Beam Therapeutics (NASDAQ:BEAM) Given New $26.00 Price Target at Royal Bank of Canada

Beam Therapeutics (NASDAQ:BEAM - Free Report) had its target price increased by Royal Bank of Canada from $24.00 to $26.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have a sector perform rating on the stock.

Several other research firms have also recently commented on BEAM. Cantor Fitzgerald upgraded Beam Therapeutics from a "neutral" rating to an "overweight" rating in a report on Wednesday, January 29th. Leerink Partnrs upgraded Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Wednesday, November 6th. Sanford C. Bernstein upgraded Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 7th. Wedbush restated an "outperform" rating and issued a $57.00 price target on shares of Beam Therapeutics in a report on Monday, January 13th. Finally, Leerink Partners upgraded Beam Therapeutics from a "market perform" rating to an "outperform" rating and lifted their price target for the company from $27.00 to $39.00 in a report on Wednesday, November 6th. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Beam Therapeutics presently has an average rating of "Buy" and a consensus target price of $50.90.

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Beam Therapeutics Stock Performance

BEAM stock traded down $0.77 during trading on Wednesday, hitting $26.34. The stock had a trading volume of 1,469,610 shares, compared to its average volume of 1,297,222. The company's 50 day moving average price is $27.18 and its two-hundred day moving average price is $25.94. Beam Therapeutics has a 1-year low of $20.84 and a 1-year high of $45.05. The stock has a market cap of $2.20 billion, a price-to-earnings ratio of -14.97 and a beta of 1.92.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, beating 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 firm had revenue of $30.00 million during the quarter, compared to the consensus estimate of $16.47 million. During the same quarter in the previous year, the company posted $1.73 EPS. The firm's revenue for the quarter was down 90.5% on a year-over-year basis. As a group, sell-side analysts forecast that Beam Therapeutics will post -4.57 earnings per share for the current fiscal year.

Insider Transactions at Beam Therapeutics

In related news, CEO John M. Evans sold 30,000 shares of the business's stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total transaction of $802,500.00. Following the transaction, the chief executive officer now directly owns 908,659 shares of the company's stock, valued at approximately $24,306,628.25. The trade was a 3.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Christine Bellon sold 1,241 shares of the business's stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total value of $30,627.88. Following the transaction, the insider now directly owns 102,968 shares in the company, valued at $2,541,250.24. This trade 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.

Hedge Funds Weigh In On Beam Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Sumitomo Mitsui Trust Group Inc. raised its position 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 valued at $87,044,000 after purchasing an additional 1,328,414 shares in the last quarter. ARK Investment Management LLC raised its position in shares of Beam Therapeutics by 8.2% in the 4th quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company's stock valued at $175,287,000 after purchasing an additional 536,930 shares in the last quarter. Casdin Capital LLC raised its position in shares of Beam Therapeutics by 61.3% in the 4th quarter. Casdin Capital LLC now owns 1,250,000 shares of the company's stock valued at $31,000,000 after purchasing an additional 475,000 shares in the last quarter. State Street Corp raised its position in shares of Beam Therapeutics by 12.5% in the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company's stock valued at $96,274,000 after purchasing an additional 437,402 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. raised its position in shares of Beam Therapeutics by 11.4% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company's stock valued at $98,109,000 after purchasing an additional 404,782 shares in the last quarter. 99.68% of the stock is owned by institutional investors and hedge funds.

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.