Beam Therapeutics (NASDAQ:BEAM) Upgraded to “Strong-Buy” at Leerink Partnrs

Beam Therapeutics (NASDAQ:BEAM) was upgraded by analysts at Leerink Partnrs from a “hold” rating to a “strong-buy” rating in a report issued on Wednesday,Zacks.com reports.

Several other analysts have also recently commented on the company. Stifel Nicolaus raised their price target on Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Leerink Partners raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $27.00 to $39.00 in a report on Wednesday. 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. Barclays dropped their price target on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. lifted their price objective on Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Four analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $44.91.

Beam Therapeutics Stock Down 2.0 %

NASDAQ:BEAM opened at $26.10 on Wednesday. The stock’s 50 day moving average price is $24.22 and its 200 day moving average price is $24.65. The company has a market capitalization of $2.15 billion, a PE ratio of -14.42 and a beta of 1.86. Beam Therapeutics has a 52-week low of $18.85 and a 52-week high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results 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 return on equity of 16.22% and a negative net margin of 40.56%. The firm had revenue of $14.30 million for the quarter, compared to analysts’ expectations of $14.52 million. During the same quarter in the prior year, the business earned ($1.22) EPS. The company’s quarterly revenue was down 16.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Beam Therapeutics will post -4.6 EPS for the current fiscal year.

Insiders Place Their Bets

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the transaction, the chief executive officer now owns 938,659 shares in the company, valued at $23,091,011.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $24.60, for a total value of $1,476,000.00. Following the transaction, the chief executive officer now owns 938,659 shares in the company, valued at approximately $23,091,011.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Giuseppe Ciaramella sold 51,110 shares of the company’s stock in a transaction that occurred 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 sale, the president now owns 160,260 shares in the company, valued at $4,210,030.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 111,784 shares of company stock worth $2,834,485 over the last quarter. 4.20% of the stock is owned by corporate insiders.

Institutional Trading of Beam Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of BEAM. Arizona State Retirement System grew its holdings in shares of Beam Therapeutics by 2.1% during the second quarter. Arizona State Retirement System now owns 19,431 shares of the company’s stock valued at $455,000 after purchasing an additional 392 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in 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. GAMMA Investing LLC grew its holdings in Beam Therapeutics by 13.3% in the 3rd quarter. GAMMA Investing LLC now owns 4,620 shares of the company’s stock worth $113,000 after buying an additional 544 shares in the last quarter. Green Alpha Advisors LLC grew its holdings in Beam Therapeutics by 5.9% in the 3rd quarter. Green Alpha Advisors LLC now owns 12,475 shares of the company’s stock worth $306,000 after buying an additional 698 shares in the last quarter. Finally, American International Group Inc. grew its holdings in Beam Therapeutics by 2.0% in the 1st quarter. American International Group Inc. now owns 36,760 shares of the company’s stock worth $1,215,000 after buying an additional 732 shares in the last quarter. Institutional investors and hedge funds 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.