Beam Therapeutics (NASDAQ:BEAM) Receives Buy Rating from HC Wainwright

HC Wainwright reiterated their buy rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a research note released on Friday,Benzinga reports. HC Wainwright currently has a $80.00 target price on the stock.

A number of other brokerages have also recently issued reports on BEAM. Royal Bank of Canada boosted their price objective on shares of Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a report on Wednesday. Wedbush restated an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a report on Monday, January 13th. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $27.00 to $39.00 in a report on Wednesday, November 6th. Leerink Partnrs upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Finally, Cantor Fitzgerald upgraded shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating in a report on Wednesday, January 29th. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Beam Therapeutics has an average rating of “Buy” and an average target price of $50.90.

Beam Therapeutics Trading Down 2.8 %

Shares of NASDAQ BEAM opened at $26.34 on Friday. Beam Therapeutics has a 1-year low of $20.84 and a 1-year high of $45.05. The company has a market cap of $2.20 billion, a PE ratio of -14.97 and a beta of 1.92. The company has a 50-day moving average of $27.23 and a two-hundred day moving average of $25.92.

Beam Therapeutics (NASDAQ:BEAM) last announced 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 company had revenue of $30.00 million during the quarter, compared to the consensus estimate of $16.47 million. During the same period in the previous year, the firm posted $1.73 earnings per share. The company’s revenue was down 90.5% on a year-over-year basis. As a group, equities research analysts forecast that Beam Therapeutics will post -4.57 earnings per share for the current year.

Insider Transactions at Beam Therapeutics

In other news, insider Christine Bellon sold 1,241 shares of the business’s stock in a transaction 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 owns 102,968 shares of the company’s stock, valued at $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 the SEC website. Also, CEO John M. Evans sold 30,000 shares of the business’s stock in a transaction 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 in the company, valued at approximately $24,306,628.25. This 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 Trading of Beam Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in BEAM. Creative Planning raised its position in Beam Therapeutics by 25.5% during the third quarter. Creative Planning now owns 11,946 shares of the company’s stock worth $293,000 after acquiring an additional 2,424 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Beam Therapeutics by 21.3% during the third 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. Arcadia Investment Management Corp MI bought a new stake in Beam Therapeutics during the third quarter worth $98,000. Atria Investments Inc bought a new stake in Beam Therapeutics during the third quarter worth $200,000. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in Beam Therapeutics by 59.7% during the third 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 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.