Beam Therapeutics (NASDAQ:BEAM) Upgraded at Leerink Partners

Beam Therapeutics (NASDAQ:BEAM) was upgraded by investment analysts at Leerink Partners from a “market perform” rating to an “outperform” rating in a research note issued to investors on Wednesday, Briefing.com reports. The firm currently has a $39.00 price target on the stock, up from their previous price target of $27.00. Leerink Partners’ price target indicates a potential upside of 62.98% from the company’s current price.

A number of other equities analysts also recently weighed in on the stock. Stifel Nicolaus upped their price target on shares of Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Barclays dropped their target price on 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. Royal Bank of Canada reiterated a “sector perform” rating and set a $27.00 price target on shares of Beam Therapeutics in a report on Thursday, September 19th. Wedbush reissued an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a report on Tuesday. Finally, HC Wainwright restated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a report on Thursday, August 22nd. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Beam Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $45.18.

Beam Therapeutics Price Performance

NASDAQ:BEAM opened at $23.93 on Wednesday. The stock has a market cap of $1.97 billion, a PE ratio of -13.22 and a beta of 1.86. Beam Therapeutics has a fifty-two week low of $18.85 and a fifty-two week high of $49.50. The stock’s 50-day moving average is $24.23 and its two-hundred day moving average is $24.62.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing analysts’ consensus estimates of ($1.13) by ($0.04). The company had revenue of $14.30 million for the quarter, compared to analysts’ expectations of $14.52 million. Beam Therapeutics had a negative net margin of 40.56% and a negative return on equity of 16.22%. During the same period in the previous year, the firm posted ($1.22) earnings per share. The business’s revenue for the quarter was down 16.9% on a year-over-year basis. On average, equities research analysts anticipate that Beam Therapeutics will post -4.6 earnings per share for the current year.

Insider Activity

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $24.60, for a total value of $1,476,000.00. Following the sale, the chief executive officer now directly owns 938,659 shares in the company, valued at $23,091,011.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction on Monday, October 14th. The stock was sold at an average price of $26.27, for a total value of $1,342,659.70. Following the completion of the sale, the president now directly owns 160,260 shares of the company’s stock, valued at approximately $4,210,030.20. This trade represents a 0.00 % 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 60,000 shares of the company’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $24.60, for a total value of $1,476,000.00. Following the transaction, the chief executive officer now directly owns 938,659 shares in the company, valued at $23,091,011.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 111,784 shares of company stock valued at $2,834,485. Insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Several hedge funds have recently added to or reduced their stakes in BEAM. Fairfield Financial Advisors LTD bought a new position in shares of Beam Therapeutics during the 2nd quarter worth approximately $26,000. Blue Trust Inc. boosted its position in Beam Therapeutics by 2,648.4% during the second quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock valued at $40,000 after purchasing an additional 1,642 shares during the last quarter. National Bank of Canada FI grew its stake in Beam Therapeutics by 200.0% in the second quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock valued at $69,000 after purchasing an additional 2,000 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Beam Therapeutics by 21.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock worth $75,000 after purchasing an additional 524 shares during the last quarter. Finally, Quarry LP raised its stake in shares of 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. 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.