Beam Therapeutics (NASDAQ:BEAM) Upgraded at Scotiabank

Beam Therapeutics (NASDAQ:BEAM) was upgraded by research analysts at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a research report issued on Monday, Marketbeat.com reports. The brokerage currently has a $40.00 price objective on the stock. Scotiabank’s target price indicates a potential upside of 51.40% from the stock’s current price.

A number of other brokerages have also weighed in on BEAM. Cantor Fitzgerald upgraded shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating in a report on Wednesday, January 29th. Guggenheim reiterated a “buy” rating and issued a $78.00 price target on shares of Beam Therapeutics in a report on Thursday, February 27th. Sanford C. Bernstein upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Wedbush reiterated an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a report on Monday, January 13th. Finally, Royal Bank of Canada lifted their target price on shares of Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a report on Wednesday, February 26th. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $50.82.

Beam Therapeutics Stock Performance

Shares of BEAM opened at $26.42 on Monday. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of -15.01 and a beta of 1.91. The company’s 50 day simple moving average is $27.05 and its 200 day simple moving average is $26.03. Beam Therapeutics has a 1 year low of $20.84 and a 1 year high of $37.49.

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

Insider Transactions at Beam Therapeutics

In other news, CEO John M. Evans sold 30,000 shares of the business’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $26.75, for a total value of $802,500.00. Following the completion of the sale, the chief executive officer now owns 908,659 shares of the company’s stock, valued at approximately $24,306,628.25. The trade was a 3.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christine Bellon sold 1,241 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total transaction of $30,627.88. Following the sale, the insider now directly 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 disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Wealthfront Advisers LLC acquired a new position in Beam Therapeutics during the 4th quarter valued at about $41,000. GF Fund Management CO. LTD. acquired a new stake in shares of Beam Therapeutics in the 4th quarter worth approximately $43,000. Sterling Capital Management LLC lifted its stake in shares of Beam Therapeutics by 816.0% in the 4th 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 period. KBC Group NV lifted its stake in shares of Beam Therapeutics by 103.2% in the 4th quarter. KBC Group NV now owns 4,143 shares of the company’s stock worth $103,000 after acquiring an additional 2,104 shares during the period. Finally, Blue Trust Inc. lifted its stake in shares of Beam Therapeutics by 36.3% in the 4th quarter. Blue Trust Inc. now owns 4,274 shares of the company’s stock worth $105,000 after acquiring an additional 1,139 shares during the period. 99.68% of the stock is owned by institutional investors and hedge funds.

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.