Beam Therapeutics' (BEAM) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Beam Therapeutics (NASDAQ:BEAM - Free Report) in a report published on Thursday, Benzinga reports. The firm currently has a $80.00 price target on the stock.

Several other analysts have also recently issued reports on the company. JPMorgan Chase & Co. increased their price objective on Beam Therapeutics from $45.00 to $48.00 and gave the company an overweight rating in a research note on Wednesday, August 7th. Royal Bank of Canada reiterated a sector perform rating and issued a $27.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, August 7th. Barclays reduced their price objective on Beam Therapeutics from $33.00 to $31.00 and set an equal weight rating on the stock in a research note on Wednesday, August 7th. Finally, Wedbush reiterated an outperform rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research note on Tuesday, August 6th. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $41.70.

Beam Therapeutics Stock Down 3.8 %

NASDAQ:BEAM traded down $0.97 during trading hours on Thursday, reaching $24.52. 499,545 shares of the stock were exchanged, compared to its average volume of 1,341,437. The business has a 50-day moving average of $25.71 and a two-hundred day moving average of $27.75. Beam Therapeutics has a twelve month low of $16.95 and a twelve month high of $49.50. The company has a market capitalization of $2.02 billion, a price-to-earnings ratio of -13.78 and a beta of 1.87.

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 the consensus estimate of ($1.13) by $0.02. The business had revenue of $11.80 million for the quarter, compared to analysts' expectations of $14.18 million. Beam Therapeutics had a negative return on equity of 15.46% and a negative net margin of 37.33%. The company's revenue for the quarter was down 41.3% compared to the same quarter last year. During the same period last year, the firm earned ($1.08) earnings per share. On average, research analysts forecast that Beam Therapeutics will post -4.68 EPS for the current fiscal year.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the firm's stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $24.50, for a total transaction of $1,470,000.00. Following the transaction, the chief executive officer now owns 998,343 shares of the company's stock, valued at $24,459,403.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 4.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Beam Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. grew its holdings in shares of Beam Therapeutics by 4.4% during the first quarter. Russell Investments Group Ltd. now owns 143,828 shares of the company's stock worth $4,752,000 after buying an additional 6,102 shares during the last quarter. Vestmark Advisory Solutions Inc. purchased a new position in shares of Beam Therapeutics during the fourth quarter worth about $2,673,000. Vanguard Group Inc. grew its holdings in shares of Beam Therapeutics by 5.8% during the first quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company's stock worth $250,402,000 after buying an additional 413,892 shares during the last quarter. UBS Group AG grew its holdings in shares of Beam Therapeutics by 118.2% during the fourth quarter. UBS Group AG now owns 260,500 shares of the company's stock worth $7,091,000 after buying an additional 141,102 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Beam Therapeutics by 34.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 223,929 shares of the company's stock worth $6,782,000 after buying an additional 57,554 shares during the last quarter. Hedge funds and other 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.