541,250.24. The trade was a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Beam Therapeutics

Hedge funds have recently made changes to their positions in the business. Wealthfront Advisers LLC bought a new position in shares of Beam Therapeutics during the 4th quarter worth approximately $41,000. GF Fund Management CO. LTD. bought a new position in shares of Beam Therapeutics during the 4th quarter worth approximately $43,000. Sterling Capital Management LLC grew its stake in shares of Beam Therapeutics by 816.0% during the 4th quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock worth $60,000 after acquiring an additional 2,146 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of 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 worth $75,000 after acquiring an additional 524 shares in the last quarter. Finally, KBC Group NV grew its stake in shares of Beam Therapeutics by 103.2% during the 4th quarter. KBC Group NV now owns 4,143 shares of the company’s stock worth $103,000 after acquiring an additional 2,104 shares in the last quarter. 99.68% of the stock is owned by institutional investors.

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.