Beam Therapeutics (NASDAQ:BEAM) Given Buy Rating at HC Wainwright

HC Wainwright restated their buy rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a research note released on Thursday,Benzinga reports. HC Wainwright currently has a $80.00 price objective on the stock.

A number of other equities analysts have also commented on the stock. Leerink Partnrs upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. Leerink Partners upgraded Beam Therapeutics from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $27.00 to $39.00 in a report on Wednesday. Scotiabank started coverage on shares of Beam Therapeutics in a report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price objective for the company. Royal Bank of Canada decreased their target price on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research report on Wednesday. Finally, Wedbush reissued an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research note on Tuesday. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.91.

Beam Therapeutics Stock Performance

Shares of BEAM stock traded up $1.24 on Thursday, hitting $27.34. The company had a trading volume of 534,413 shares, compared to its average volume of 1,227,871. Beam Therapeutics has a twelve month low of $18.85 and a twelve month high of $49.50. The stock’s 50-day moving average is $24.22 and its two-hundred day moving average is $24.65. The firm has a market cap of $2.25 billion, a P/E ratio of -14.42 and a beta of 1.86.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results 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 net margin of 40.56% and a negative return on equity of 16.22%. The business had revenue of $14.30 million for the quarter, compared to analysts’ expectations of $14.52 million. During the same period in the previous year, the business posted ($1.22) earnings per share. The business’s revenue was down 16.9% compared to the same quarter last year. Equities research analysts predict that Beam Therapeutics will post -4.6 EPS for the current year.

Insiders Place Their Bets

In other news, President Giuseppe Ciaramella sold 51,110 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $26.27, for a total value of $1,342,659.70. Following the completion of the transaction, the president now owns 160,260 shares in the company, valued at $4,210,030.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Beam Therapeutics news, President Giuseppe Ciaramella sold 51,110 shares of the firm’s stock in a transaction that occurred on 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 transaction, the president now owns 160,260 shares of the company’s stock, valued at approximately $4,210,030.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was 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 in the company, valued at approximately $23,091,011.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 111,784 shares of company stock worth $2,834,485. Company insiders own 4.20% of the company’s stock.

Institutional Trading of Beam Therapeutics

Several institutional investors have recently bought and sold shares of BEAM. Farallon Capital Management LLC grew its holdings in shares of Beam Therapeutics by 75.4% during the second quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock valued at $185,404,000 after buying an additional 3,401,370 shares during the last quarter. Vanguard Group Inc. boosted its stake in Beam Therapeutics by 5.8% during the 1st quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company’s stock valued at $250,402,000 after purchasing an additional 413,892 shares during the last quarter. ARCH Venture Management LLC purchased a new position in shares of Beam Therapeutics in the second quarter worth $127,530,000. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Beam Therapeutics by 59.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock valued at $87,044,000 after purchasing an additional 1,328,414 shares in the last quarter. Finally, Darwin Global Management Ltd. bought a new position in shares of Beam Therapeutics during the first quarter valued at $70,032,000. 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.