Beam Therapeutics (NASDAQ:BEAM) Price Target Lowered to $24.00 at Royal Bank of Canada

Beam Therapeutics (NASDAQ:BEAM) had its target price lowered by stock analysts at Royal Bank of Canada from $27.00 to $24.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential downside of 9.13% from the stock’s previous close.

BEAM has been the topic of several other reports. HC Wainwright reissued a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a report on Thursday, August 22nd. Barclays reduced their price objective on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 7th. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $27.00 to $39.00 in a research note on Wednesday. Scotiabank initiated coverage on shares of Beam Therapeutics in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 price target for the company. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Beam Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $44.91.

Beam Therapeutics Stock Up 10.4 %

Shares of NASDAQ:BEAM traded up $2.48 during midday trading on Wednesday, reaching $26.41. The company’s stock had a trading volume of 677,896 shares, compared to its average volume of 1,226,213. The firm has a 50 day moving average of $24.23 and a 200-day moving average of $24.62. The firm has a market capitalization of $2.18 billion, a P/E ratio of -14.62 and a beta of 1.86. Beam Therapeutics has a 12-month low of $18.85 and a 12-month high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share 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 the consensus estimate of $14.52 million. During the same period in the prior year, the business posted ($1.22) EPS. Beam Therapeutics’s revenue for the quarter was down 16.9% on a year-over-year basis. On average, research analysts predict that Beam Therapeutics will post -4.6 EPS for the current year.

Insider Transactions at Beam Therapeutics

In other news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 938,659 shares in the company, valued at $23,091,011.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the stock in a transaction on Monday, September 30th. The shares were sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the completion of the transaction, the chief executive officer now owns 938,659 shares in the company, valued at $23,091,011.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics 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 of the company’s stock, valued at approximately $4,210,030.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 111,784 shares of company stock worth $2,834,485 in the last three months. Corporate insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the stock. Fairfield Financial Advisors LTD purchased a new stake in Beam Therapeutics in the second quarter worth about $26,000. Blue Trust Inc. increased its position in shares of Beam Therapeutics by 2,648.4% during the second quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock worth $40,000 after purchasing an additional 1,642 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Beam Therapeutics by 21.3% during 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 last quarter. National Bank of Canada FI boosted its position in shares of Beam Therapeutics by 200.0% in the 2nd quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock worth $69,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Quarry LP grew its stake in Beam Therapeutics by 350.0% during the 2nd quarter. Quarry LP now owns 3,600 shares of the company’s stock worth $84,000 after buying an additional 2,800 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors.

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.