Beam Therapeutics (NASDAQ:BEAM) Price Target Cut to $24.00 by Analysts at Royal Bank of Canada

Beam Therapeutics (NASDAQ:BEAM) had its target price trimmed by Royal Bank of Canada from $27.00 to $24.00 in a research report released on Wednesday morning, Benzinga reports. The brokerage currently has a sector perform rating on the stock.

BEAM has been the subject of several other reports. JPMorgan Chase & Co. raised their price objective on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research report on Thursday, August 22nd. Wedbush reissued an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a research report on Tuesday. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $27.00 to $39.00 in a report on Wednesday. Finally, Stifel Nicolaus lifted their target price on shares of Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $44.91.

Beam Therapeutics Price Performance

BEAM opened at $26.62 on Wednesday. Beam Therapeutics has a one year low of $18.85 and a one year high of $49.50. The business has a 50 day simple moving average of $24.24 and a two-hundred day simple moving average of $24.64. The firm has a market capitalization of $2.19 billion, a price-to-earnings ratio of -14.71 and a beta of 1.86.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The business had revenue of $14.30 million during the quarter, compared to analysts’ expectations of $14.52 million. During the same period in the previous year, the business earned ($1.22) EPS. The business’s revenue was down 16.9% compared to the same quarter last year. As a group, sell-side analysts expect that Beam Therapeutics will post -4.6 EPS for the current fiscal year.

Insider Buying and Selling

In related news, President Giuseppe Ciaramella sold 51,110 shares of the firm’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $26.27, for a total value of $1,342,659.70. Following the transaction, the president now directly owns 160,260 shares of the company’s stock, valued at approximately $4,210,030.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, President Giuseppe Ciaramella sold 51,110 shares of the company’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $26.27, for a total value of $1,342,659.70. Following the completion of the transaction, the president now owns 160,260 shares of the company’s stock, valued at approximately $4,210,030.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO John M. Evans sold 60,000 shares of the stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $24.60, for a total value of $1,476,000.00. Following the sale, the chief executive officer now owns 938,659 shares of the company’s stock, valued at $23,091,011.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 111,784 shares of company stock valued at $2,834,485. 4.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Beam Therapeutics

Several large investors have recently made changes to their positions in the company. Farallon Capital Management LLC increased its stake in Beam Therapeutics by 75.4% in the 2nd quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock worth $185,404,000 after acquiring an additional 3,401,370 shares during the last quarter. Vanguard Group Inc. raised its stake in Beam Therapeutics by 5.8% during the first quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company’s stock valued at $250,402,000 after purchasing an additional 413,892 shares in the last quarter. ARCH Venture Management LLC purchased a new position in shares of Beam Therapeutics in the 2nd quarter worth $127,530,000. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of 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 worth $87,044,000 after buying an additional 1,328,414 shares during the last quarter. Finally, Darwin Global Management Ltd. purchased a new stake in shares of Beam Therapeutics during the 1st quarter valued at about $70,032,000. 99.68% of the stock is owned by 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.