Beam Therapeutics (NASDAQ:BEAM) Rating Increased to Strong-Buy at Leerink Partnrs

Beam Therapeutics (NASDAQ:BEAM) was upgraded by stock analysts at Leerink Partnrs from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday, Zacks.com reports.

BEAM has been the topic of several other reports. Wedbush restated an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a research note on Tuesday. Scotiabank began coverage on Beam Therapeutics in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research report on Thursday, August 22nd. Barclays lowered their price target on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 7th. Finally, Leerink Partners raised shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $27.00 to $39.00 in a report on Wednesday. Four equities research 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 company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $44.91.

Beam Therapeutics Stock Up 11.2 %

Shares of NASDAQ BEAM opened at $26.62 on Wednesday. Beam Therapeutics has a 12 month low of $18.85 and a 12 month high of $49.50. The company has a market cap of $2.19 billion, a P/E ratio of -14.71 and a beta of 1.86. The business’s 50 day moving average is $24.24 and its two-hundred day moving average is $24.64.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). The company had revenue of $14.30 million for the quarter, compared to the consensus estimate of $14.52 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The company’s revenue was down 16.9% compared to the same quarter last year. During the same period last year, the firm posted ($1.22) EPS. Sell-side analysts expect that Beam Therapeutics will post -4.6 earnings per share for the current fiscal year.

Insider Transactions at Beam Therapeutics

In related news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the completion of the sale, the chief executive officer now directly owns 938,659 shares of the company’s stock, valued at $23,091,011.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO John M. Evans sold 60,000 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the sale, the chief executive officer now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction dated Monday, October 14th. The shares were 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 directly owns 160,260 shares of the company’s stock, valued at $4,210,030.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 111,784 shares of company stock valued at $2,834,485 in the last three months. 4.20% of the stock is owned by corporate insiders.

Institutional Trading of Beam Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Fairfield Financial Advisors LTD acquired a new position in Beam Therapeutics during the 2nd quarter worth $26,000. Blue Trust Inc. increased its position in Beam Therapeutics by 2,648.4% in 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 during the period. National Bank of Canada FI raised its holdings in Beam Therapeutics by 200.0% during 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 during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in 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 period. Finally, Quarry LP boosted its stake in shares of Beam Therapeutics by 350.0% in the 2nd quarter. Quarry LP now owns 3,600 shares of the company’s stock valued at $84,000 after purchasing an additional 2,800 shares during the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

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.