Beam Therapeutics (NASDAQ:BEAM) Upgraded at Leerink Partnrs

Leerink Partnrs upgraded shares of Beam Therapeutics (NASDAQ:BEAM) from a hold rating to a strong-buy rating in a report released on Wednesday,Zacks.com reports. Leerink Partnrs also issued estimates for Beam Therapeutics’ Q4 2024 earnings at ($1.31) EPS, FY2024 earnings at ($4.80) EPS and FY2025 earnings at ($4.99) EPS.

Several other research analysts have also recently weighed in on BEAM. Leerink Partners upgraded Beam Therapeutics from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $27.00 to $39.00 in a research note on Wednesday. JPMorgan Chase & Co. boosted their price target on Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Barclays decreased their price target on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 7th. Scotiabank assumed coverage on Beam Therapeutics in a research note on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price target for the company. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a report on Thursday, August 22nd. Four investment 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 a consensus target price of $44.91.

Beam Therapeutics Trading Up 3.7 %

Shares of NASDAQ:BEAM opened at $27.06 on Wednesday. The stock has a fifty day simple moving average of $24.23 and a two-hundred day simple moving average of $24.67. The stock has a market capitalization of $2.24 billion, a price-to-earnings ratio of -15.38 and a beta of 1.86. Beam Therapeutics has a 12-month low of $18.85 and a 12-month high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The company had revenue of $14.30 million for the quarter, compared to analysts’ expectations of $14.52 million. During the same quarter in the previous year, the firm posted ($1.22) EPS. The firm’s quarterly revenue was down 16.9% compared to the same quarter last year. As a group, equities research analysts predict that Beam Therapeutics will post -4.64 EPS for the current year.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the completion of the sale, the chief executive officer now owns 938,659 shares of the company’s stock, valued at approximately $23,091,011.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $24.60, for a total value of $1,476,000.00. Following the completion of the transaction, the chief executive officer now owns 938,659 shares of the company’s stock, valued at $23,091,011.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, President Giuseppe Ciaramella sold 51,110 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $26.27, for a total value of $1,342,659.70. Following the completion of the transaction, the president now directly owns 160,260 shares of the company’s stock, valued at approximately $4,210,030.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 162,894 shares of company stock valued at $4,181,745. Company insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

A number of hedge funds have recently made changes to their positions in BEAM. Intech Investment Management LLC purchased a new stake in shares of Beam Therapeutics in the third quarter worth about $512,000. Quest Partners LLC boosted its stake in Beam Therapeutics by 410.8% during the third quarter. Quest Partners LLC now owns 36,193 shares of the company’s stock valued at $887,000 after buying an additional 29,108 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in Beam Therapeutics by 59.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock valued at $87,044,000 after buying an additional 1,328,414 shares during the last quarter. Atria Investments Inc bought a new position in Beam Therapeutics during the third quarter valued at approximately $200,000. Finally, Arcadia Investment Management Corp MI bought a new position in Beam Therapeutics during the third quarter valued at approximately $98,000. 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.