Beam Therapeutics’ (BEAM) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a report issued on Monday,Benzinga reports. HC Wainwright currently has a $80.00 price target on the stock.

A number of other equities research analysts have also recently commented on the company. Leerink Partners raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $27.00 to $39.00 in a research note on Wednesday, November 6th. Stifel Nicolaus increased their price objective on shares of Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Scotiabank began coverage on shares of Beam Therapeutics in a report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 target price for the company. Royal Bank of Canada dropped their target price on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 6th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research report on Tuesday, November 5th. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Beam Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $46.40.

Beam Therapeutics Price Performance

NASDAQ:BEAM opened at $27.51 on Monday. The firm has a market capitalization of $2.28 billion, a P/E ratio of -15.63 and a beta of 1.90. Beam Therapeutics has a one year low of $20.84 and a one year high of $49.50. The company’s 50-day simple moving average is $24.85 and its 200 day simple moving average is $25.17.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company had revenue of $14.30 million during the quarter, compared to the consensus estimate of $14.52 million. During the same period in the prior year, the firm earned ($1.22) earnings per share. The business’s revenue for the quarter was down 16.9% compared to the same quarter last year. On average, equities research analysts expect that Beam Therapeutics will post -4.62 earnings per share for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In related news, President Giuseppe Ciaramella sold 51,110 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $26.36, for a total value of $1,347,259.60. Following the transaction, the president now owns 109,150 shares of the company’s stock, valued at approximately $2,877,194. This trade represents a 31.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the sale, the chief executive officer now owns 938,659 shares of the company’s stock, valued at $23,091,011.40. This trade represents a 6.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 162,894 shares of company stock worth $4,181,745. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Farallon Capital Management LLC increased its stake in shares of Beam Therapeutics by 75.4% in the 2nd quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock worth $185,404,000 after purchasing an additional 3,401,370 shares in the last quarter. ARCH Venture Management LLC purchased a new stake in Beam Therapeutics in the second quarter worth about $127,530,000. State Street Corp raised its stake in shares of Beam Therapeutics by 12.5% in the third quarter. State Street Corp now owns 3,929,557 shares of the company’s stock worth $96,274,000 after buying an additional 437,402 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Beam Therapeutics by 59.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock worth $87,044,000 after buying an additional 1,328,414 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Beam Therapeutics by 4.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock valued at $44,297,000 after buying an additional 78,102 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.