Beam Therapeutics (NASDAQ:BEAM) Stock Rating Upgraded by Leerink Partnrs

Leerink Partnrs upgraded shares of Beam Therapeutics (NASDAQ:BEAM - Free Report) from a hold rating to a strong-buy rating in a report released on Wednesday morning,Zacks.com reports.

BEAM has been the topic of several other reports. Leerink Partners raised shares of Beam Therapeutics from a "market perform" rating to an "outperform" rating and lifted their target price for the stock from $27.00 to $39.00 in a research report on Wednesday. Scotiabank initiated coverage on shares of Beam Therapeutics in a research report on Wednesday, October 16th. They set a "sector outperform" rating and a $24.00 price objective on the stock. HC Wainwright restated a "buy" rating and issued a $80.00 target price on shares of Beam Therapeutics in a report on Thursday, August 22nd. Royal Bank of Canada decreased their target price on Beam Therapeutics from $27.00 to $24.00 and set a "sector perform" rating for the company in a research report on Wednesday. Finally, Wedbush reissued an "outperform" rating and set a $57.00 price target on shares of Beam Therapeutics in a research report on Tuesday. Four equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $44.91.

Beam Therapeutics Stock Down 2.0 %

NASDAQ:BEAM traded down $0.52 during trading hours on Wednesday, reaching $26.10. 934,888 shares of the company's stock were exchanged, compared to its average volume of 1,231,081. The company has a market capitalization of $2.15 billion, a P/E ratio of -14.71 and a beta of 1.86. The business's 50-day simple moving average is $24.24 and its two-hundred day simple moving average is $24.64. Beam Therapeutics has a 12 month low of $18.85 and a 12 month high of $49.50.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its earnings results 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 for the quarter, compared to analysts' expectations of $14.52 million. Beam Therapeutics had a negative net margin of 40.56% and a negative return on equity of 16.22%. The company's revenue for the quarter was down 16.9% on a year-over-year basis. During the same period in the prior year, the company earned ($1.22) earnings per share. As a group, sell-side analysts anticipate that Beam Therapeutics will post -4.6 earnings per share for the current fiscal year.

Insider Transactions at Beam Therapeutics

In other news, CEO John M. Evans sold 60,000 shares of the stock in a transaction on Monday, September 30th. The shares were sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the transaction, the chief executive officer now owns 938,659 shares in the company, valued at $23,091,011.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the business's stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $24.60, for a total value of $1,476,000.00. Following the completion of the sale, the chief executive officer now owns 938,659 shares of the company's stock, valued at $23,091,011.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Giuseppe Ciaramella sold 51,110 shares of the stock in a transaction dated 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 in the company, valued at approximately $4,210,030.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 111,784 shares of company stock valued at $2,834,485 in the last three months. Corporate 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 the company. Farallon Capital Management LLC raised its holdings in Beam Therapeutics by 75.4% in the 2nd quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company's stock worth $185,404,000 after acquiring an additional 3,401,370 shares during the period. Vanguard Group Inc. grew its position in shares of Beam Therapeutics by 5.8% in the first quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company's stock valued at $250,402,000 after purchasing an additional 413,892 shares during the last quarter. ARCH Venture Management LLC bought a new position in shares of Beam Therapeutics in the second quarter worth about $127,530,000. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Beam Therapeutics by 59.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company's stock worth $87,044,000 after purchasing an additional 1,328,414 shares during the last quarter. Finally, Darwin Global Management Ltd. acquired a new position in shares of Beam Therapeutics during the 1st quarter worth about $70,032,000. 99.68% of the stock is currently owned by institutional investors and hedge funds.

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.