Beam Therapeutics (NASDAQ:BEAM) Receives New Coverage from Analysts at Scotiabank

Scotiabank initiated coverage on shares of Beam Therapeutics (NASDAQ:BEAM - Free Report) in a research note published on Wednesday morning, MarketBeat.com reports. The brokerage issued a sector outperform rating and a $24.00 price target on the stock.

A number of other research analysts also recently issued reports on the stock. Wedbush reiterated an "outperform" rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Tuesday, August 6th. JPMorgan Chase & Co. increased their price objective on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 7th. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $27.00 target price on shares of Beam Therapeutics in a research report on Thursday, September 19th. Barclays cut their price target on Beam Therapeutics from $33.00 to $31.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 7th. Finally, Stifel Nicolaus boosted their price objective on Beam Therapeutics from $66.00 to $69.00 and gave the company a "buy" rating in a report on Wednesday, September 11th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $42.50.

Beam Therapeutics Price Performance

NASDAQ BEAM traded up $0.35 during mid-day trading on Wednesday, reaching $26.69. 1,467,033 shares of the stock were exchanged, compared to its average volume of 1,231,250. The stock has a market cap of $2.20 billion, a P/E ratio of -14.80 and a beta of 1.85. Beam Therapeutics has a one year low of $16.95 and a one year high of $49.50. The stock has a 50 day simple moving average of $24.79 and a 200-day simple moving average of $25.09.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its earnings results on Tuesday, August 6th. The company reported ($1.11) EPS for the quarter, beating the consensus estimate of ($1.13) by $0.02. The company had revenue of $11.80 million for the quarter, compared to analyst estimates 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 for the quarter was down 41.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.08) EPS. Sell-side analysts anticipate that Beam Therapeutics will post -4.6 EPS for the current fiscal year.

Insider Transactions at Beam Therapeutics

In related news, President Giuseppe Ciaramella sold 51,110 shares of the business's stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $26.27, for a total transaction 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. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO John M. Evans sold 60,000 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the completion of the sale, the chief executive officer now directly owns 938,659 shares of the company's stock, valued at approximately $23,091,011.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction on Monday, October 14th. The stock was sold at an average price of $26.27, for a total value of $1,342,659.70. Following the sale, the president now owns 160,260 shares in the company, valued at $4,210,030.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 111,784 shares of company stock worth $2,834,485 in the last quarter. 4.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Beam Therapeutics

Several institutional investors have recently added to or reduced their stakes in BEAM. Riverview Trust Co purchased a new stake in Beam Therapeutics in the first quarter worth $26,000. Fairfield Financial Advisors LTD bought a new stake in Beam Therapeutics in the 2nd quarter valued at about $26,000. PNC Financial Services Group Inc. lifted its holdings in Beam Therapeutics by 144.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company's stock valued at $43,000 after purchasing an additional 923 shares during the last quarter. Blue Trust Inc. boosted its position in Beam Therapeutics by 2,648.4% during the second quarter. Blue Trust Inc. now owns 1,704 shares of the company's stock worth $40,000 after purchasing an additional 1,642 shares during the period. Finally, National Bank of Canada FI increased its stake in shares of Beam Therapeutics by 200.0% in the second quarter. National Bank of Canada FI now owns 3,000 shares of the company's stock worth $69,000 after purchasing an additional 2,000 shares in the last quarter. 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.