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

HC Wainwright reiterated their buy rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a report published on Thursday,Benzinga reports. They currently have a $80.00 price target on the stock.

BEAM has been the subject of a number of other reports. Leerink Partners raised shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $27.00 to $39.00 in a research note on Wednesday. Leerink Partnrs raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday. Stifel Nicolaus lifted their price target on shares of Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Wedbush reaffirmed an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a research note on Tuesday, November 5th. Finally, Scotiabank initiated coverage on shares of Beam Therapeutics in a research note on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 price target for the company. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $44.91.

Beam Therapeutics Stock Up 3.7 %

Shares of NASDAQ:BEAM opened at $27.06 on Thursday. Beam Therapeutics has a 52 week low of $18.85 and a 52 week high of $49.50. The stock has a market capitalization of $2.24 billion, a P/E ratio of -15.38 and a beta of 1.86. The firm has a fifty day simple moving average of $24.23 and a two-hundred day simple moving average of $24.67.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The business had revenue of $14.30 million during the quarter, compared to analysts’ expectations of $14.52 million. During the same period in the previous year, the business earned ($1.22) earnings per share. The business’s quarterly revenue was down 16.9% on a year-over-year basis. On average, analysts expect that Beam Therapeutics will post -4.64 earnings per share for the current year.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $24.60, for a total value of $1,476,000.00. Following the completion of the sale, the chief executive officer now directly owns 938,659 shares of the company’s stock, valued at $23,091,011.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $24.60, for a total value of $1,476,000.00. Following the completion of the sale, the chief executive officer now owns 938,659 shares in the company, valued at approximately $23,091,011.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Giuseppe Ciaramella sold 51,110 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $26.27, for a total transaction of $1,342,659.70. Following the completion of the sale, the president now owns 160,260 shares of the company’s stock, valued at approximately $4,210,030.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 162,894 shares of company stock valued at $4,181,745 in the last three months. Company insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

Several large investors have recently modified their holdings of BEAM. Swiss National Bank raised its holdings in shares of Beam Therapeutics by 3.1% in the 1st quarter. Swiss National Bank now owns 136,700 shares of the company’s stock valued at $4,517,000 after purchasing an additional 4,100 shares in the last quarter. Reynders McVeigh Capital Management LLC bought a new position in shares of Beam Therapeutics during the 1st quarter worth approximately $201,000. QRG Capital Management Inc. raised its stake in shares of Beam Therapeutics by 45.2% during the 1st quarter. QRG Capital Management Inc. now owns 23,036 shares of the company’s stock worth $761,000 after acquiring an additional 7,176 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of Beam Therapeutics by 4.4% during the 1st quarter. Russell Investments Group Ltd. now owns 143,828 shares of the company’s stock worth $4,752,000 after acquiring an additional 6,102 shares in the last quarter. Finally, ProShare Advisors LLC raised its stake in shares of Beam Therapeutics by 10.6% during the 1st quarter. ProShare Advisors LLC now owns 19,511 shares of the company’s stock worth $645,000 after acquiring an additional 1,873 shares in 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.