Beam Therapeutics (NASDAQ:BEAM) Receives "Buy" Rating from HC Wainwright

HC Wainwright restated their buy rating on shares of Beam Therapeutics (NASDAQ:BEAM - Free Report) in a research note issued to investors on Friday,Benzinga reports. HC Wainwright currently has a $80.00 price objective on the stock.

Several other analysts also recently commented on BEAM. Wedbush restated an "outperform" rating and issued 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. Leerink Partners upgraded Beam Therapeutics from a "market perform" rating to an "outperform" rating and boosted their price objective for the company from $27.00 to $39.00 in a report on Wednesday, November 6th. Royal Bank of Canada upped their target price on Beam Therapeutics from $24.00 to $26.00 and gave the stock a "sector perform" rating in a research report on Wednesday, February 26th. Finally, Leerink Partnrs raised shares of Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, November 6th. Three research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Beam Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus target price of $51.00.

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Beam Therapeutics Stock Performance

Shares of Beam Therapeutics stock traded up $1.34 on Friday, reaching $26.44. 2,292,771 shares of the company's stock were exchanged, compared to its average volume of 1,150,945. The company has a market capitalization of $2.21 billion, a P/E ratio of -15.02 and a beta of 1.92. Beam Therapeutics has a 52 week low of $20.84 and a 52 week high of $40.65. The firm's 50-day moving average is $27.10 and its two-hundred day moving average is $25.96.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.25) by $0.16. The company had revenue of $30.00 million for the quarter, compared to the consensus estimate of $16.47 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. Beam Therapeutics's quarterly revenue was down 90.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.73 EPS. On average, analysts expect that Beam Therapeutics will post -4.57 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Christine Bellon sold 1,241 shares of the firm's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total transaction of $30,627.88. Following the transaction, the insider now directly owns 102,968 shares of the company's stock, valued at $2,541,250.24. This trade represents a 1.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO John M. Evans sold 30,000 shares of the business's stock in a transaction dated 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 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 disclosure for this sale can be found here. Insiders own 4.20% of the company's stock.

Institutional Trading of Beam Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of BEAM. Farallon Capital Management LLC boosted its position in Beam Therapeutics by 0.4% in the fourth quarter. Farallon Capital Management LLC now owns 8,239,123 shares of the company's stock worth $204,330,000 after purchasing an additional 31,000 shares during the last quarter. ARK Investment Management LLC raised its stake in shares of Beam Therapeutics by 8.2% during the 4th quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company's stock worth $175,287,000 after purchasing an additional 536,930 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of 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 worth $98,149,000 after buying an additional 404,782 shares during the last quarter. Nikko Asset Management Americas Inc. grew its position in Beam Therapeutics by 11.4% during the fourth 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 period. Finally, State Street Corp increased its holdings in Beam Therapeutics by 12.5% during the third quarter. State Street Corp now owns 3,929,557 shares of the company's stock worth $96,274,000 after buying an additional 437,402 shares during the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

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.