Cantor Fitzgerald upgraded shares of Beam Therapeutics (NASDAQ:BEAM – Free Report) to a hold rating in a research note issued to investors on Tuesday morning,Zacks.com reports.
A number of other analysts have also commented on BEAM. Royal Bank of Canada reduced their target price on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. Scotiabank started coverage on Beam Therapeutics in a research report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 target price for the company. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and upped their target price for the company from $27.00 to $39.00 in a research note on Wednesday, November 6th. Leerink Partnrs upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Finally, HC Wainwright restated a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research report on Monday. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $46.40.
Get Our Latest Stock Analysis on Beam Therapeutics
Beam Therapeutics Price Performance
Beam Therapeutics (NASDAQ:BEAM – Get Free Report) last issued its earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.01). The firm had revenue of $14.30 million during the quarter, compared to the consensus estimate of $14.52 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company’s quarterly revenue was down 16.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($1.22) EPS. On average, equities analysts expect that Beam Therapeutics will post -4.62 EPS for the current fiscal year.
Insider Buying and Selling at Beam Therapeutics
In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at $23,091,011.40. This trade represents a 6.01 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Giuseppe Ciaramella sold 51,110 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $26.36, for a total transaction of $1,347,259.60. Following the completion of the transaction, the president now directly owns 109,150 shares in the company, valued at $2,877,194. This trade represents a 31.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 162,894 shares of company stock valued at $4,181,745 over the last ninety days. 4.20% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in BEAM. Fairfield Financial Advisors LTD purchased a new position in shares of Beam Therapeutics in the second quarter valued at $26,000. Blue Trust Inc. lifted 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 valued at $40,000 after purchasing an additional 1,642 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Beam Therapeutics by 21.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock worth $75,000 after buying an additional 524 shares in the last quarter. National Bank of Canada FI increased its holdings in shares of Beam Therapeutics by 200.0% in the 2nd quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock worth $69,000 after buying an additional 2,000 shares during the last quarter. Finally, Quarry LP raised its position in shares of Beam Therapeutics by 350.0% during the 2nd quarter. Quarry LP now owns 3,600 shares of the company’s stock valued at $84,000 after buying an additional 2,800 shares in 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.
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