Beam Therapeutics (NASDAQ:BEAM) Price Target Raised to $26.00

Beam Therapeutics (NASDAQ:BEAM) had its target price upped by equities research analysts at Royal Bank of Canada from $24.00 to $26.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective suggests a potential downside of 10.11% from the stock’s current price.

Other research analysts have also issued research reports about the stock. Wedbush reissued an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research note on Monday, January 13th. Cantor Fitzgerald raised shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating in a report on Wednesday, January 29th. Leerink Partnrs raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Sanford C. Bernstein raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Finally, HC Wainwright reissued a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a research report on Monday, February 3rd. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $47.89.

Beam Therapeutics Trading Down 3.1 %

BEAM traded down $0.92 on Wednesday, reaching $28.92. The stock had a trading volume of 433,498 shares, compared to its average volume of 1,275,357. The company has a market cap of $2.40 billion, a P/E ratio of -16.43 and a beta of 1.92. Beam Therapeutics has a 12-month low of $20.84 and a 12-month high of $49.50. The business’s 50-day moving average price is $27.19 and its two-hundred day moving average price is $25.89.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings data 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 the consensus estimate of $16.47 million. During the same quarter in the previous year, the business earned $1.73 EPS. The company’s quarterly revenue was down 90.5% compared to the same quarter last year. As a group, analysts predict that Beam Therapeutics will post -4.57 earnings per share for the current year.

Insider Activity

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Beam Therapeutics by 59.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock worth $87,044,000 after purchasing an additional 1,328,414 shares during the period. ARK Investment Management LLC boosted its position in shares of Beam Therapeutics by 8.2% during the 4th quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company’s stock valued at $175,287,000 after acquiring an additional 536,930 shares during the last quarter. Casdin Capital LLC grew its position in Beam Therapeutics by 61.3% during the 4th quarter. Casdin Capital LLC now owns 1,250,000 shares of the company’s stock worth $31,000,000 after acquiring an additional 475,000 shares during the last quarter. State Street Corp lifted its position in Beam Therapeutics by 12.5% during the third quarter. State Street Corp now owns 3,929,557 shares of the company’s stock valued at $96,274,000 after buying an additional 437,402 shares during the period. Finally, Nikko Asset Management Americas Inc. raised its position in Beam Therapeutics by 11.4% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company’s stock worth $98,109,000 after buying an additional 404,782 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors.

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.