Beam Therapeutics’ (BEAM) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a research note issued to investors on Monday,Benzinga reports. They currently have a $80.00 price target on the stock.

Other equities analysts also recently issued reports about the stock. 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 objective on shares of Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 26th. Guggenheim restated a “buy” rating and issued a $78.00 price objective on shares of Beam Therapeutics in a report on Thursday, February 27th. Sanford C. Bernstein upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Wedbush reaffirmed an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research note on Monday. Two 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $50.82.

Beam Therapeutics Stock Up 3.8 %

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

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, topping the consensus estimate of ($1.25) by $0.16. The business had revenue of $30.00 million during the quarter, compared to the consensus estimate of $16.47 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The firm’s revenue for the quarter was down 90.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.73 earnings per share. As a group, equities analysts expect that Beam Therapeutics will post -4.57 earnings per share for the current fiscal year.

Insider Transactions at Beam Therapeutics

In related news, CEO John M. Evans sold 30,000 shares of the 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 sale, the chief executive officer now owns 908,659 shares of the company’s stock, valued at $24,306,628.25. This represents a 3.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Christine Bellon sold 1,241 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total transaction of $30,627.88. Following the sale, the insider now directly owns 102,968 shares of the company’s stock, valued at $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.

Institutional Investors Weigh In On Beam Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Polar Asset Management Partners Inc. lifted its position in Beam Therapeutics by 901.2% during the fourth quarter. Polar Asset Management Partners Inc. now owns 208,255 shares of the company’s stock valued at $5,165,000 after acquiring an additional 187,455 shares during the last quarter. GF Fund Management CO. LTD. purchased a new stake in Beam Therapeutics during the fourth quarter valued at approximately $43,000. Woodline Partners LP purchased a new stake in Beam Therapeutics during the fourth quarter valued at approximately $6,997,000. Squarepoint Ops LLC purchased a new stake in Beam Therapeutics during the fourth quarter valued at approximately $3,851,000. Finally, Twinbeech Capital LP lifted its position in Beam Therapeutics by 119.3% during the fourth quarter. Twinbeech Capital LP now owns 127,664 shares of the company’s stock valued at $3,166,000 after acquiring an additional 69,456 shares during the last quarter. Hedge funds and other 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.