Beam Therapeutics’ (BEAM) Sector Perform Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reissued their sector perform rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a report issued on Thursday, Benzinga reports. Royal Bank of Canada currently has a $27.00 price target on the stock.

A number of other research analysts also recently weighed in on BEAM. HC Wainwright reissued a buy rating and set a $80.00 target price on shares of Beam Therapeutics in a research report on Thursday, August 22nd. JPMorgan Chase & Co. lifted their price objective on Beam Therapeutics from $45.00 to $48.00 and gave the stock an overweight rating in a report on Wednesday, August 7th. Barclays lowered their price target on shares of Beam Therapeutics from $33.00 to $31.00 and set an equal weight rating on the stock in a research report on Wednesday, August 7th. Stifel Nicolaus raised their price objective on shares of Beam Therapeutics from $66.00 to $69.00 and gave the stock a buy rating in a report on Wednesday, September 11th. Finally, Wedbush reissued an outperform rating and set a $57.00 target price on shares of Beam Therapeutics in a report on Tuesday, August 6th. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $44.18.

Beam Therapeutics Trading Down 1.5 %

BEAM stock opened at $25.65 on Thursday. The stock has a market cap of $2.11 billion, a P/E ratio of -14.41 and a beta of 1.86. The stock’s fifty day simple moving average is $26.30 and its two-hundred day simple moving average is $26.36. Beam Therapeutics has a 1-year low of $16.95 and a 1-year high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($1.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.13) by $0.02. Beam Therapeutics had a negative net margin of 40.56% and a negative return on equity of 16.22%. The company had revenue of $11.80 million for the quarter, compared to the consensus estimate of $14.18 million. During the same period in the previous year, the firm earned ($1.08) EPS. The firm’s quarterly revenue was down 41.3% on a year-over-year basis. As a group, analysts forecast that Beam Therapeutics will post -4.6 earnings per share for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $24.50, for a total transaction of $1,470,000.00. Following the completion of the transaction, the chief executive officer now owns 998,343 shares of the company’s stock, valued at $24,459,403.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Riverview Trust Co bought a new stake in Beam Therapeutics during the first quarter worth about $26,000. Fairfield Financial Advisors LTD bought a new position in shares of Beam Therapeutics during the 2nd quarter valued at about $26,000. Blue Trust Inc. raised its holdings in shares of Beam Therapeutics by 2,648.4% during the 2nd quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock valued at $40,000 after buying an additional 1,642 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in Beam Therapeutics by 144.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock worth $43,000 after buying an additional 923 shares during the last quarter. Finally, National Bank of Canada FI boosted its stake in Beam Therapeutics by 200.0% in the second quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock worth $69,000 after buying an additional 2,000 shares in the last quarter. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

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.