Beam Therapeutics (NASDAQ:BEAM) Price Target Raised to $69.00 at Stifel Nicolaus

Beam Therapeutics (NASDAQ:BEAM - Free Report) had its target price upped by Stifel Nicolaus from $66.00 to $69.00 in a report released on Wednesday, Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities analysts have also commented on the stock. HC Wainwright reiterated a buy rating and set a $80.00 price objective on shares of Beam Therapeutics in a research report on Thursday, August 22nd. JPMorgan Chase & Co. increased their price target on shares of Beam Therapeutics from $45.00 to $48.00 and gave the company an overweight rating in a report on Wednesday, August 7th. Barclays decreased their price objective on Beam Therapeutics from $33.00 to $31.00 and set an equal weight rating on the stock in a research report on Wednesday, August 7th. Wedbush reiterated an outperform rating and issued a $57.00 target price on shares of Beam Therapeutics in a report on Tuesday, August 6th. Finally, Royal Bank of Canada reissued a sector perform rating and set a $27.00 target price on shares of Beam Therapeutics in a research report on Wednesday, August 7th. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $44.18.

Beam Therapeutics Stock Up 2.0 %

NASDAQ:BEAM traded up $0.47 during mid-day trading on Wednesday, hitting $24.12. 503,637 shares of the company traded hands, compared to its average volume of 1,288,130. The stock's fifty day moving average price is $26.12 and its 200-day moving average price is $27.18. The firm has a market cap of $1.99 billion, a price-to-earnings ratio of -13.29 and a beta of 1.86. Beam Therapeutics has a one year low of $16.95 and a one year high of $49.50.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($1.11) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.13) by $0.02. The company had revenue of $11.80 million during the quarter, compared to the consensus estimate of $14.18 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The firm's revenue was down 41.3% on a year-over-year basis. During the same period in the previous year, the company posted ($1.08) EPS. Equities analysts predict that Beam Therapeutics will post -4.6 EPS for the current year.

Insider Activity

In related news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $24.50, for a total value of $1,470,000.00. Following the completion of the sale, the chief executive officer now directly owns 998,343 shares in the company, valued at approximately $24,459,403.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.20% of the company's stock.

Hedge Funds Weigh In On Beam Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BEAM. Arizona State Retirement System lifted its stake in Beam Therapeutics by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 19,431 shares of the company's stock valued at $455,000 after acquiring an additional 392 shares during the period. American International Group Inc. grew its position in Beam Therapeutics by 2.0% during the 1st quarter. American International Group Inc. now owns 36,760 shares of the company's stock worth $1,215,000 after purchasing an additional 732 shares during the period. Principal Financial Group Inc. raised its stake in shares of Beam Therapeutics by 4.5% during the 1st quarter. Principal Financial Group Inc. now owns 18,418 shares of the company's stock valued at $609,000 after buying an additional 789 shares during the last quarter. Riverview Trust Co acquired a new position in shares of Beam Therapeutics in the 1st quarter valued at about $26,000. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Beam Therapeutics by 144.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company's stock valued at $43,000 after buying an additional 923 shares during the period. Hedge funds and other 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.