Beam Therapeutics (NASDAQ:BEAM) Rating Increased to Strong-Buy at Leerink Partnrs

by · The Markets Daily

Leerink Partnrs upgraded shares of Beam Therapeutics (NASDAQ:BEAM – Free Report) from a hold rating to a strong-buy rating in a research note issued to investors on Wednesday, Zacks.com reports.

Several other research firms have also recently issued reports on BEAM. Royal Bank of Canada decreased their price target on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research note on Wednesday. Scotiabank initiated coverage on shares of Beam Therapeutics in a research note on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research note on Thursday, August 22nd. JPMorgan Chase & Co. raised their price target on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Finally, Stifel Nicolaus raised 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. Four analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Beam Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $44.91.

Get Our Latest Research Report on Beam Therapeutics

Beam Therapeutics Trading Up 11.2 %

NASDAQ:BEAM opened at $26.62 on Wednesday. The firm has a 50-day moving average price of $24.24 and a two-hundred day moving average price of $24.64. Beam Therapeutics has a twelve month low of $18.85 and a twelve month high of $49.50. The company has a market capitalization of $2.19 billion, a P/E ratio of -14.71 and a beta of 1.86.

Beam Therapeutics (NASDAQ:BEAM – Get Free Report) last posted its earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.01). Beam Therapeutics had a negative net margin of 40.56% and a negative return on equity of 16.22%. The business had revenue of $14.30 million for the quarter, compared to analysts’ expectations of $14.52 million. During the same quarter last year, the business posted ($1.22) earnings per share. The business’s revenue was down 16.9% compared to the same quarter last year. On average, equities research analysts predict that Beam Therapeutics will post -4.6 earnings per share for the current year.

Insider Buying and Selling at Beam Therapeutics

In related news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics 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 completion of the sale, the chief executive officer now owns 938,659 shares in the company, valued at approximately $23,091,011.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the completion of the transaction, the chief executive officer now owns 938,659 shares of the company’s stock, valued at approximately $23,091,011.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, President Giuseppe Ciaramella sold 51,110 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $26.27, for a total transaction of $1,342,659.70. Following the transaction, 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 disclosure for this sale can be found here. Insiders have sold a total of 111,784 shares of company stock valued at $2,834,485 over the last ninety days. Corporate insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of BEAM. ARCH Venture Management LLC acquired a new position in shares of Beam Therapeutics during the second quarter valued at $127,530,000. Farallon Capital Management LLC boosted its holdings in shares of Beam Therapeutics by 75.4% during the second quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock valued at $185,404,000 after acquiring an additional 3,401,370 shares during the period. Darwin Global Management Ltd. acquired a new position in shares of Beam Therapeutics during the first quarter valued at $70,032,000. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Beam Therapeutics by 59.7% in the third 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 period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Beam Therapeutics by 3,137.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,246,189 shares of the company’s stock worth $41,175,000 after purchasing an additional 1,207,699 shares during the period. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Company Profile

(Get Free Report)

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.

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