Beam Therapeutics (NASDAQ:BEAM) Receives Buy Rating from Guggenheim

Beam Therapeutics (NASDAQ:BEAM - Get Free Report)'s stock had its "buy" rating reiterated by Guggenheim in a note issued to investors on Thursday,Benzinga reports. They presently have a $78.00 target price on the stock. Guggenheim's target price points to a potential upside of 210.76% from the stock's previous close.

Several other analysts have also commented on the stock. Cantor Fitzgerald upgraded shares of Beam Therapeutics from a "neutral" rating to an "overweight" rating in a report on Wednesday, January 29th. Leerink Partnrs upgraded Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, November 6th. Sanford C. Bernstein upgraded Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 7th. Wedbush restated an "outperform" rating and set a $57.00 target price on shares of Beam Therapeutics in a report on Monday, January 13th. Finally, HC Wainwright reiterated a "buy" rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Monday, February 3rd. Three investment 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 has an average rating of "Moderate Buy" and an average target price of $51.00.

Beam Therapeutics Trading Down 4.7 %

NASDAQ BEAM traded down $1.24 on Thursday, hitting $25.10. The company's stock had a trading volume of 1,345,867 shares, compared to its average volume of 1,146,391. Beam Therapeutics has a 52-week low of $20.84 and a 52-week high of $40.65. The firm has a market cap of $2.10 billion, a P/E ratio of -14.26 and a beta of 1.92. The company's 50-day simple moving average is $27.18 and its 200 day simple moving average is $25.96.

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Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its quarterly 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 net margin of 41.07% and a negative return on equity of 16.22%. The business 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 business posted $1.73 earnings per share. The firm's revenue for the quarter was down 90.5% compared to the same quarter last year. On average, research analysts forecast that Beam Therapeutics will post -4.57 EPS for the current fiscal year.

Insider Activity at Beam Therapeutics

In other news, CEO John M. Evans sold 30,000 shares of the company's stock in a transaction on 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 directly owns 908,659 shares of the company's stock, valued at $24,306,628.25. This represents a 3.20 % 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, 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 completion of 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 disclosure for this sale can be found here. 4.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Beam Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of BEAM. Wealthfront Advisers LLC purchased a new position in shares of Beam Therapeutics during the fourth quarter valued at approximately $41,000. GF Fund Management CO. LTD. purchased a new stake in Beam Therapeutics during the 4th quarter valued at $43,000. Sterling Capital Management LLC lifted its holdings in shares of Beam Therapeutics by 816.0% during the 4th quarter. Sterling Capital Management LLC now owns 2,409 shares of the company's stock valued at $60,000 after buying an additional 2,146 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Beam Therapeutics by 21.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company's stock worth $75,000 after buying an additional 524 shares during the last quarter. Finally, Blue Trust Inc. grew its holdings in shares of Beam Therapeutics by 84.0% in the third quarter. Blue Trust Inc. now owns 3,135 shares of the company's stock worth $73,000 after acquiring an additional 1,431 shares during the period. 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.