Beam Therapeutics (NASDAQ:BEAM) Research Coverage Started at HC Wainwright

HC Wainwright started coverage on shares of Beam Therapeutics (NASDAQ:BEAM) in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $80.00 target price on the stock.

A number of other equities analysts also recently issued reports on BEAM. Barclays decreased their price objective on Beam Therapeutics from $42.00 to $33.00 and set an equal weight rating for the company in a report on Wednesday, May 8th. Wedbush reaffirmed an outperform rating and issued a $57.00 target price on shares of Beam Therapeutics in a research report on Tuesday, May 7th. Finally, BMO Capital Markets reissued an outperform rating and set a $57.00 price target on shares of Beam Therapeutics in a research report on Wednesday, March 27th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Beam Therapeutics currently has a consensus rating of Hold and an average target price of $43.50.

Beam Therapeutics Price Performance

Shares of NASDAQ BEAM opened at $32.17 on Tuesday. Beam Therapeutics has a 1 year low of $16.95 and a 1 year high of $49.50. The stock has a market capitalization of $2.65 billion, a P/E ratio of -18.07 and a beta of 1.87. The company’s 50-day moving average is $24.84 and its 200 day moving average is $27.58.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, May 7th. The company reported ($1.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.42) by $0.21. Beam Therapeutics had a negative return on equity of 15.46% and a negative net margin of 37.33%. The firm had revenue of $7.40 million for the quarter, compared to the consensus estimate of $17.09 million. During the same quarter in the prior year, the business earned ($1.33) EPS. The business’s revenue for the quarter was down 69.4% on a year-over-year basis. Research analysts anticipate that Beam Therapeutics will post -4.68 earnings per share for the current year.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $24.50, for a total value of $1,470,000.00. Following the completion of the transaction, the chief executive officer now directly owns 998,343 shares of the company’s stock, valued at $24,459,403.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 4.20% of the stock is currently owned by insiders.

Institutional Trading of Beam Therapeutics

Several institutional investors have recently added to or reduced their stakes in BEAM. Darwin Global Management Ltd. purchased a new stake in shares of Beam Therapeutics during the 1st quarter valued at about $70,032,000. Price T Rowe Associates Inc. MD boosted its holdings in Beam Therapeutics by 3,137.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,246,189 shares of the company’s stock worth $41,175,000 after purchasing an additional 1,207,699 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in Beam Therapeutics by 43.6% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,358,091 shares of the company’s stock worth $64,187,000 after purchasing an additional 715,911 shares during the period. Nikko Asset Management Americas Inc. grew its position in Beam Therapeutics by 43.6% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 2,358,091 shares of the company’s stock worth $64,093,000 after purchasing an additional 715,911 shares during the period. Finally, ARK Investment Management LLC raised its stake in Beam Therapeutics by 6.9% during the 4th quarter. ARK Investment Management LLC now owns 9,393,889 shares of the company’s stock valued at $255,702,000 after buying an additional 609,998 shares during the last quarter. 99.68% of the stock is currently owned by hedge funds and other 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.