Beam Therapeutics (NASDAQ:BEAM) Upgraded at Leerink Partners

Leerink Partners upgraded shares of Beam Therapeutics (NASDAQ:BEAM) from a market perform rating to an outperform rating in a research report report published on Wednesday morning, Marketbeat reports. The brokerage currently has $39.00 price objective on the stock, up from their previous price objective of $27.00.

Several other research analysts also recently commented on the stock. Scotiabank assumed coverage on shares of Beam Therapeutics in a research note on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price target on the stock. 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. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Thursday, August 22nd. Wedbush reiterated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a report on Tuesday, November 5th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $27.00 target price on shares of Beam Therapeutics in a report on Thursday, September 19th. Four equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $44.91.

Beam Therapeutics Trading Up 3.7 %

Shares of BEAM opened at $27.06 on Wednesday. The company has a market cap of $2.24 billion, a P/E ratio of -15.38 and a beta of 1.86. Beam Therapeutics has a twelve month low of $18.85 and a twelve month high of $49.50. The company’s fifty day simple moving average is $24.23 and its 200-day simple moving average is $24.67.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing the consensus estimate of ($1.16) by ($0.01). The company had revenue of $14.30 million during the quarter, compared to analysts’ expectations of $14.52 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company’s quarterly revenue was down 16.9% on a year-over-year basis. During the same period in the prior year, the business earned ($1.22) EPS. Analysts predict that Beam Therapeutics will post -4.64 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 938,659 shares in the company, valued at approximately $23,091,011.40. 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. In other news, President Giuseppe Ciaramella sold 51,110 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $26.36, for a total value of $1,347,259.60. Following the sale, the president now directly owns 109,150 shares in the company, valued at approximately $2,877,194. 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 stock in a transaction that occurred 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 directly owns 938,659 shares of the company’s stock, valued at $23,091,011.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 162,894 shares of company stock worth $4,181,745. 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. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Beam Therapeutics by 34.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 223,929 shares of the company’s stock valued at $6,782,000 after purchasing an additional 57,554 shares during the last quarter. Swiss National Bank raised its position in shares of Beam Therapeutics by 3.1% in the 1st quarter. Swiss National Bank now owns 136,700 shares of the company’s stock valued at $4,517,000 after purchasing an additional 4,100 shares during the last quarter. Reynders McVeigh Capital Management LLC purchased a new position in shares of Beam Therapeutics in the 1st quarter valued at approximately $201,000. QRG Capital Management Inc. raised its position in shares of Beam Therapeutics by 45.2% in the 1st quarter. QRG Capital Management Inc. now owns 23,036 shares of the company’s stock valued at $761,000 after purchasing an additional 7,176 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of Beam Therapeutics by 4.4% in the 1st quarter. Russell Investments Group Ltd. now owns 143,828 shares of the company’s stock valued at $4,752,000 after purchasing an additional 6,102 shares during the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

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.