Beam Therapeutics (NASDAQ:BEAM) Rating Increased to Hold at Cantor Fitzgerald

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) was upgraded by equities researchers at Cantor Fitzgerald to a "hold" rating in a research note issued to investors on Tuesday,Zacks.com reports.

BEAM has been the topic of several other research reports. Royal Bank of Canada cut their price objective on shares of Beam Therapeutics from $27.00 to $24.00 and set a "sector perform" rating on the stock in a report on Wednesday, November 6th. Leerink Partners upgraded shares of Beam Therapeutics from a "market perform" rating to an "outperform" rating and upped their price target for the company from $27.00 to $39.00 in a research note on Wednesday, November 6th. HC Wainwright reiterated a "buy" rating and set a $80.00 price objective on shares of Beam Therapeutics in a research note on Monday. Scotiabank started coverage on Beam Therapeutics in a research report on Wednesday, October 16th. They issued a "sector outperform" rating and a $24.00 target price on the stock. Finally, Wedbush restated an "outperform" rating and issued a $57.00 target price on shares of Beam Therapeutics in a research note on Monday. Four analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Beam Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $46.40.

Beam Therapeutics Trading Down 3.0 %

Shares of NASDAQ:BEAM traded down $0.90 during trading on Tuesday, reaching $29.30. The stock had a trading volume of 938,451 shares, compared to its average volume of 1,223,415. The company has a market capitalization of $2.43 billion, a P/E ratio of -15.82 and a beta of 1.90. The firm's 50-day simple moving average is $24.99 and its 200 day simple moving average is $25.21. Beam Therapeutics has a one year low of $20.84 and a one year high of $49.50.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share (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 41.07%. The business had revenue of $14.30 million for the quarter, compared to analyst estimates of $14.52 million. During the same period in the previous year, the company posted ($1.22) earnings per share. The business's revenue for the quarter was down 16.9% on a year-over-year basis. Equities research analysts forecast that Beam Therapeutics will post -4.62 earnings per share for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the business's stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the completion of the sale, the chief executive officer now directly owns 938,659 shares in the company, valued at approximately $23,091,011.40. The trade was a 6.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Giuseppe Ciaramella sold 51,110 shares of the stock in a transaction that occurred 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 transaction, the president now directly owns 160,260 shares of the company's stock, valued at $4,210,030.20. The trade was a 24.18 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 162,894 shares of company stock valued at $4,181,745. Company insiders own 4.20% of the company's stock.

Institutional Trading of Beam Therapeutics

Several large investors have recently made changes to their positions in BEAM. Fairfield Financial Advisors LTD acquired a new stake in shares of Beam Therapeutics in the second quarter valued at about $26,000. Blue Trust Inc. raised its holdings in Beam Therapeutics by 2,648.4% in the 2nd quarter. Blue Trust Inc. now owns 1,704 shares of the company's stock valued at $40,000 after acquiring an additional 1,642 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Beam Therapeutics by 21.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company's stock valued at $75,000 after acquiring an additional 524 shares during the last quarter. National Bank of Canada FI lifted its stake in Beam Therapeutics by 200.0% in the 2nd quarter. National Bank of Canada FI now owns 3,000 shares of the company's stock worth $69,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Quarry LP boosted its holdings in shares of Beam Therapeutics by 350.0% during the 2nd quarter. Quarry LP now owns 3,600 shares of the company's stock worth $84,000 after purchasing an additional 2,800 shares during the last quarter. 99.68% of the stock is currently owned by hedge funds and other 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.