Beam Therapeutics (NASDAQ:BEAM) Trading 7.9% Higher Following Analyst Upgrade

Beam Therapeutics Inc. (NASDAQ:BEAM) traded up 7.9% during trading on Tuesday after Scotiabank raised their price target on the stock from $24.00 to $25.00. Scotiabank currently has a sector perform rating on the stock. Beam Therapeutics traded as high as $26.84 and last traded at $27.09. 1,184,373 shares were traded during trading, an increase of 3% from the average session volume of 1,146,942 shares. The stock had previously closed at $25.10.

Other research analysts have also issued research reports about the stock. Royal Bank of Canada boosted their price objective on shares of Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 26th. Leerink Partnrs raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. HC Wainwright restated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research note on Friday, February 28th. Wedbush reiterated an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a research note on Monday, January 13th. Finally, Leerink Partners upgraded Beam Therapeutics from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $27.00 to $39.00 in a research note on Wednesday, November 6th. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Beam Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $51.00.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, insider Christine Bellon sold 1,241 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total value of $30,627.88. Following the completion of the transaction, the insider now owns 102,968 shares in the company, valued at approximately $2,541,250.24. This represents a 1.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO John M. Evans sold 30,000 shares of the company’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $26.75, for a total transaction of $802,500.00. Following the completion of the transaction, the chief executive officer now owns 908,659 shares of the company’s stock, valued at approximately $24,306,628.25. This trade represents a 3.20 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Wealthfront Advisers LLC acquired a new stake in Beam Therapeutics in the 4th quarter worth about $41,000. GF Fund Management CO. LTD. purchased a new position in shares of Beam Therapeutics in the fourth quarter valued at approximately $43,000. Sterling Capital Management LLC boosted its stake in shares of Beam Therapeutics by 816.0% in the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock worth $60,000 after acquiring an additional 2,146 shares during the last quarter. KBC Group NV increased its position in shares of Beam Therapeutics by 103.2% during the fourth quarter. KBC Group NV now owns 4,143 shares of the company’s stock worth $103,000 after purchasing an additional 2,104 shares in the last quarter. Finally, Blue Trust Inc. increased its position in shares of Beam Therapeutics by 36.3% during the fourth quarter. Blue Trust Inc. now owns 4,274 shares of the company’s stock worth $105,000 after purchasing an additional 1,139 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Stock Performance

The company has a 50 day moving average of $27.00 and a 200 day moving average of $25.98. The stock has a market capitalization of $2.19 billion, a price-to-earnings ratio of -14.84 and a beta of 1.91.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data on Tuesday, February 25th. The company reported ($1.09) EPS for the quarter, beating analysts’ consensus estimates of ($1.25) by $0.16. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The company had revenue of $30.00 million during the quarter, compared to the consensus estimate of $16.47 million. During the same quarter in the prior year, the firm earned $1.73 EPS. Beam Therapeutics’s quarterly revenue was down 90.5% on a year-over-year basis. On average, equities analysts predict that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

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.