Beam Therapeutics (NASDAQ:BEAM) Upgraded by Cantor Fitzgerald to Overweight Rating

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) was upgraded by research analysts at Cantor Fitzgerald from a "neutral" rating to an "overweight" rating in a note issued to investors on Wednesday, MarketBeat.com reports. Cantor Fitzgerald also issued estimates for Beam Therapeutics' FY2024 earnings at ($4.68) EPS and FY2025 earnings at ($3.34) EPS.

A number of other analysts have also recently issued reports on BEAM. Wedbush restated an "outperform" rating and set a $57.00 target price on shares of Beam Therapeutics in a research note on Monday, January 13th. Sanford C. Bernstein upgraded Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 7th. HC Wainwright reiterated a "buy" rating and set a $80.00 target price on shares of Beam Therapeutics in a research note on Monday, December 9th. Leerink Partners upgraded Beam Therapeutics from a "market perform" rating to an "outperform" rating and boosted their price target for the company from $27.00 to $39.00 in a research note on Wednesday, November 6th. Finally, Scotiabank began coverage on Beam Therapeutics in a report on Wednesday, October 16th. They set a "sector outperform" rating and a $24.00 target price for the company. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $47.67.

Beam Therapeutics Stock Performance

BEAM traded down $1.36 on Wednesday, hitting $25.92. 912,050 shares of the company were exchanged, compared to its average volume of 1,068,996. The stock's fifty day moving average is $26.50 and its 200-day moving average is $25.76. Beam Therapeutics has a 12 month low of $20.84 and a 12 month high of $49.50. The company has a market cap of $2.15 billion, a PE ratio of -14.73 and a beta of 1.92.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing the consensus estimate of ($1.16) by ($0.01). The company had revenue of $14.30 million during the quarter, compared to analyst estimates of $14.52 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The company's quarterly revenue was down 16.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.22) EPS. As a group, equities research analysts expect that Beam Therapeutics will post -4.61 EPS for the current fiscal year.

Insider Activity

In other Beam Therapeutics news, insider Christine Bellon sold 1,241 shares of Beam Therapeutics stock in a transaction dated 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 owns 102,968 shares in the company, valued at $2,541,250.24. The trade was a 1.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, President Giuseppe Ciaramella sold 51,110 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $26.36, for a total transaction of $1,347,259.60. Following the completion of the transaction, the president now directly owns 109,150 shares of the company's stock, valued at $2,877,194. This trade represents a 31.89 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 4.20% of the company's stock.

Institutional Trading of Beam Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Blue Trust Inc. boosted its holdings in shares of Beam Therapeutics by 84.0% during the 3rd quarter. Blue Trust Inc. now owns 3,135 shares of the company's stock valued at $73,000 after acquiring an additional 1,431 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Beam Therapeutics by 21.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company's stock worth $75,000 after purchasing an additional 524 shares during the last quarter. Quarry LP increased its stake in shares of Beam Therapeutics by 350.0% in the second quarter. Quarry LP now owns 3,600 shares of the company's stock valued at $84,000 after buying an additional 2,800 shares during the period. Arcadia Investment Management Corp MI bought a new position in Beam Therapeutics in the 3rd quarter valued at approximately $98,000. Finally, KBC Group NV raised its holdings in Beam Therapeutics by 103.2% in the 4th quarter. KBC Group NV now owns 4,143 shares of the company's stock valued at $103,000 after buying an additional 2,104 shares during the last quarter. 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.