Beam Therapeutics (NASDAQ:BEAM) Now Covered by Analysts at HC Wainwright

HC Wainwright started coverage on shares of Beam Therapeutics (NASDAQ:BEAM) in a research report report published on Tuesday, MarketBeat.com reports. The brokerage issued a buy rating and a $80.00 price objective on the stock.

Other analysts have also issued research reports about the stock. Wedbush reaffirmed an outperform rating and set a $57.00 price objective on shares of Beam Therapeutics in a report on Tuesday, May 7th. BMO Capital Markets reissued an outperform rating and issued a $57.00 price target on shares of Beam Therapeutics in a report on Wednesday, March 27th. Finally, Barclays lowered their price target on shares of Beam Therapeutics from $42.00 to $33.00 and set an equal weight rating for the company in a report on Wednesday, May 8th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Hold and an average target price of $43.50.

Beam Therapeutics Trading Up 3.0 %

NASDAQ BEAM opened at $33.14 on Tuesday. The firm has a market cap of $2.73 billion, a price-to-earnings ratio of -18.62 and a beta of 1.87. The company has a 50 day moving average of $25.01 and a 200-day moving average of $27.62. Beam Therapeutics has a 1-year low of $16.95 and a 1-year high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings data on Tuesday, May 7th. The company reported ($1.21) earnings per share for the quarter, topping the consensus estimate of ($1.42) by $0.21. The company had revenue of $7.40 million during the quarter, compared to analyst estimates of $17.09 million. Beam Therapeutics had a negative net margin of 37.33% and a negative return on equity of 15.46%. The company’s revenue was down 69.4% on a year-over-year basis. During the same quarter last year, the business posted ($1.33) earnings per share. On average, analysts forecast that Beam Therapeutics will post -4.68 earnings per share for the current year.

Insider Transactions at Beam Therapeutics

In other news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction on Thursday, June 27th. The shares were 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 directly owns 998,343 shares of the company’s stock, valued at $24,459,403.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in BEAM. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Beam Therapeutics during the fourth quarter worth $216,000. ARK Investment Management LLC raised its holdings in shares of Beam Therapeutics by 6.9% during the fourth quarter. ARK Investment Management LLC now owns 9,393,889 shares of the company’s stock worth $255,702,000 after acquiring an additional 609,998 shares during the period. China Universal Asset Management Co. Ltd. raised its holdings in shares of Beam Therapeutics by 325.5% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 9,667 shares of the company’s stock worth $263,000 after acquiring an additional 7,395 shares during the period. International Assets Investment Management LLC acquired a new stake in shares of Beam Therapeutics during the fourth quarter worth $1,852,000. Finally, Krilogy Financial LLC acquired a new stake in shares of Beam Therapeutics during the fourth quarter worth $643,000. 99.68% of the stock is currently owned by institutional investors and hedge funds.

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.