Beam Therapeutics (NASDAQ:BEAM) Upgraded at Bank of America

Bank of America upgraded shares of Beam Therapeutics (NASDAQ:BEAM) from a neutral rating to a buy rating in a research note issued to investors on Friday, Marketbeat reports. Bank of America currently has $42.00 price objective on the stock.

Several other research analysts also recently commented on the company. Cantor Fitzgerald reissued an “overweight” rating on shares of Beam Therapeutics in a report on Wednesday, March 12th. Scotiabank raised Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 price objective on the stock in a research note on Monday, March 10th. HC Wainwright restated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research note on Monday, March 10th. Royal Bank of Canada upped their price target on shares of Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 26th. Finally, Wedbush reissued an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a report on Monday, March 10th. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Beam Therapeutics has a consensus rating of “Buy” and an average price target of $49.45.

Beam Therapeutics Price Performance

Beam Therapeutics stock opened at $22.21 on Friday. The firm has a market capitalization of $2.22 billion, a P/E ratio of -12.62 and a beta of 1.91. The stock has a fifty day moving average price of $26.65 and a two-hundred day moving average price of $25.89. Beam Therapeutics has a 52-week low of $20.84 and a 52-week high of $35.25.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.25) by $0.16. The business had revenue of $30.00 million during the quarter, compared to analysts’ expectations of $16.47 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The firm’s revenue for the quarter was down 90.5% on a year-over-year basis. During the same quarter last year, the company posted $1.73 EPS. On average, equities research analysts predict that Beam Therapeutics will post -4.57 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO John M. Evans sold 30,000 shares of the company’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $26.75, for a total value of $802,500.00. Following the completion of the sale, the chief executive officer now owns 908,659 shares in the company, valued at approximately $24,306,628.25. This represents a 3.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Christine Bellon sold 1,241 shares of the stock in a transaction dated Thursday, January 2nd. The shares were 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 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 disclosure for this sale can be found here. 4.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Wealthfront Advisers LLC bought a new position in shares of Beam Therapeutics during the fourth quarter worth $41,000. GF Fund Management CO. LTD. acquired a new stake in Beam Therapeutics during the 4th quarter worth $43,000. Sterling Capital Management LLC lifted its holdings in Beam Therapeutics by 816.0% during the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock worth $60,000 after acquiring an additional 2,146 shares in the last quarter. KBC Group NV grew its stake in Beam Therapeutics by 103.2% in the fourth quarter. KBC Group NV now owns 4,143 shares of the company’s stock valued at $103,000 after acquiring an additional 2,104 shares during the period. Finally, Blue Trust Inc. grew its stake in Beam Therapeutics by 36.3% in the fourth quarter. Blue Trust Inc. now owns 4,274 shares of the company’s stock valued at $105,000 after acquiring an additional 1,139 shares during the period. Institutional investors and hedge funds own 99.68% of the company’s stock.

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.