Beam Therapeutics (NASDAQ:BEAM) Research Coverage Started at Credit Suisse Group

Stock analysts at Credit Suisse Group started coverage on shares of Beam Therapeutics (NASDAQ:BEAMGet Rating) in a research note issued on Thursday, The Fly reports. The brokerage set a “neutral” rating and a $62.00 price target on the stock. Credit Suisse Group’s price objective would suggest a potential upside of 55.66% from the stock’s current price.

A number of other analysts have also recently weighed in on BEAM. Wedbush lowered their target price on shares of Beam Therapeutics from $159.00 to $152.00 and set an “outperform” rating on the stock in a research note on Monday, February 28th. SVB Leerink upped their target price on shares of Beam Therapeutics from $116.00 to $121.00 and gave the company an “outperform” rating in a research note on Monday, January 10th. Finally, Guggenheim assumed coverage on shares of Beam Therapeutics in a research note on Wednesday, January 5th. They set a “buy” rating and a $130.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $117.14.

NASDAQ BEAM opened at $39.83 on Thursday. The stock has a market cap of $2.74 billion, a P/E ratio of -6.69 and a beta of 1.23. The company’s 50-day simple moving average is $57.91 and its 200 day simple moving average is $71.73. Beam Therapeutics has a twelve month low of $39.26 and a twelve month high of $138.52.

Beam Therapeutics (NASDAQ:BEAMGet Rating) last posted its earnings results on Monday, February 28th. The company reported ($0.85) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($1.02) by $0.17. The business had revenue of $51.07 million for the quarter, compared to analysts’ expectations of $9.58 million. Beam Therapeutics had a negative net margin of 714.91% and a negative return on equity of 52.28%. During the same quarter in the previous year, the firm posted ($1.69) earnings per share. As a group, equities analysts predict that Beam Therapeutics will post -4.4 EPS for the current year.

In related news, CFO Terry-Ann Burrell sold 1,787 shares of the stock in a transaction that occurred on Thursday, March 31st. The shares were sold at an average price of $59.11, for a total value of $105,629.57. Following the transaction, the chief financial officer now directly owns 38,278 shares in the company, valued at $2,262,612.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Fmr Llc sold 19,466 shares of the stock in a transaction that occurred on Wednesday, April 13th. The shares were sold at an average price of $50.41, for a total transaction of $981,281.06. The disclosure for this sale can be found here. Insiders have sold 29,373 shares of company stock worth $1,566,884 over the last quarter. 0.74% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. ARK Investment Management LLC lifted its holdings in Beam Therapeutics by 2.7% in the first quarter. ARK Investment Management LLC now owns 8,200,749 shares of the company’s stock valued at $469,903,000 after buying an additional 217,348 shares during the period. BlackRock Inc. raised its holdings in Beam Therapeutics by 15.4% in the fourth quarter. BlackRock Inc. now owns 4,062,794 shares of the company’s stock worth $323,764,000 after purchasing an additional 542,819 shares during the period. Farallon Capital Management LLC raised its holdings in Beam Therapeutics by 14.5% in the third quarter. Farallon Capital Management LLC now owns 1,717,590 shares of the company’s stock worth $149,448,000 after purchasing an additional 217,590 shares during the period. State Street Corp raised its holdings in Beam Therapeutics by 20.1% in the fourth quarter. State Street Corp now owns 1,683,163 shares of the company’s stock worth $134,131,000 after purchasing an additional 281,443 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in Beam Therapeutics by 61.1% in the third quarter. Goldman Sachs Group Inc. now owns 1,044,082 shares of the company’s stock worth $90,846,000 after purchasing an additional 396,038 shares during the period. Institutional investors and hedge funds own 71.17% of the company’s stock.

Beam Therapeutics Company Profile (Get Rating)

Beam Therapeutics Inc, a biotechnology company, develops precision genetic medicines for patients suffering from serious diseases in the United States. The company is developing BEAM-101 for the treatment of sickle cell disease and beta thalassemia; BEAM-102 for the treatment of sickle cell disease; and BEAM-201, an allogeneic chimeric antigen receptor T cell for the treatment of relapsed/refractory T-cell acute lymphoblastic leukemia; and BEAM-301, a liver-targeted development candidate for the treatment of patients with Glycogen Storage Disease Type Ia.

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