HC Wainwright Reaffirms “Buy” Rating for Beam Therapeutics (NASDAQ:BEAM)

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “buy” rating reaffirmed by analysts at HC Wainwright in a research note issued on Friday,Benzinga reports. They presently have a $80.00 target price on the stock. HC Wainwright’s price objective would suggest a potential upside of 203.95% from the company’s current price.

A number of other brokerages have also commented on BEAM. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a report on Wednesday. Cantor Fitzgerald raised Beam Therapeutics to a “strong-buy” rating in a report on Monday, July 21st. Jefferies Financial Group began coverage on Beam Therapeutics in a report on Thursday. They set a “buy” rating and a $41.00 price target on the stock. Barclays lowered their target price on Beam Therapeutics from $25.00 to $21.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 6th. Finally, Wall Street Zen lowered Beam Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, September 14th. Three research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $45.91.

Beam Therapeutics Stock Performance

Shares of BEAM opened at $26.32 on Friday. The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of -5.85 and a beta of 2.25. Beam Therapeutics has a one year low of $13.52 and a one year high of $35.25. The stock’s fifty day moving average is $20.54 and its 200-day moving average is $19.04.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, August 5th. The company reported ($1.00) EPS for the quarter, beating analysts’ consensus estimates of ($1.04) by $0.04. The company had revenue of $8.47 million for the quarter, compared to analyst estimates of $13.29 million. Beam Therapeutics had a negative return on equity of 43.15% and a negative net margin of 661.31%.The company’s quarterly revenue was down 28.0% compared to the same quarter last year. During the same period last year, the company earned ($1.11) earnings per share. Analysts forecast that Beam Therapeutics will post -4.57 EPS for the current fiscal year.

Insider Transactions at Beam Therapeutics

In related news, insider Fmr Llc sold 48,374 shares of Beam Therapeutics stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total value of $991,667.00. Following the transaction, the insider owned 2,073,665 shares of the company’s stock, valued at approximately $42,510,132.50. This trade represents a 2.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Beam Therapeutics

Institutional investors have recently bought and sold shares of the stock. Allworth Financial LP increased its stake in Beam Therapeutics by 7,080.0% in the 2nd quarter. Allworth Financial LP now owns 2,513 shares of the company’s stock worth $43,000 after purchasing an additional 2,478 shares in the last quarter. CWM LLC increased its stake in Beam Therapeutics by 79.8% in the 1st quarter. CWM LLC now owns 2,684 shares of the company’s stock worth $52,000 after purchasing an additional 1,191 shares in the last quarter. Amalgamated Bank increased its stake in Beam Therapeutics by 20.4% in the 1st quarter. Amalgamated Bank now owns 3,153 shares of the company’s stock worth $62,000 after purchasing an additional 534 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in Beam Therapeutics by 1,248.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company’s stock worth $65,000 after purchasing an additional 3,534 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Beam Therapeutics by 43.4% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,884 shares of the company’s stock worth $66,000 after purchasing an additional 1,175 shares in the last quarter. Hedge funds and other institutional investors 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.