Beam Therapeutics (NASDAQ:BEAM) Raised to “Buy” at Jones Trading

Beam Therapeutics (NASDAQ:BEAM) was upgraded by stock analysts at Jones Trading from a “hold” rating to a “buy” rating in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a $34.00 price objective on the stock. Jones Trading’s target price indicates a potential upside of 28.69% from the stock’s current price.

A number of other brokerages also recently issued reports on BEAM. Cantor Fitzgerald upgraded Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research report on Wednesday, January 29th. Wedbush reiterated an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a report on Monday. Royal Bank of Canada lifted their target price on Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 26th. HC Wainwright reiterated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a report on Monday. Finally, Sanford C. Bernstein raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $50.82.

Beam Therapeutics Trading Up 2.8 %

Beam Therapeutics stock opened at $26.42 on Monday. The company has a market capitalization of $2.21 billion, a PE ratio of -15.01 and a beta of 1.91. Beam Therapeutics has a 12 month low of $20.84 and a 12 month high of $37.49. The stock has a 50-day moving average price of $27.05 and a two-hundred day moving average price of $26.03.

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

Insider Buying and Selling at Beam Therapeutics

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

Institutional Trading of Beam Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Atria Investments Inc purchased a new stake in shares of Beam Therapeutics in the 3rd quarter valued at about $200,000. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Beam Therapeutics by 59.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock valued at $87,044,000 after acquiring an additional 1,328,414 shares in the last quarter. Quest Partners LLC raised its holdings in shares of Beam Therapeutics by 410.8% in the 3rd quarter. Quest Partners LLC now owns 36,193 shares of the company’s stock valued at $887,000 after acquiring an additional 29,108 shares in the last quarter. Intech Investment Management LLC purchased a new stake in shares of Beam Therapeutics in the 3rd quarter valued at about $512,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Beam Therapeutics by 6.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock valued at $15,423,000 after acquiring an additional 36,226 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.