Beam Therapeutics (NASDAQ:BEAM) Price Target Raised to $26.00

Beam Therapeutics (NASDAQ:BEAM) had its target price increased by Royal Bank of Canada from $24.00 to $26.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target would indicate a potential downside of 10.11% from the stock’s current price.

A number of other analysts also recently issued reports on the company. Leerink Partnrs upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. HC Wainwright reissued a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research report on Monday, February 3rd. Sanford C. Bernstein raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Leerink Partners raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $27.00 to $39.00 in a research report on Wednesday, November 6th. Finally, Cantor Fitzgerald raised shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating in a report on Wednesday, January 29th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $47.89.

Beam Therapeutics Trading Down 3.1 %

BEAM traded down $0.92 on Wednesday, hitting $28.92. 433,498 shares of the company’s stock traded hands, compared to its average volume of 1,275,357. The firm has a market cap of $2.40 billion, a price-to-earnings ratio of -16.43 and a beta of 1.92. The company’s 50 day simple moving average is $27.19 and its 200-day simple moving average is $25.89. Beam Therapeutics has a one year low of $20.84 and a one year high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data on Tuesday, February 25th. The company reported ($1.09) EPS for the quarter, beating the consensus estimate of ($1.25) by $0.16. The business had revenue of $30.00 million during the quarter, compared to the consensus estimate of $16.47 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business’s revenue was down 90.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.73 EPS. As a group, equities analysts anticipate that Beam Therapeutics will post -4.57 EPS for the current fiscal year.

Insider Transactions at Beam Therapeutics

In other news, insider Christine Bellon sold 1,241 shares of the firm’s stock in a transaction 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 sale, the insider now owns 102,968 shares in the company, valued at approximately $2,541,250.24. This trade represents a 1.19 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO John M. Evans sold 30,000 shares of the stock in a transaction dated Thursday, January 30th. The shares were 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 directly owns 908,659 shares of the company’s stock, valued at approximately $24,306,628.25. This trade represents a 3.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 4.20% of the company’s stock.

Institutional Trading of Beam Therapeutics

Institutional investors have recently made changes to their positions in the stock. Wealthfront Advisers LLC bought a new stake in shares of Beam Therapeutics in the 4th quarter valued at approximately $41,000. GF Fund Management CO. LTD. acquired a new position in shares of Beam Therapeutics during the 4th quarter worth about $43,000. Sterling Capital Management LLC grew its stake in Beam Therapeutics by 816.0% in the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock valued at $60,000 after acquiring an additional 2,146 shares during the period. Blue Trust Inc. boosted its holdings in shares of Beam Therapeutics by 84.0% in the third quarter. Blue Trust Inc. now owns 3,135 shares of the company’s stock valued at $73,000 after buying an additional 1,431 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Beam Therapeutics by 21.3% during 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. 99.68% of the stock is owned by hedge funds and other 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.