Beam Therapeutics Inc. (NASDAQ:BEAM – Get Free Report) 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.
View Our Latest Stock Analysis on Beam Therapeutics
Insider Buying and Selling at Beam Therapeutics
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 – Get Free Report) 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.
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