Beam Therapeutics (NASDAQ:BEAM) Given New $26.00 Price Target at Royal Bank of Canada

Beam Therapeutics (NASDAQ:BEAM) had its price target upped by Royal Bank of Canada from $24.00 to $26.00 in a research note published on Wednesday,Benzinga reports. They currently have a sector perform rating on the stock.

BEAM has been the subject of a number of other reports. Wedbush reaffirmed an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research report on Monday, January 13th. Cantor Fitzgerald upgraded Beam Therapeutics from a “neutral” rating to an “overweight” rating in a report on Wednesday, January 29th. Leerink Partners raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $27.00 to $39.00 in a research report on Wednesday, November 6th. Leerink Partnrs raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Finally, Sanford C. Bernstein upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $47.89.

Beam Therapeutics Trading Down 6.5 %

Shares of BEAM opened at $27.89 on Wednesday. Beam Therapeutics has a 12 month low of $20.84 and a 12 month high of $49.50. The firm’s fifty day simple moving average is $27.19 and its two-hundred day simple moving average is $25.89. The stock has a market capitalization of $2.31 billion, a P/E ratio of -15.85 and a beta of 1.92.

Beam Therapeutics (NASDAQ:BEAM) last issued its 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. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business had revenue of $30.00 million for the quarter, compared to analyst estimates of $16.47 million. During the same period in the prior year, the firm earned $1.73 earnings per share. Beam Therapeutics’s revenue was down 90.5% on a year-over-year basis. As a group, research analysts predict that Beam Therapeutics will post -4.57 EPS for the current fiscal year.

Insider Buying and Selling

In other Beam Therapeutics news, CEO John M. Evans sold 30,000 shares of Beam Therapeutics stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $26.75, for a total transaction of $802,500.00. Following the transaction, the chief executive officer now owns 908,659 shares of the company’s stock, valued at $24,306,628.25. This trade represents a 3.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christine Bellon sold 1,241 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total value of $30,627.88. Following the completion of the transaction, the insider now owns 102,968 shares in the company, valued at $2,541,250.24. The trade was a 1.19 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Beam Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Farallon Capital Management LLC grew its position in shares of Beam Therapeutics by 0.4% during the 4th quarter. Farallon Capital Management LLC now owns 8,239,123 shares of the company’s stock valued at $204,330,000 after acquiring an additional 31,000 shares during the period. ARK Investment Management LLC raised its stake in shares of Beam Therapeutics by 8.2% in the fourth quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company’s stock valued at $175,287,000 after buying an additional 536,930 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Beam Therapeutics by 11.4% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock valued at $98,149,000 after buying an additional 404,782 shares during the period. Nikko Asset Management Americas Inc. lifted its position in shares of Beam Therapeutics by 11.4% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company’s stock valued at $98,109,000 after buying an additional 404,782 shares during the last quarter. Finally, State Street Corp grew its stake in shares of Beam Therapeutics by 12.5% during the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company’s stock worth $96,274,000 after acquiring an additional 437,402 shares during the period. 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.