Beam Therapeutics (NASDAQ:BEAM) Given Buy Rating at HC Wainwright

Beam Therapeutics (NASDAQ:BEAM - Get Free Report)'s stock had its "buy" rating reiterated by stock analysts at HC Wainwright in a research report issued on Monday,Benzinga reports. They currently have a $80.00 price target on the stock. HC Wainwright's price objective indicates a potential upside of 417.13% from the stock's current price.

A number of other equities analysts have also commented on BEAM. Jones Trading raised shares of Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 price target on the stock in a research report on Monday, March 10th. 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. Scotiabank raised Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 price target on the stock in a research report on Monday, March 10th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Beam Therapeutics in a research note on Wednesday, March 12th. Finally, Royal Bank of Canada increased their target price on Beam Therapeutics from $24.00 to $26.00 and gave the company a "sector perform" rating in a research note on Wednesday, February 26th. Two investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $49.45.

Beam Therapeutics Price Performance

Shares of BEAM stock traded up $0.84 on Monday, hitting $15.47. The company's stock had a trading volume of 2,394,197 shares, compared to its average volume of 1,386,130. The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of -8.79 and a beta of 2.02. Beam Therapeutics has a fifty-two week low of $13.53 and a fifty-two week high of $35.25. The firm's fifty day moving average price is $24.37 and its 200-day moving average price is $25.13.

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

Insider Activity at Beam Therapeutics

In other news, insider Christine Bellon sold 5,674 shares of the company's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $104,117.90. Following the sale, the insider now directly owns 117,294 shares in the company, valued at approximately $2,152,344.90. This represents a 4.61 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, President Giuseppe Ciaramella sold 7,434 shares of the firm's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $136,413.90. Following the transaction, the president now owns 190,216 shares of the company's stock, valued at $3,490,463.60. This trade represents a 3.76 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 73,771 shares of company stock worth $1,605,698. 4.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Beam Therapeutics

Several large investors have recently made changes to their positions in the company. Horizon Kinetics Asset Management LLC boosted its position in Beam Therapeutics by 4.4% in the fourth quarter. Horizon Kinetics Asset Management LLC now owns 9,597 shares of the company's stock valued at $238,000 after buying an additional 403 shares in the last quarter. Summit Investment Advisors Inc. boosted its holdings in shares of Beam Therapeutics by 6.6% in the 4th quarter. Summit Investment Advisors Inc. now owns 7,999 shares of the company's stock worth $198,000 after acquiring an additional 496 shares in the last quarter. Martingale Asset Management L P grew its position in Beam Therapeutics by 8.6% during the 4th quarter. Martingale Asset Management L P now owns 11,438 shares of the company's stock worth $284,000 after acquiring an additional 909 shares during the last quarter. Swiss National Bank grew its position in Beam Therapeutics by 0.8% during the 4th quarter. Swiss National Bank now owns 137,800 shares of the company's stock worth $3,417,000 after acquiring an additional 1,100 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in Beam Therapeutics by 23.9% in the 4th quarter. GAMMA Investing LLC now owns 5,722 shares of the company's stock valued at $142,000 after purchasing an additional 1,102 shares during the last quarter. Institutional investors own 99.68% of the company's stock.

Beam Therapeutics Company Profile

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.