Beam Therapeutics (NASDAQ:BEAM) Earns “Buy” Rating from Guggenheim

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “buy” rating reaffirmed by research analysts at Guggenheim in a research report issued on Thursday,Benzinga reports. They currently have a $78.00 price target on the stock. Guggenheim’s price objective would suggest a potential upside of 170.50% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. Sanford C. Bernstein upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. HC Wainwright reiterated a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a report on Monday, February 3rd. Cantor Fitzgerald raised Beam Therapeutics from a “neutral” rating to an “overweight” rating in a report on Wednesday, January 29th. Wedbush reiterated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Monday, January 13th. Finally, Leerink Partnrs raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $50.90.

Beam Therapeutics Trading Up 3.4 %

Beam Therapeutics stock traded up $0.95 during midday trading on Thursday, hitting $28.84. 309,246 shares of the stock were exchanged, compared to its average volume of 1,269,020. Beam Therapeutics has a fifty-two week low of $20.84 and a fifty-two week high of $45.79. The stock has a market capitalization of $2.39 billion, a price-to-earnings ratio of -16.45 and a beta of 1.92. The stock’s 50-day simple moving average is $27.22 and its 200 day simple moving average is $25.91.

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

Insider Activity

In other news, CEO John M. Evans sold 30,000 shares of the firm’s stock in a transaction dated 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 in the company, valued at $24,306,628.25. This trade represents a 3.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Christine Bellon sold 1,241 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total value of $30,627.88. Following the transaction, the insider now owns 102,968 shares of the company’s stock, valued at approximately $2,541,250.24. The trade was a 1.19 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Hedge funds have recently bought and sold shares of the business. Wealthfront Advisers LLC bought a new position in Beam Therapeutics in the 4th quarter valued at $41,000. GF Fund Management CO. LTD. bought a new position in shares of Beam Therapeutics during the fourth quarter valued at approximately $43,000. Sterling Capital Management LLC boosted its stake in shares of Beam Therapeutics by 816.0% during the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock valued at $60,000 after purchasing an additional 2,146 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake 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 valued at $75,000 after purchasing an additional 524 shares in the last quarter. Finally, Blue Trust Inc. boosted its stake in shares of Beam Therapeutics by 84.0% during the third quarter. Blue Trust Inc. now owns 3,135 shares of the company’s stock valued at $73,000 after purchasing an additional 1,431 shares in the last quarter. 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.