Beam Therapeutics (NASDAQ:BEAM) Price Target Cut to $24.00 by Analysts at Royal Bank of Canada

Beam Therapeutics (NASDAQ:BEAM) had its price target decreased by equities research analysts at Royal Bank of Canada from $27.00 to $24.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective would indicate a potential downside of 9.13% from the company’s current price.

A number of other equities analysts have also commented on the stock. Wedbush restated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research report on Tuesday. HC Wainwright restated a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research report on Thursday, August 22nd. Scotiabank started coverage on Beam Therapeutics in a research report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price objective on the stock. Stifel Nicolaus upped their target price on Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Finally, Barclays cut their price objective on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a report on Wednesday, August 7th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Beam Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $44.91.

Beam Therapeutics Stock Up 10.4 %

BEAM traded up $2.48 on Wednesday, hitting $26.41. The company’s stock had a trading volume of 677,896 shares, compared to its average volume of 1,226,213. The company’s 50 day simple moving average is $24.23 and its 200-day simple moving average is $24.62. Beam Therapeutics has a 12 month low of $18.85 and a 12 month high of $49.50. The firm has a market cap of $2.18 billion, a P/E ratio of -14.62 and a beta of 1.86.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data 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 net margin of 40.56% and a negative return on equity of 16.22%. The company 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 posted ($1.22) earnings per share. The business’s revenue for the quarter was down 16.9% compared to the same quarter last year. Equities analysts predict that Beam Therapeutics will post -4.6 earnings per share for the current fiscal year.

Insider Transactions at Beam Therapeutics

In related 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 value of $1,342,659.70. Following the transaction, the president now owns 160,260 shares in the company, valued at $4,210,030.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, President Giuseppe Ciaramella sold 51,110 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $26.27, for a total transaction of $1,342,659.70. Following the transaction, the president now directly owns 160,260 shares in the company, valued at $4,210,030.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $24.60, for a total value of $1,476,000.00. Following the completion of the sale, the chief executive officer now owns 938,659 shares of the company’s stock, valued at $23,091,011.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 111,784 shares of company stock worth $2,834,485. 4.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Beam Therapeutics

Large investors have recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. boosted its holdings in 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 valued at $87,044,000 after acquiring an additional 1,328,414 shares in the last quarter. Atria Investments Inc bought a new stake in shares of Beam Therapeutics during the 3rd quarter valued at about $200,000. Arcadia Investment Management Corp MI purchased a new position in shares of Beam Therapeutics during the third quarter valued at about $98,000. China Universal Asset Management Co. Ltd. increased its position in shares of Beam Therapeutics by 62.4% during the third quarter. China Universal Asset Management Co. Ltd. now owns 16,087 shares of the company’s stock valued at $394,000 after buying an additional 6,181 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Beam Therapeutics by 21.3% in the third 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. 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.