Beam Therapeutics (NASDAQ:BEAM) Upgraded to “Buy” at Bank of America

Bank of America upgraded shares of Beam Therapeutics (NASDAQ:BEAM) from a neutral rating to a buy rating in a research report released on Friday morning, MarketBeat Ratings reports. Bank of America currently has $42.00 target price on the stock.

BEAM has been the subject of several other research reports. Jones Trading upgraded shares of Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a research report on Monday, March 10th. Scotiabank upgraded shares of Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 price objective for the company in a research report on Monday, March 10th. HC Wainwright reiterated a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a research report on Monday, March 10th. Sanford C. Bernstein raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Guggenheim reaffirmed a “buy” rating and set a $78.00 price objective on shares of Beam Therapeutics in a research note on Thursday, February 27th. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $49.45.

Beam Therapeutics Trading Up 0.1 %

BEAM opened at $22.21 on Friday. The company has a fifty day moving average price of $26.65 and a two-hundred day moving average price of $25.87. The company has a market cap of $2.22 billion, a P/E ratio of -12.62 and a beta of 1.91. Beam Therapeutics has a 1-year low of $20.84 and a 1-year high of $35.25.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.25) by $0.16. The business 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 company’s quarterly revenue was down 90.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.73 EPS. On average, research analysts forecast that Beam Therapeutics will post -4.57 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Beam Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new stake in shares of Beam Therapeutics in the 4th quarter worth $330,000. Charles Schwab Investment Management Inc. boosted its stake in Beam Therapeutics by 6.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock valued at $15,423,000 after buying an additional 36,226 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Beam Therapeutics by 11.4% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock valued at $98,149,000 after purchasing an additional 404,782 shares in the last quarter. Bellevue Group AG raised its position in shares of Beam Therapeutics by 7.1% during the 3rd quarter. Bellevue Group AG now owns 1,518,121 shares of the company’s stock valued at $37,194,000 after buying an additional 100,000 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Beam Therapeutics by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock worth $44,297,000 after purchasing an additional 78,102 shares during the period. Hedge funds and other institutional investors own 99.68% of the company’s stock.

About Beam Therapeutics

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.