Scotiabank Issues Positive Forecast for Beam Therapeutics (NASDAQ:BEAM) Stock Price

Beam Therapeutics (NASDAQ:BEAM - Free Report) had its price target upped by Scotiabank from $24.00 to $25.00 in a research report report published on Monday,Benzinga reports. Scotiabank currently has a sector perform rating on the stock.

Other analysts have also recently issued reports about the company. Royal Bank of Canada lifted their price objective on Beam Therapeutics from $24.00 to $26.00 and gave the company a "sector perform" rating in a research report on Wednesday, February 26th. Guggenheim restated a "buy" rating and set a $78.00 target price on shares of Beam Therapeutics in a report on Thursday, February 27th. Wedbush reissued an "outperform" rating and set a $57.00 price target on shares of Beam Therapeutics in a research report on Monday, January 13th. Leerink Partners raised shares of Beam Therapeutics from a "market perform" rating to an "outperform" rating and boosted their price objective for the stock from $27.00 to $39.00 in a research note on Wednesday, November 6th. Finally, Sanford C. Bernstein raised shares of Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 7th. Three analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $51.00.

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Beam Therapeutics Stock Up 4.4 %

Shares of BEAM traded up $1.14 during mid-day trading on Monday, hitting $27.25. 1,391,210 shares of the company's stock traded hands, compared to its average volume of 1,153,237. The business's 50-day moving average price is $27.00 and its 200-day moving average price is $25.98. Beam Therapeutics has a 1 year low of $20.84 and a 1 year high of $40.09. The firm has a market capitalization of $2.28 billion, a P/E ratio of -15.48 and a beta of 1.91.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings data on Tuesday, February 25th. The company reported ($1.09) EPS for the quarter, topping the consensus estimate of ($1.25) by $0.16. The business had revenue of $30.00 million during the quarter, compared to analyst estimates of $16.47 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The company's revenue for the quarter was down 90.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.73 EPS. Sell-side analysts anticipate that Beam Therapeutics will post -4.57 earnings per share for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In related news, CEO John M. Evans sold 30,000 shares of the firm's stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $26.75, for a total value of $802,500.00. Following the sale, the chief executive officer now 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Christine Bellon sold 1,241 shares of the business's stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total transaction of $30,627.88. Following the sale, the insider now owns 102,968 shares of the company's stock, valued at approximately $2,541,250.24. This represents a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 4.20% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of BEAM. Polar Asset Management Partners Inc. increased its position in shares of Beam Therapeutics by 901.2% during the 4th quarter. Polar Asset Management Partners Inc. now owns 208,255 shares of the company's stock valued at $5,165,000 after purchasing an additional 187,455 shares during the last quarter. GF Fund Management CO. LTD. bought a new stake in Beam Therapeutics during the fourth quarter valued at approximately $43,000. Woodline Partners LP bought a new stake in Beam Therapeutics during the fourth quarter valued at approximately $6,997,000. Squarepoint Ops LLC purchased a new stake in Beam Therapeutics during the fourth quarter valued at approximately $3,851,000. Finally, Twinbeech Capital LP raised its position in Beam Therapeutics by 119.3% in the fourth quarter. Twinbeech Capital LP now owns 127,664 shares of the company's stock worth $3,166,000 after acquiring an additional 69,456 shares during the period. 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.