Beam Therapeutics (NASDAQ:BEAM) Given “Buy” Rating at Guggenheim

Guggenheim reaffirmed their buy rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a report issued on Thursday,Benzinga reports. They currently have a $78.00 target price on the stock.

Several other research firms have also issued reports on BEAM. Leerink Partnrs raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Royal Bank of Canada boosted their target price on Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a research report on Wednesday. Leerink Partners raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $27.00 to $39.00 in a research report on Wednesday, November 6th. Wedbush reissued an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research report on Monday, January 13th. Finally, Sanford C. Bernstein raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $50.90.

Beam Therapeutics Price Performance

BEAM opened at $27.11 on Thursday. The stock has a 50-day moving average price of $27.22 and a 200-day moving average price of $25.91. The firm has a market cap of $2.24 billion, a PE ratio of -15.40 and a beta of 1.92. Beam Therapeutics has a 1 year low of $20.84 and a 1 year high of $45.79.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.25) by $0.16. The firm had revenue of $30.00 million during the quarter, compared to analyst estimates of $16.47 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. Beam Therapeutics’s quarterly revenue was down 90.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.73 EPS. As a group, sell-side analysts anticipate that Beam Therapeutics will post -4.57 EPS 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 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 completion of the sale, the insider now directly owns 102,968 shares in the company, valued at $2,541,250.24. The trade was a 1.19 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 value of $802,500.00. Following the sale, the chief executive officer now owns 908,659 shares of the company’s stock, 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. Corporate insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new stake in Beam Therapeutics in the 4th quarter worth approximately $330,000. Charles Schwab Investment Management Inc. increased its holdings in Beam Therapeutics by 6.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock worth $15,423,000 after acquiring an additional 36,226 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in Beam Therapeutics by 11.4% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock worth $98,149,000 after acquiring an additional 404,782 shares in the last quarter. Bellevue Group AG increased its holdings in Beam Therapeutics by 7.1% in the 3rd quarter. Bellevue Group AG now owns 1,518,121 shares of the company’s stock worth $37,194,000 after acquiring an additional 100,000 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Beam Therapeutics by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock worth $44,297,000 after acquiring an additional 78,102 shares in the last quarter. 99.68% of the stock is owned by hedge funds and other 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.