Beam Therapeutics (NASDAQ:BEAM) Price Target Raised to $26.00

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

Several other research analysts also recently weighed in on BEAM. HC Wainwright reiterated a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research note on Monday, February 3rd. Leerink Partners upgraded Beam Therapeutics from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $27.00 to $39.00 in a research note on Wednesday, November 6th. Sanford C. Bernstein upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Leerink Partnrs upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Finally, Wedbush restated an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research note on Monday, January 13th. Two analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Beam Therapeutics presently has a consensus rating of “Buy” and an average price target of $50.90.

Beam Therapeutics Price Performance

Shares of NASDAQ:BEAM opened at $26.34 on Wednesday. The company has a market capitalization of $2.20 billion, a PE ratio of -14.97 and a beta of 1.92. Beam Therapeutics has a 1 year low of $20.84 and a 1 year high of $45.05. The business has a fifty day moving average price of $27.23 and a two-hundred day moving average price of $25.92.

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

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, insider Christine Bellon sold 1,241 shares of the firm’s stock in a transaction dated 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 owns 102,968 shares of the company’s stock, valued at $2,541,250.24. This trade represents a 1.19 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO John M. Evans sold 30,000 shares of the firm’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $26.75, for a total value of $802,500.00. Following the transaction, the chief executive officer now directly owns 908,659 shares in the company, valued at approximately $24,306,628.25. This represents a 3.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.

Institutional Trading of Beam Therapeutics

A number of hedge funds have recently bought and sold shares of BEAM. Wealthfront Advisers LLC bought a new stake in Beam Therapeutics in the 4th quarter worth approximately $41,000. GF Fund Management CO. LTD. bought a new stake in Beam Therapeutics in the 4th quarter worth approximately $43,000. Sterling Capital Management LLC lifted its position in Beam Therapeutics by 816.0% in the 4th quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock worth $60,000 after buying an additional 2,146 shares during the last quarter. Blue Trust Inc. lifted its position in Beam Therapeutics by 84.0% in the 3rd quarter. Blue Trust Inc. now owns 3,135 shares of the company’s stock worth $73,000 after buying an additional 1,431 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in Beam Therapeutics by 21.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock worth $75,000 after buying an additional 524 shares during the last quarter. Institutional investors own 99.68% of the company’s stock.

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.