Jones Trading Upgrades Beam Therapeutics (NASDAQ:BEAM) to Buy

Jones Trading upgraded shares of Beam Therapeutics (NASDAQ:BEAM - Free Report) from a hold rating to a buy rating in a research note published on Monday morning, Marketbeat Ratings reports. The brokerage currently has $34.00 target price on the stock.

BEAM has been the subject of a number of other reports. Wedbush reiterated an "outperform" rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Monday. Scotiabank raised shares of Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 price objective on the stock in a report on Monday. HC Wainwright reaffirmed a "buy" rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Monday. Guggenheim reaffirmed a "buy" rating and set a $78.00 price target on shares of Beam Therapeutics in a research report on Thursday, February 27th. Finally, Cantor Fitzgerald upgraded Beam Therapeutics from a "neutral" rating to an "overweight" rating in a report on Wednesday, January 29th. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $50.82.

Beam Therapeutics Stock Down 3.3 %

NASDAQ BEAM traded down $0.83 during trading hours on Monday, reaching $24.23. 894,784 shares of the company were exchanged, compared to its average volume of 1,205,911. Beam Therapeutics has a 1 year low of $20.84 and a 1 year high of $37.42. The business's 50 day simple moving average is $27.11 and its 200-day simple moving average is $26.03. The stock has a market capitalization of $2.03 billion, a P/E ratio of -13.80 and a beta of 1.91.

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Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued 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 return on equity of 16.22% and a negative net margin of 41.07%. The company had revenue of $30.00 million during the quarter, compared to analysts' expectations of $16.47 million. During the same period in the prior year, the business posted $1.73 EPS. Beam Therapeutics's quarterly revenue was down 90.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Beam Therapeutics will post -4.57 earnings per share for the current year.

Insider Activity

In related news, insider Christine Bellon sold 1,241 shares of the business's stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total value of $30,627.88. Following the sale, the insider now owns 102,968 shares of the company's stock, valued at $2,541,250.24. The trade was a 1.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO John M. Evans sold 30,000 shares of the firm's stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total value 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. This 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 Investors Weigh In On Beam Therapeutics

Institutional investors have recently modified their holdings of the company. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Beam Therapeutics by 59.7% during the third 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 during the period. ARK Investment Management LLC raised its holdings 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 worth $175,287,000 after purchasing an additional 536,930 shares during the period. Casdin Capital LLC lifted its position in shares of Beam Therapeutics by 61.3% during the 4th quarter. Casdin Capital LLC now owns 1,250,000 shares of the company's stock valued at $31,000,000 after buying an additional 475,000 shares during the last quarter. State Street Corp boosted its position 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 purchasing an additional 437,402 shares during the period. Finally, Nikko Asset Management Americas Inc. boosted its holdings 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 worth $98,109,000 after buying an additional 404,782 shares during the period. 99.68% of the stock is owned by 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.