Beam Therapeutics (NASDAQ:BEAM) Coverage Initiated at Canaccord Genuity Group

Analysts at Canaccord Genuity Group started coverage on shares of Beam Therapeutics (NASDAQ:BEAM) in a research note issued to investors on Friday, MarketBeat reports. The firm set a “buy” rating and a $74.00 price target on the stock. Canaccord Genuity Group’s target price points to a potential upside of 168.21% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Wednesday, January 21st. Wall Street Zen lowered Beam Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, February 8th. Benchmark reiterated a “speculative buy” rating on shares of Beam Therapeutics in a research report on Monday, November 17th. Sanford C. Bernstein lifted their target price on Beam Therapeutics from $37.00 to $41.00 and gave the company an “outperform” rating in a research note on Tuesday, January 20th. Finally, Evercore initiated coverage on Beam Therapeutics in a research note on Monday, November 24th. They issued an “outperform” rating and a $35.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.69.

Beam Therapeutics Price Performance

Shares of NASDAQ:BEAM opened at $27.59 on Friday. The company has a market capitalization of $2.80 billion, a P/E ratio of -6.23 and a beta of 2.12. Beam Therapeutics has a 1-year low of $13.52 and a 1-year high of $36.44. The firm’s 50 day simple moving average is $28.60 and its two-hundred day simple moving average is $24.77.

Insiders Place Their Bets

In other Beam Therapeutics news, insider Christine Bellon sold 18,629 shares of Beam Therapeutics stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $34.61, for a total value of $644,749.69. Following the sale, the insider owned 97,038 shares of the company’s stock, valued at $3,358,485.18. The trade was a 16.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BEAM. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in Beam Therapeutics during the fourth quarter valued at $47,000. Larson Financial Group LLC grew its stake in shares of Beam Therapeutics by 4,370.5% in the 3rd quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock worth $48,000 after buying an additional 1,923 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Beam Therapeutics in the 4th quarter worth about $59,000. Van ECK Associates Corp increased its holdings in shares of Beam Therapeutics by 48.7% in the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after buying an additional 707 shares during the last quarter. Finally, Leonteq Securities AG bought a new position in shares of Beam Therapeutics in the 4th quarter valued at about $66,000. 99.68% of the stock is owned by hedge funds and other institutional investors.

About Beam Therapeutics

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.