Beam Therapeutics (NASDAQ:BEAM) Upgraded by Scotiabank to "Sector Outperform" Rating

Scotiabank upgraded shares of Beam Therapeutics (NASDAQ:BEAM - Free Report) from a sector perform rating to a sector outperform rating in a research report released on Monday, Marketbeat.com reports. They currently have $40.00 price target on the stock.

A number of other analysts have also recently commented on BEAM. Wedbush reaffirmed an "outperform" rating and set a $57.00 price target on shares of Beam Therapeutics in a research report on Monday, January 13th. Cantor Fitzgerald raised shares of Beam Therapeutics from a "neutral" rating to an "overweight" rating in a research report on Wednesday, January 29th. HC Wainwright reaffirmed a "buy" rating and set a $80.00 price target on shares of Beam Therapeutics in a research report on Friday, February 28th. Sanford C. Bernstein raised shares of Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 7th. Finally, Guggenheim reissued a "buy" rating and set a $78.00 price objective on shares of Beam Therapeutics in a research report on Thursday, February 27th. Two research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $50.82.

Beam Therapeutics Price Performance

Shares of Beam Therapeutics stock traded down $0.83 during trading on Monday, hitting $24.23. The company's stock had a trading volume of 2,166,679 shares, compared to its average volume of 1,208,356. Beam Therapeutics has a 52 week low of $20.84 and a 52 week high of $36.75. The stock has a market cap of $2.42 billion, a price-to-earnings ratio of -13.77 and a beta of 1.91. The stock has a 50-day moving average price of $27.09 and a two-hundred day moving average price of $26.01.

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Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings data on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, topping 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 company had revenue of $30.00 million for the quarter, compared to analysts' expectations of $16.47 million. During the same quarter in the previous year, the firm posted $1.73 earnings per share. Beam Therapeutics's revenue for the quarter was down 90.5% on a year-over-year basis. On average, equities analysts predict that Beam Therapeutics will post -4.57 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO John M. Evans sold 30,000 shares of the company's stock in a transaction dated 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 $24,306,628.25. This represents a 3.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Christine Bellon sold 1,241 shares of the company's stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total transaction of $30,627.88. Following the completion of the sale, the insider now owns 102,968 shares in the company, valued at $2,541,250.24. This represents a 1.19 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Beam Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Farallon Capital Management LLC raised its holdings in shares of Beam Therapeutics by 0.4% in the 4th quarter. Farallon Capital Management LLC now owns 8,239,123 shares of the company's stock worth $204,330,000 after acquiring an additional 31,000 shares during the last quarter. ARK Investment Management LLC increased its stake in 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 buying an additional 536,930 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in Beam Therapeutics by 11.4% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company's stock valued at $98,149,000 after buying an additional 404,782 shares during the last quarter. Nikko Asset Management Americas Inc. increased its stake in 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 buying an additional 404,782 shares during the last quarter. Finally, State Street Corp increased its stake in 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 buying an additional 437,402 shares during the last quarter. 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.