Beam Therapeutics (NASDAQ:BEAM) Price Target Raised to $25.00

Beam Therapeutics (NASDAQ:BEAM) had its price objective upped by Scotiabank from $24.00 to $25.00 in a research report report published on Monday,Benzinga reports. Scotiabank currently has a sector perform rating on the stock.

A number of other research firms also recently weighed in on BEAM. Leerink Partnrs raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 6th. HC Wainwright reissued a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a report on Friday, February 28th. Cantor Fitzgerald raised Beam Therapeutics from a “neutral” rating to an “overweight” rating in a report on Wednesday, January 29th. Guggenheim reissued a “buy” rating and set a $78.00 target price on shares of Beam Therapeutics in a report on Thursday, February 27th. Finally, Leerink Partners raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $27.00 to $39.00 in a report on Wednesday, November 6th. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Beam Therapeutics has an average rating of “Moderate Buy” and an average target price of $51.00.

Beam Therapeutics Trading Down 1.2 %

NASDAQ:BEAM opened at $26.11 on Monday. Beam Therapeutics has a 1-year low of $20.84 and a 1-year high of $40.09. The firm has a fifty day simple moving average of $27.00 and a 200 day simple moving average of $25.98. The stock has a market capitalization of $2.19 billion, a PE ratio of -14.84 and a beta of 1.91.

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

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 30,000 shares of Beam Therapeutics 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 transaction, the chief executive officer now owns 908,659 shares in the company, valued at $24,306,628.25. The trade was a 3.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Christine Bellon sold 1,241 shares of Beam Therapeutics 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 owns 102,968 shares in the company, valued at approximately $2,541,250.24. This represents a 1.19 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in shares of Beam Therapeutics during the fourth quarter worth about $330,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Beam Therapeutics by 6.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock worth $15,423,000 after purchasing an additional 36,226 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Beam Therapeutics by 11.4% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock worth $98,149,000 after purchasing an additional 404,782 shares during the last quarter. Bellevue Group AG grew its holdings in shares of Beam Therapeutics by 7.1% during the third quarter. Bellevue Group AG now owns 1,518,121 shares of the company’s stock worth $37,194,000 after purchasing an additional 100,000 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Beam Therapeutics by 4.5% during the third quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock worth $44,297,000 after purchasing an additional 78,102 shares during the last quarter. 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.