Beam Therapeutics (NASDAQ:BEAM) Upgraded at Leerink Partnrs

Leerink Partnrs upgraded shares of Beam Therapeutics (NASDAQ:BEAM) from a hold rating to a strong-buy rating in a research note released on Wednesday, Zacks.com reports.

Other analysts also recently issued research reports about the company. Stifel Nicolaus boosted their price objective on Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Barclays dropped their target price on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 7th. Wedbush reiterated an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a report on Tuesday. JPMorgan Chase & Co. upped their target price on Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Finally, Royal Bank of Canada dropped their target price on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $44.91.

Beam Therapeutics Trading Up 11.2 %

Shares of Beam Therapeutics stock opened at $26.62 on Wednesday. The company’s 50-day moving average price is $24.24 and its two-hundred day moving average price is $24.64. Beam Therapeutics has a 52 week low of $18.85 and a 52 week high of $49.50. The stock has a market cap of $2.19 billion, a PE ratio of -14.71 and a beta of 1.86.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.01). The company had revenue of $14.30 million for the quarter, compared to analyst estimates of $14.52 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. Beam Therapeutics’s quarterly revenue was down 16.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.22) EPS. On average, equities analysts predict that Beam Therapeutics will post -4.6 EPS for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction on Monday, September 30th. The shares were 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 in the company, valued at approximately $23,091,011.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 completion of the transaction, the president now directly owns 160,260 shares of the company’s stock, valued at $4,210,030.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 938,659 shares of the company’s stock, valued at approximately $23,091,011.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 111,784 shares of company stock worth $2,834,485 over the last 90 days. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Farallon Capital Management LLC lifted its holdings in shares of Beam Therapeutics by 75.4% during the second quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock valued at $185,404,000 after acquiring an additional 3,401,370 shares during the period. Vanguard Group Inc. lifted its holdings in shares of 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 acquiring an additional 413,892 shares during the period. ARCH Venture Management LLC bought a new position in shares of Beam Therapeutics in the second quarter valued at about $127,530,000. Sumitomo Mitsui Trust Group Inc. increased its position in Beam Therapeutics by 59.7% in 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. Finally, Darwin Global Management Ltd. acquired a new stake in Beam Therapeutics in the first quarter worth 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.