Beam Therapeutics (NASDAQ:BEAM) Upgraded by Scotiabank to Sector Outperform Rating

Scotiabank upgraded shares of Beam Therapeutics (NASDAQ:BEAM) from a sector perform rating to a sector outperform rating in a research report released on Monday, MarketBeat Ratings reports. Scotiabank currently has $40.00 price objective on the stock.

BEAM has been the topic of several other research reports. 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 raised their price target 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. Guggenheim reaffirmed a “buy” rating and issued a $78.00 price target on shares of Beam Therapeutics in a research note on Thursday, February 27th. HC Wainwright reissued a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a research report on Friday, February 28th. Finally, Sanford C. Bernstein raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Two research 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’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $50.82.

Beam Therapeutics Stock Up 3.8 %

BEAM stock opened at $27.42 on Monday. Beam Therapeutics has a 52 week low of $20.84 and a 52 week high of $37.49. The company has a fifty day simple moving average of $27.10 and a two-hundred day simple moving average of $26.04. The firm has a market capitalization of $2.29 billion, a P/E ratio of -15.58 and a beta of 1.91.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, beating 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 the consensus estimate of $16.47 million. During the same quarter in the prior year, the firm posted $1.73 earnings per share. The business’s revenue for the quarter was down 90.5% on a year-over-year basis. As a group, analysts anticipate that Beam Therapeutics will post -4.57 EPS for the current year.

Insider Activity

In other news, 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 sale, the insider now directly 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO John M. Evans sold 30,000 shares of Beam Therapeutics 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 sale, the chief executive officer now owns 908,659 shares of the company’s stock, valued at $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

A number of institutional investors have recently bought and sold shares of the stock. Horizon Kinetics Asset Management LLC boosted its stake in Beam Therapeutics by 4.4% in the 4th quarter. Horizon Kinetics Asset Management LLC now owns 9,597 shares of the company’s stock worth $238,000 after purchasing an additional 403 shares in the last quarter. Summit Investment Advisors Inc. boosted its stake in Beam Therapeutics by 6.6% in the 4th quarter. Summit Investment Advisors Inc. now owns 7,999 shares of the company’s stock worth $198,000 after purchasing an additional 496 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Beam Therapeutics by 2.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,396 shares of the company’s stock worth $524,000 after purchasing an additional 516 shares in the last quarter. Martingale Asset Management L P boosted its stake in Beam Therapeutics by 8.6% in the 4th quarter. Martingale Asset Management L P now owns 11,438 shares of the company’s stock worth $284,000 after purchasing an additional 909 shares in the last quarter. Finally, Swiss National Bank boosted its stake in Beam Therapeutics by 0.8% in the 4th quarter. Swiss National Bank now owns 137,800 shares of the company’s stock worth $3,417,000 after purchasing an additional 1,100 shares in the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

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.