Beam Therapeutics (NASDAQ:BEAM) Receives Sector Perform Rating from Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a report issued on Thursday morning, Benzinga reports. They currently have a $27.00 price target on the stock.

Several other equities research analysts have also recently weighed in on the company. HC Wainwright reissued a buy rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Thursday, August 22nd. Stifel Nicolaus increased their price objective on shares of Beam Therapeutics from $66.00 to $69.00 and gave the stock a buy rating in a research report on Wednesday, September 11th. Wedbush reissued an outperform rating and set a $57.00 target price on shares of Beam Therapeutics in a research note on Tuesday, August 6th. Barclays cut their price target on shares of Beam Therapeutics from $33.00 to $31.00 and set an equal weight rating on the stock in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. increased their price target on Beam Therapeutics from $45.00 to $48.00 and gave the stock an overweight rating in a report on Wednesday, August 7th. Seven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $44.18.

Beam Therapeutics Price Performance

NASDAQ:BEAM opened at $25.65 on Thursday. Beam Therapeutics has a one year low of $16.95 and a one year high of $49.50. The company has a market cap of $2.11 billion, a PE ratio of -14.41 and a beta of 1.86. The firm’s 50 day simple moving average is $26.30 and its 200 day simple moving average is $26.36.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($1.11) EPS for the quarter, topping analysts’ consensus estimates of ($1.13) by $0.02. The company had revenue of $11.80 million for the quarter, compared to analyst estimates of $14.18 million. Beam Therapeutics had a negative net margin of 40.56% and a negative return on equity of 16.22%. Beam Therapeutics’s revenue was down 41.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.08) earnings per share. Equities research analysts expect that Beam Therapeutics will post -4.6 EPS for the current year.

Insider Activity

In related news, CEO John M. Evans sold 60,000 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $24.50, for a total value of $1,470,000.00. Following the transaction, the chief executive officer now directly owns 998,343 shares in the company, valued at approximately $24,459,403.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the business. Quarry LP increased its holdings in Beam Therapeutics by 350.0% during the 2nd quarter. Quarry LP now owns 3,600 shares of the company’s stock worth $84,000 after purchasing an additional 2,800 shares in the last quarter. Algert Global LLC bought a new stake in Beam Therapeutics during the second quarter worth $267,000. Scientech Research LLC raised its position in Beam Therapeutics by 167.3% in the 2nd quarter. Scientech Research LLC now owns 51,876 shares of the company’s stock valued at $1,215,000 after buying an additional 32,469 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Beam Therapeutics by 30.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 137,089 shares of the company’s stock valued at $3,212,000 after acquiring an additional 32,279 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in Beam Therapeutics by 38.1% during the 2nd quarter. AQR Capital Management LLC now owns 9,011 shares of the company’s stock worth $211,000 after acquiring an additional 2,487 shares during the last quarter. Institutional investors and hedge funds 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.