Beam Therapeutics’ (BEAM) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright restated their buy rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a report released on Monday morning,Benzinga reports. They currently have a $80.00 price objective on the stock.

Several other brokerages have also recently commented on BEAM. Royal Bank of Canada boosted their target price on Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 26th. Guggenheim reissued 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 price objective for the company in a report on Monday, March 10th. Wedbush reaffirmed an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a report on Monday, March 10th. Finally, Jones Trading raised shares of Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a report on Monday, March 10th. Two research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $49.45.

Beam Therapeutics Price Performance

Shares of Beam Therapeutics stock opened at $16.37 on Monday. Beam Therapeutics has a 1-year low of $13.53 and a 1-year high of $35.25. The business’s fifty day moving average price is $24.80 and its two-hundred day moving average price is $25.26. The company has a market capitalization of $1.63 billion, a P/E ratio of -9.30 and a beta of 2.02.

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

Insider Activity at Beam Therapeutics

In other news, CEO John M. Evans sold 30,000 shares of the company’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $26.75, for a total value of $802,500.00. Following the transaction, the chief executive officer now owns 908,659 shares in the company, valued at $24,306,628.25. This represents a 3.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Christine Bellon sold 5,674 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total transaction of $104,117.90. Following the sale, the insider now owns 117,294 shares of the company’s stock, valued at approximately $2,152,344.90. This represents a 4.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 73,771 shares of company stock worth $1,605,698. 4.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Beam Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Horizon Kinetics Asset Management LLC increased its stake in shares of Beam Therapeutics by 4.4% in the fourth quarter. Horizon Kinetics Asset Management LLC now owns 9,597 shares of the company’s stock worth $238,000 after acquiring an additional 403 shares during the last quarter. Summit Investment Advisors Inc. grew its stake in 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 purchasing an additional 496 shares in the last quarter. Martingale Asset Management L P increased its position in Beam Therapeutics by 8.6% in the 4th quarter. Martingale Asset Management L P now owns 11,438 shares of the company’s stock worth $284,000 after purchasing an additional 909 shares during the last quarter. Swiss National Bank raised its stake in shares of Beam Therapeutics by 0.8% during the 4th quarter. Swiss National Bank now owns 137,800 shares of the company’s stock worth $3,417,000 after purchasing an additional 1,100 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Beam Therapeutics by 23.9% during the 4th quarter. GAMMA Investing LLC now owns 5,722 shares of the company’s stock valued at $142,000 after buying an additional 1,102 shares during the last quarter. Hedge funds and other institutional investors 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.