Beam Therapeutics (NASDAQ:BEAM) Receives Buy Rating from HC Wainwright

HC Wainwright reiterated their buy rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a report released on Friday morning,Benzinga reports. They currently have a $80.00 target price on the stock.

A number of other brokerages also recently issued reports on BEAM. Royal Bank of Canada increased their price objective on shares of Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a research note on Wednesday. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $27.00 to $39.00 in a research note on Wednesday, November 6th. Wedbush reiterated an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research note on Monday, January 13th. Guggenheim reissued a “buy” rating and issued a $78.00 target price on shares of Beam Therapeutics in a report on Thursday. Finally, Sanford C. Bernstein raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $50.90.

Beam Therapeutics Price Performance

NASDAQ:BEAM opened at $26.34 on Friday. The firm’s fifty day moving average price is $27.23 and its two-hundred day moving average price is $25.92. Beam Therapeutics has a one year low of $20.84 and a one year high of $45.05. The company has a market cap of $2.20 billion, a P/E ratio of -14.97 and a beta of 1.92.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) EPS for the quarter, beating 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 the consensus estimate of $16.47 million. During the same period in the prior year, the company posted $1.73 earnings per share. Beam Therapeutics’s revenue was down 90.5% compared to the same quarter last year. As a group, equities research analysts expect that Beam Therapeutics will post -4.57 earnings per share for the current year.

Insider Activity at Beam Therapeutics

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

Institutional Trading of Beam Therapeutics

Large investors have recently modified their holdings of the stock. Wealthfront Advisers LLC acquired a new stake in shares of Beam Therapeutics during the 4th quarter worth approximately $41,000. GF Fund Management CO. LTD. acquired a new stake in shares of Beam Therapeutics during the 4th quarter worth approximately $43,000. Sterling Capital Management LLC grew its position in Beam Therapeutics by 816.0% in the 4th quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock valued at $60,000 after purchasing an additional 2,146 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in Beam Therapeutics by 21.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock valued at $75,000 after purchasing an additional 524 shares during the period. Finally, Arcadia Investment Management Corp MI acquired a new stake in Beam Therapeutics in the 3rd quarter valued at $98,000. Institutional investors and hedge funds 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.