Beam Therapeutics (NASDAQ:BEAM) Rating Reiterated by Cantor Fitzgerald

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “overweight” rating reissued by analysts at Cantor Fitzgerald in a research note issued on Wednesday, Benzinga reports. They currently have a $56.00 price objective on the stock. Cantor Fitzgerald’s price objective suggests a potential upside of 122.75% from the stock’s current price.

Several other equities analysts have also recently commented on BEAM. Citigroup cut their price target on Beam Therapeutics from $60.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, August 9th. Barclays dropped their target price on Beam Therapeutics from $41.00 to $35.00 and set an “equal weight” rating for the company in a report on Tuesday, August 8th. Credit Suisse Group increased their target price on Beam Therapeutics from $46.00 to $47.00 and gave the stock a “neutral” rating in a report on Wednesday, August 9th. Finally, Wedbush reissued an “outperform” rating and issued a $79.00 target price on shares of Beam Therapeutics in a report on Tuesday, August 8th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $63.82.

Beam Therapeutics Stock Up 0.4 %

Beam Therapeutics stock opened at $25.14 on Wednesday. The business has a 50 day moving average price of $27.03 and a two-hundred day moving average price of $30.84. The stock has a market cap of $1.99 billion, a price-to-earnings ratio of -5.57 and a beta of 1.62. Beam Therapeutics has a 12 month low of $22.70 and a 12 month high of $61.40.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Tuesday, August 8th. The company reported ($1.08) EPS for the quarter, beating the consensus estimate of ($1.42) by $0.34. The firm had revenue of $20.12 million during the quarter, compared to analysts’ expectations of $17.32 million. Beam Therapeutics had a negative return on equity of 43.32% and a negative net margin of 408.13%. The company’s revenue for the quarter was up 20.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.02) EPS. On average, analysts expect that Beam Therapeutics will post -5.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Giuseppe Ciaramella sold 1,206 shares of the stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $32.01, for a total transaction of $38,604.06. Following the sale, the insider now directly owns 48,250 shares in the company, valued at approximately $1,544,482.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 156,921 shares of company stock worth $5,030,209 in the last three months. Insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

A number of large investors have recently bought and sold shares of BEAM. Virginia Retirement Systems ET AL bought a new position in Beam Therapeutics in the 2nd quarter valued at $508,000. California State Teachers Retirement System boosted its position in Beam Therapeutics by 0.7% in the 2nd quarter. California State Teachers Retirement System now owns 73,697 shares of the company’s stock valued at $2,353,000 after buying an additional 525 shares during the last quarter. Alliancebernstein L.P. boosted its position in Beam Therapeutics by 27.7% in the 2nd quarter. Alliancebernstein L.P. now owns 89,530 shares of the company’s stock valued at $2,859,000 after buying an additional 19,430 shares during the last quarter. Wells Fargo & Company MN boosted its position in Beam Therapeutics by 43.8% in the 2nd quarter. Wells Fargo & Company MN now owns 85,649 shares of the company’s stock valued at $2,735,000 after buying an additional 26,076 shares during the last quarter. Finally, XTX Topco Ltd boosted its position in Beam Therapeutics by 20.9% in the 2nd quarter. XTX Topco Ltd now owns 8,779 shares of the company’s stock valued at $280,000 after buying an additional 1,517 shares during the last quarter. 80.64% of the stock is currently owned by institutional investors.

About Beam Therapeutics

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 and BEAM-102 for the treatment of sickle cell disease beta thalassemia; BEAM-201, an allogeneic chimeric antigen receptor T cell for the treatment of refractory T-cell acute lymphoblastic leukemia/T cell lymphoblastic lymphoma; BEAM-301, a liver-targeting LNP formulation for the treatment of glycogen storage disease 1a; and BEAM-302, a liver-targeting LNP formulation to treat severe alpha-1 antitrypsin deficiency.