Beam Therapeutics’ (BEAM) Buy Rating Reaffirmed at HC Wainwright

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “buy” rating reaffirmed by investment analysts at HC Wainwright in a research report issued to clients and investors on Monday,Benzinga reports. They presently have a $80.00 price target on the stock. HC Wainwright’s target price indicates a potential upside of 228.68% from the stock’s current price.

BEAM has been the topic of a number of other research reports. 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. Wedbush reaffirmed an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Monday. Royal Bank of Canada upped their price objective on shares of Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 26th. Scotiabank upgraded shares of Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 price objective for the company in a report on Monday. Finally, Guggenheim reaffirmed a “buy” rating and issued a $78.00 price target on shares of Beam Therapeutics in a research report on Thursday, February 27th. Two research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $52.50.

Beam Therapeutics Price Performance

NASDAQ:BEAM traded down $4.14 during mid-day trading on Monday, reaching $24.34. The stock had a trading volume of 4,972,874 shares, 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 stock has a market capitalization of $2.04 billion, a PE ratio of -13.83 and a beta of 1.91. The stock has a 50-day simple moving average of $27.01 and a two-hundred day simple moving average of $26.03.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings data on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $30.00 million for the quarter, compared to analyst estimates of $16.47 million. During the same quarter in the previous year, the company posted $1.73 EPS. Beam Therapeutics’s quarterly revenue was down 90.5% compared to the same quarter last year. Equities analysts expect that Beam Therapeutics will post -4.57 EPS for the current year.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, insider Christine Bellon sold 1,241 shares of the business’s stock in a transaction dated 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 $2,541,250.24. The trade was a 1.19 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO John M. Evans sold 30,000 shares of the firm’s stock in a transaction that occurred on 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 directly 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 disclosure for this sale can be found here. 4.20% of the stock is currently owned by insiders.

Institutional Trading of Beam Therapeutics

Hedge funds have recently added to or reduced their stakes in the business. Wealthfront Advisers LLC purchased a new stake in Beam Therapeutics during the fourth quarter worth $41,000. GF Fund Management CO. LTD. purchased a new stake in shares of Beam Therapeutics during the 4th quarter worth $43,000. Sterling Capital Management LLC boosted its position in Beam Therapeutics by 816.0% during the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock valued at $60,000 after purchasing an additional 2,146 shares in the last quarter. KBC Group NV grew its stake in Beam Therapeutics by 103.2% in the fourth quarter. KBC Group NV now owns 4,143 shares of the company’s stock valued at $103,000 after purchasing an additional 2,104 shares during the last quarter. Finally, Blue Trust Inc. raised its holdings in Beam Therapeutics by 36.3% in the fourth quarter. Blue Trust Inc. now owns 4,274 shares of the company’s stock worth $105,000 after purchasing an additional 1,139 shares in the last quarter. 99.68% of the stock is owned by hedge funds and other 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.