Beam Therapeutics (NASDAQ:BEAM) Given "Buy" Rating at HC Wainwright

HC Wainwright reissued their buy rating on shares of Beam Therapeutics (NASDAQ:BEAM - Free Report) in a research report sent to investors on Thursday morning,Benzinga reports. HC Wainwright currently has a $80.00 price objective on the stock.

Several other brokerages have also recently weighed in on BEAM. Royal Bank of Canada lowered their price target on shares of Beam Therapeutics from $27.00 to $24.00 and set a "sector perform" rating for the company in a research report on Wednesday. Barclays decreased their price objective on Beam Therapeutics from $33.00 to $31.00 and set an "equal weight" rating for the company in a report on Wednesday, August 7th. Stifel Nicolaus upped their price objective on Beam Therapeutics from $66.00 to $69.00 and gave the stock a "buy" rating in a research report on Wednesday, September 11th. Leerink Partnrs upgraded shares of Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a research report on Wednesday. Finally, Scotiabank initiated coverage on Beam Therapeutics in a report on Wednesday, October 16th. They issued a "sector outperform" rating and a $24.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $44.91.

Beam Therapeutics Stock Performance

Shares of BEAM stock traded down $0.47 during trading hours on Thursday, reaching $26.15. The company had a trading volume of 610,550 shares, compared to its average volume of 1,229,580. Beam Therapeutics has a one year low of $18.85 and a one year high of $49.50. The business has a fifty day moving average price of $24.24 and a 200-day moving average price of $24.64. The firm has a market cap of $2.16 billion, a PE ratio of -14.71 and a beta of 1.86.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.01). Beam Therapeutics had a negative net margin of 40.56% and a negative return on equity of 16.22%. The company had revenue of $14.30 million for the quarter, compared to the consensus estimate of $14.52 million. During the same period in the prior year, the firm posted ($1.22) EPS. The business's revenue for the quarter was down 16.9% compared to the same quarter last year. Equities research analysts forecast that Beam Therapeutics will post -4.6 EPS for the current year.

Insider Buying and Selling

In related news, CEO John M. Evans sold 60,000 shares of the business's 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 completion of the sale, the chief executive officer now directly owns 938,659 shares of the company's stock, valued at $23,091,011.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $26.27, for a total transaction 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 position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO John M. Evans sold 60,000 shares of the 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 completion of the transaction, the chief executive officer now owns 938,659 shares in the company, valued at $23,091,011.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 111,784 shares of company stock valued at $2,834,485. Insiders own 4.20% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. lifted its position in shares of Beam Therapeutics by 4.4% in the first quarter. Russell Investments Group Ltd. now owns 143,828 shares of the company's stock valued at $4,752,000 after buying an additional 6,102 shares during the last quarter. Bank of Montreal Can bought a new stake in shares of Beam Therapeutics during the second quarter worth about $3,683,000. Vanguard Group Inc. grew its position in shares of Beam Therapeutics by 5.8% in the 1st quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company's stock valued at $250,402,000 after buying an additional 413,892 shares during the last quarter. Bellevue Group AG lifted its stake in Beam Therapeutics by 71.7% in the first quarter. Bellevue Group AG now owns 1,193,121 shares of the company's stock valued at $39,421,000 after buying an additional 498,300 shares during the period. Finally, Swiss National Bank raised its holdings in shares of Beam Therapeutics by 3.1% during the first quarter. Swiss National Bank now owns 136,700 shares of the company's stock valued at $4,517,000 after purchasing an additional 4,100 shares during the period. Institutional investors and hedge funds 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.