HC Wainwright Reiterates “Buy” Rating for Beam Therapeutics (NASDAQ:BEAM)

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “buy” rating reiterated by research analysts at HC Wainwright in a note issued to investors on Monday,Benzinga reports. They presently have a $80.00 price objective on the stock. HC Wainwright’s price target indicates a potential upside of 196.96% from the company’s previous close.

Several other equities analysts have also recently commented on the stock. Scotiabank assumed coverage on shares of Beam Therapeutics in a research note on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 price objective for the company. Stifel Nicolaus lifted their price objective on Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Wedbush reaffirmed an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a report on Tuesday, November 5th. Royal Bank of Canada dropped their price target on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 6th. Finally, Leerink Partnrs raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.40.

Beam Therapeutics Stock Performance

NASDAQ:BEAM traded up $0.23 on Monday, hitting $26.94. The stock had a trading volume of 782,846 shares, compared to its average volume of 1,217,378. The stock has a market cap of $2.23 billion, a P/E ratio of -15.35 and a beta of 1.90. The firm’s fifty day simple moving average is $24.79 and its two-hundred day simple moving average is $25.15. Beam Therapeutics has a 1 year low of $20.84 and a 1 year high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, November 5th. The company reported ($1.17) 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 41.07%. The business had revenue of $14.30 million for the quarter, compared to the consensus estimate of $14.52 million. During the same quarter in the previous year, the firm earned ($1.22) earnings per share. The company’s revenue for the quarter was down 16.9% on a year-over-year basis. Equities research analysts predict that Beam Therapeutics will post -4.62 EPS for the current year.

Insider Transactions 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 Monday, September 30th. The shares were 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 in the company, valued at approximately $23,091,011.40. This trade represents a 6.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Giuseppe Ciaramella sold 51,110 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $26.36, for a total transaction of $1,347,259.60. Following the sale, the president now directly owns 109,150 shares of the company’s stock, valued at $2,877,194. This trade represents a 31.89 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 162,894 shares of company stock valued at $4,181,745. Company insiders own 4.20% of the company’s stock.

Institutional Trading of Beam Therapeutics

A number of institutional investors have recently made changes to their positions in BEAM. Bank of Montreal Can bought a new position in shares of Beam Therapeutics during the 2nd quarter valued at $3,683,000. Charles Schwab Investment Management Inc. increased its position in shares of Beam Therapeutics by 6.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock valued at $15,423,000 after purchasing an additional 36,226 shares during the last quarter. Bellevue Group AG lifted its stake in shares of Beam Therapeutics by 7.1% in the 3rd quarter. Bellevue Group AG now owns 1,518,121 shares of the company’s stock worth $37,194,000 after purchasing an additional 100,000 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Beam Therapeutics by 59.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock worth $87,044,000 after buying an additional 1,328,414 shares during the last quarter. Finally, Algert Global LLC grew its position in Beam Therapeutics by 282.0% during the third quarter. Algert Global LLC now owns 43,523 shares of the company’s stock valued at $1,066,000 after buying an additional 32,130 shares during the period. 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.