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

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “buy” rating reissued by equities research analysts at HC Wainwright in a research note issued on Monday,Benzinga reports. They presently have a $80.00 price objective on the stock. HC Wainwright’s price objective suggests a potential upside of 228.68% from the company’s current price.

Several other analysts have also commented on BEAM. Cantor Fitzgerald raised shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research note on Wednesday, January 29th. Wedbush reiterated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Monday. Guggenheim restated a “buy” rating and issued a $78.00 price objective on shares of Beam Therapeutics in a research note on Thursday, February 27th. Scotiabank upgraded Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 target price for the company in a research note on Monday. Finally, Sanford C. Bernstein upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued 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 $52.50.

Beam Therapeutics Stock Down 14.5 %

Shares of BEAM traded down $4.14 during mid-day trading on Monday, reaching $24.34. 4,972,874 shares of the stock traded hands, compared to its average volume of 1,171,866. Beam Therapeutics has a 12-month low of $20.84 and a 12-month high of $38.37. The firm has a market cap of $2.04 billion, a price-to-earnings ratio of -13.83 and a beta of 1.91. The stock has a fifty day simple moving average of $27.01 and a 200 day simple moving average of $26.03.

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

Insider Buying and Selling

In other news, CEO John M. Evans sold 30,000 shares of the stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total value of $802,500.00. Following the completion of the sale, the chief executive officer now owns 908,659 shares of the company’s stock, valued at approximately $24,306,628.25. This represents a 3.20 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Christine Bellon sold 1,241 shares of the firm’s stock in a transaction that occurred on 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 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 disclosure for this sale can be found here. Company insiders own 4.20% of the company’s stock.

Institutional Trading of Beam Therapeutics

Hedge funds have recently modified their holdings of the stock. Atria Investments Inc bought a new stake in shares of Beam Therapeutics during the third quarter worth approximately $200,000. Sumitomo Mitsui Trust Group Inc. grew its holdings in Beam Therapeutics by 59.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock valued at $87,044,000 after buying an additional 1,328,414 shares in the last quarter. Quest Partners LLC increased its position in Beam Therapeutics by 410.8% during the 3rd quarter. Quest Partners LLC now owns 36,193 shares of the company’s stock worth $887,000 after buying an additional 29,108 shares during the period. Intech Investment Management LLC acquired a new stake in shares of Beam Therapeutics during the third quarter worth $512,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Beam Therapeutics by 6.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock valued at $15,423,000 after acquiring an additional 36,226 shares during the period. 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.