Beam Therapeutics (NASDAQ:BEAM) Upgraded at Scotiabank

Scotiabank upgraded shares of Beam Therapeutics (NASDAQ:BEAM) from a sector perform rating to a sector outperform rating in a research report sent to investors on Monday morning, MarketBeat reports. They currently have $40.00 target price on the stock.

Several other equities research analysts have also commented on BEAM. Cantor Fitzgerald raised shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research note on Wednesday, January 29th. Royal Bank of Canada boosted their price objective on shares of Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 26th. HC Wainwright reissued a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research note on Friday, February 28th. Guggenheim reiterated a “buy” rating and issued a $78.00 target price on shares of Beam Therapeutics in a research note on Thursday, February 27th. Finally, Wedbush reiterated an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research note on Monday, January 13th. Two investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Beam Therapeutics presently has an average rating of “Buy” and an average target price of $50.82.

Beam Therapeutics Trading Up 3.8 %

Shares of BEAM opened at $27.42 on Monday. The firm’s 50-day moving average price is $27.10 and its 200-day moving average price is $26.04. The firm has a market capitalization of $2.29 billion, a price-to-earnings ratio of -15.58 and a beta of 1.91. Beam Therapeutics has a 1-year low of $20.84 and a 1-year high of $37.49.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings data on Tuesday, February 25th. The company reported ($1.09) EPS for the quarter, topping the consensus estimate of ($1.25) by $0.16. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business had revenue of $30.00 million for the quarter, compared to analyst estimates of $16.47 million. During the same quarter in the previous year, the firm posted $1.73 earnings per share. Beam Therapeutics’s quarterly revenue was down 90.5% on a year-over-year basis. On average, research analysts forecast that Beam Therapeutics will post -4.57 EPS for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, insider Christine Bellon sold 1,241 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total value of $30,627.88. Following the completion of the transaction, the insider now directly owns 102,968 shares in the company, valued at $2,541,250.24. This represents a 1.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO John M. Evans sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total transaction of $802,500.00. Following the completion of the transaction, the chief executive officer now owns 908,659 shares of the company’s stock, valued at approximately $24,306,628.25. The trade was a 3.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Beam Therapeutics

A number of hedge funds have recently modified their holdings of the company. Polar Asset Management Partners Inc. boosted its position in shares of Beam Therapeutics by 901.2% in the fourth quarter. Polar Asset Management Partners Inc. now owns 208,255 shares of the company’s stock worth $5,165,000 after purchasing an additional 187,455 shares during the period. GF Fund Management CO. LTD. bought a new position in shares of Beam Therapeutics during the fourth quarter worth $43,000. Woodline Partners LP bought a new position in shares of Beam Therapeutics during the fourth quarter worth $6,997,000. Squarepoint Ops LLC bought a new position in shares of Beam Therapeutics during the fourth quarter worth $3,851,000. Finally, Twinbeech Capital LP boosted its position in shares of Beam Therapeutics by 119.3% during the fourth quarter. Twinbeech Capital LP now owns 127,664 shares of the company’s stock worth $3,166,000 after acquiring an additional 69,456 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors.

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.