Royal Bank of Canada Issues Positive Forecast for Beam Therapeutics (NASDAQ:BEAM) Stock Price

Beam Therapeutics (NASDAQ:BEAM) had its target price lifted by Royal Bank of Canada from $24.00 to $26.00 in a research report released on Wednesday morning,Benzinga reports. They currently have a sector perform rating on the stock.

Several other research firms have also recently issued reports on BEAM. Sanford C. Bernstein raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Wedbush reissued an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research note on Monday, January 13th. Cantor Fitzgerald raised Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research note on Wednesday, January 29th. Leerink Partners raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $27.00 to $39.00 in a research note on Wednesday, November 6th. Finally, Leerink Partnrs raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Two research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $50.90.

Beam Therapeutics Stock Performance

BEAM opened at $26.34 on Wednesday. Beam Therapeutics has a 52-week low of $20.84 and a 52-week high of $45.05. The stock has a market capitalization of $2.20 billion, a PE ratio of -14.97 and a beta of 1.92. The stock’s 50 day moving average price is $27.23 and its 200-day moving average price is $25.92.

Beam Therapeutics (NASDAQ:BEAM) last posted its 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 firm had revenue of $30.00 million for the quarter, compared to analysts’ expectations of $16.47 million. During the same period in the previous year, the firm earned $1.73 earnings per share. The business’s revenue was down 90.5% compared to the same quarter last year. Research analysts forecast that Beam Therapeutics will post -4.57 EPS for the current fiscal year.

Insiders Place Their Bets

In other Beam Therapeutics news, insider Christine Bellon sold 1,241 shares of the business’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total value of $30,627.88. Following the sale, the insider now directly owns 102,968 shares of the company’s stock, valued at approximately $2,541,250.24. The trade was a 1.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO John M. Evans sold 30,000 shares of the stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $26.75, for a total value of $802,500.00. Following the completion of the transaction, the chief executive officer now directly owns 908,659 shares in the company, valued at approximately $24,306,628.25. This represents a 3.20 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Wealthfront Advisers LLC bought a new position in Beam Therapeutics in the fourth quarter valued at about $41,000. GF Fund Management CO. LTD. bought a new position in Beam Therapeutics in the fourth quarter valued at about $43,000. Sterling Capital Management LLC lifted its holdings in Beam Therapeutics by 816.0% in the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock valued at $60,000 after acquiring an additional 2,146 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Beam Therapeutics by 21.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock valued at $75,000 after acquiring an additional 524 shares during the period. Finally, Blue Trust Inc. lifted its holdings in Beam Therapeutics by 84.0% in the third quarter. Blue Trust Inc. now owns 3,135 shares of the company’s stock valued at $73,000 after acquiring an additional 1,431 shares during the period. 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.