Beam Therapeutics (NASDAQ:BEAM) Upgraded by Leerink Partnrs to Strong-Buy Rating

Beam Therapeutics (NASDAQ:BEAM) was upgraded by equities researchers at Leerink Partnrs from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Wednesday, Zacks.com reports.

BEAM has been the topic of a number of other reports. Stifel Nicolaus boosted their target price on shares of Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Barclays dropped 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. Royal Bank of Canada reduced their price objective on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a research note on Wednesday. Scotiabank started coverage on Beam Therapeutics in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 target price on the stock. Finally, JPMorgan Chase & Co. upped their target price on Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $44.91.

Beam Therapeutics Stock Performance

Shares of BEAM stock opened at $26.62 on Wednesday. Beam Therapeutics has a 1 year low of $18.85 and a 1 year high of $49.50. The business’s fifty day moving average is $24.24 and its 200-day moving average is $24.64. The stock has a market cap of $2.19 billion, a PE ratio of -14.71 and a beta of 1.86.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The firm had revenue of $14.30 million for the quarter, compared to analyst estimates of $14.52 million. During the same period in the previous year, the firm earned ($1.22) earnings per share. Beam Therapeutics’s revenue was down 16.9% on a year-over-year basis. Equities research analysts predict that Beam Therapeutics will post -4.6 earnings per share for the current year.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction on 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 completion of the sale, the president now owns 160,260 shares of the company’s stock, valued at $4,210,030.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 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 value of $1,476,000.00. Following the transaction, the chief executive officer now owns 938,659 shares in the company, valued at approximately $23,091,011.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction that occurred on 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 completion of the sale, the president now owns 160,260 shares of the company’s stock, valued at $4,210,030.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 111,784 shares of company stock worth $2,834,485. 4.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Swiss National Bank raised its holdings in Beam Therapeutics by 3.1% during the first quarter. Swiss National Bank now owns 136,700 shares of the company’s stock valued at $4,517,000 after buying an additional 4,100 shares in the last quarter. Reynders McVeigh Capital Management LLC bought a new stake in Beam Therapeutics during the first quarter worth approximately $201,000. QRG Capital Management Inc. grew its holdings in Beam Therapeutics by 45.2% during the first quarter. QRG Capital Management Inc. now owns 23,036 shares of the company’s stock valued at $761,000 after purchasing an additional 7,176 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in Beam Therapeutics by 4.4% during the first quarter. Russell Investments Group Ltd. now owns 143,828 shares of the company’s stock valued at $4,752,000 after purchasing an additional 6,102 shares during the last quarter. Finally, ProShare Advisors LLC lifted its stake in shares of Beam Therapeutics by 10.6% in the first quarter. ProShare Advisors LLC now owns 19,511 shares of the company’s stock worth $645,000 after buying an additional 1,873 shares during 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.