Scotiabank Upgrades Beam Therapeutics (NASDAQ:BEAM) to Sector Outperform

Beam Therapeutics (NASDAQ:BEAM) was upgraded by equities researchers at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a report issued on Monday,Finviz reports. The brokerage currently has a $40.00 target price on the stock. Scotiabank’s price objective points to a potential upside of 62.33% from the company’s previous close.

A number of other brokerages have also recently commented on BEAM. Wedbush restated an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a research note on Monday, January 13th. Guggenheim restated a “buy” rating and set a $78.00 target price on shares of Beam Therapeutics in a research report on Thursday, February 27th. Cantor Fitzgerald upgraded Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research report on Wednesday, January 29th. Sanford C. Bernstein upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, HC Wainwright reissued a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a report on Friday, February 28th. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Beam Therapeutics currently has a consensus rating of “Buy” and a consensus price target of $52.50.

Beam Therapeutics Stock Down 13.5 %

NASDAQ BEAM traded down $3.84 during trading on Monday, hitting $24.64. The company’s stock had a trading volume of 4,484,756 shares, compared to its average volume of 1,384,547. The firm has a 50 day moving average price of $27.01 and a 200 day moving average price of $26.03. Beam Therapeutics has a 52 week low of $20.84 and a 52 week high of $38.37. The firm has a market cap of $2.06 billion, a P/E ratio of -14.00 and a beta of 1.91.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, February 25th. The company reported ($1.09) EPS for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $16.47 million. During the same period last year, the business earned $1.73 earnings per share. Beam Therapeutics’s quarterly revenue was down 90.5% compared to the same quarter last year. On average, equities analysts expect that Beam Therapeutics will post -4.57 earnings per share for the current year.

Insider Buying and Selling at Beam Therapeutics

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

Institutional Investors Weigh In On Beam Therapeutics

Several institutional investors have recently bought and sold shares of BEAM. Horizon Kinetics Asset Management LLC grew its stake in Beam Therapeutics by 4.4% in the fourth quarter. Horizon Kinetics Asset Management LLC now owns 9,597 shares of the company’s stock valued at $238,000 after purchasing an additional 403 shares in the last quarter. Summit Investment Advisors Inc. grew its stake in shares of Beam Therapeutics by 6.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 7,999 shares of the company’s stock valued at $198,000 after buying an additional 496 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Beam Therapeutics by 2.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,396 shares of the company’s stock worth $524,000 after buying an additional 516 shares during the last quarter. Martingale Asset Management L P raised its position in Beam Therapeutics by 8.6% during the fourth quarter. Martingale Asset Management L P now owns 11,438 shares of the company’s stock worth $284,000 after acquiring an additional 909 shares in the last quarter. Finally, Swiss National Bank lifted its stake in Beam Therapeutics by 0.8% in the fourth quarter. Swiss National Bank now owns 137,800 shares of the company’s stock valued at $3,417,000 after acquiring an additional 1,100 shares during the last quarter. 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.