Beam Therapeutics (NASDAQ:BEAM) Given “Overweight” Rating at Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a research note published on Wednesday,Benzinga reports.

Several other research firms also recently commented on BEAM. Wedbush reissued an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Monday. HC Wainwright reissued a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a research report on Monday. 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. Jones Trading raised shares of Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a research report on Monday. Finally, Scotiabank raised shares of Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 target price on the stock in a research report on Monday. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $50.82.

Beam Therapeutics Trading Up 3.8 %

Shares of NASDAQ:BEAM opened at $27.42 on Wednesday. Beam Therapeutics has a 1 year low of $20.84 and a 1 year high of $37.49. The business has a fifty day simple moving average of $27.10 and a 200 day simple moving average of $26.04. The firm has a market cap of $2.29 billion, a price-to-earnings ratio of -15.58 and a beta of 1.91.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.25) by $0.16. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The business had revenue of $30.00 million during the quarter, compared to analyst estimates of $16.47 million. During the same period last year, the company earned $1.73 earnings per share. Beam Therapeutics’s quarterly revenue was down 90.5% compared to the same quarter last year. On average, sell-side analysts forecast that Beam Therapeutics will post -4.57 EPS for the current year.

Insiders Place Their Bets

In other Beam Therapeutics 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 transaction of $30,627.88. Following the completion of the transaction, the insider now owns 102,968 shares in the company, valued at $2,541,250.24. This trade represents a 1.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO John M. Evans sold 30,000 shares of Beam Therapeutics stock in a transaction that occurred on 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 owns 908,659 shares of the company’s stock, valued at $24,306,628.25. This trade represents a 3.20 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Atria Investments Inc bought a new position in Beam Therapeutics in the 3rd quarter worth approximately $200,000. Sumitomo Mitsui Trust Group Inc. raised its position in Beam Therapeutics by 59.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock worth $87,044,000 after purchasing an additional 1,328,414 shares during the last quarter. Quest Partners LLC raised its position in Beam Therapeutics by 410.8% in the 3rd quarter. Quest Partners LLC now owns 36,193 shares of the company’s stock worth $887,000 after purchasing an additional 29,108 shares during the last quarter. Intech Investment Management LLC bought a new position in Beam Therapeutics in the 3rd quarter worth approximately $512,000. Finally, Charles Schwab Investment Management Inc. raised its position in Beam Therapeutics by 6.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock worth $15,423,000 after purchasing an additional 36,226 shares during 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.