Beam Therapeutics’ (BEAM) “Overweight” Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a research report report published on Wednesday morning,Benzinga reports.

Several other brokerages have also issued reports on BEAM. Sanford C. Bernstein raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Guggenheim reissued a “buy” rating and issued a $78.00 price target on shares of Beam Therapeutics in a report on Thursday, February 27th. Scotiabank raised shares of Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 price target for the company in a report on Monday. 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 research report on Wednesday, February 26th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research report on Monday. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Beam Therapeutics currently has an average rating of “Buy” and an average target price of $50.82.

Beam Therapeutics Stock Performance

BEAM opened at $27.42 on Wednesday. The company has a fifty day moving average price of $27.10 and a two-hundred day moving average price of $26.04. Beam Therapeutics has a 52 week low of $20.84 and a 52 week high of $37.49. The firm has a market capitalization of $2.29 billion, a PE ratio of -15.58 and a beta of 1.91.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $16.47 million. During the same quarter in the previous year, the business earned $1.73 EPS. The firm’s revenue was down 90.5% on a year-over-year basis. Equities analysts forecast that Beam Therapeutics will post -4.57 EPS for the current year.

Insiders Place Their Bets

In other Beam Therapeutics news, CEO John M. Evans sold 30,000 shares of the business’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $26.75, for a total transaction of $802,500.00. Following the sale, the chief executive officer now directly owns 908,659 shares of the company’s stock, valued at $24,306,628.25. The trade was a 3.20 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Christine Bellon sold 1,241 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total transaction of $30,627.88. Following the sale, the insider now directly owns 102,968 shares in the company, valued at $2,541,250.24. This trade represents a 1.19 % 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 Investors Weigh In On Beam Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Polar Asset Management Partners Inc. raised its holdings in shares of Beam Therapeutics by 901.2% in the 4th quarter. Polar Asset Management Partners Inc. now owns 208,255 shares of the company’s stock valued at $5,165,000 after purchasing an additional 187,455 shares during the period. GF Fund Management CO. LTD. bought a new stake in shares of Beam Therapeutics in the 4th quarter valued at about $43,000. Woodline Partners LP bought a new stake in shares of Beam Therapeutics in the 4th quarter valued at about $6,997,000. Squarepoint Ops LLC bought a new stake in shares of Beam Therapeutics in the 4th quarter valued at about $3,851,000. Finally, Twinbeech Capital LP raised its holdings in shares of Beam Therapeutics by 119.3% in the 4th quarter. Twinbeech Capital LP now owns 127,664 shares of the company’s stock valued at $3,166,000 after purchasing an additional 69,456 shares during the period. 99.68% of the stock is owned by 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.