Beam Therapeutics (NASDAQ:BEAM) Rating Increased to Outperform at Leerink Partners

Beam Therapeutics (NASDAQ:BEAM) was upgraded by Leerink Partners from a “market perform” rating to an “outperform” rating in a report released on Wednesday, Briefing.com reports. The brokerage presently has a $39.00 price objective on the stock, up from their prior price objective of $27.00. Leerink Partners’ target price suggests a potential upside of 62.98% from the stock’s current price.

BEAM has been the subject of several other reports. Scotiabank assumed coverage on Beam Therapeutics in a report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 target price for the company. Barclays dropped their target price on 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. HC Wainwright reissued a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a report on Thursday, August 22nd. Stifel Nicolaus increased 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, JPMorgan Chase & Co. boosted their target price on shares of Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Beam Therapeutics has an average rating of “Moderate Buy” and an average price target of $45.18.

Beam Therapeutics Price Performance

Shares of BEAM opened at $23.93 on Wednesday. The stock has a market capitalization of $1.97 billion, a PE ratio of -13.22 and a beta of 1.86. The business’s fifty day moving average price is $24.23 and its 200 day moving average price is $24.62. Beam Therapeutics has a 12-month low of $18.85 and a 12-month high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.13) by ($0.04). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The business had revenue of $14.30 million during the quarter, compared to the consensus estimate of $14.52 million. During the same quarter in the previous year, the business posted ($1.22) earnings per share. The company’s quarterly revenue was down 16.9% compared to the same quarter last year. As a group, research analysts anticipate that Beam Therapeutics will post -4.6 earnings per share for the current fiscal year.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, President Giuseppe Ciaramella sold 51,110 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $26.27, for a total value of $1,342,659.70. Following the completion of the sale, the president now directly owns 160,260 shares in the company, valued at $4,210,030.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Beam Therapeutics news, President Giuseppe Ciaramella sold 51,110 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $26.27, for a total value of $1,342,659.70. Following the sale, the president now directly owns 160,260 shares in the company, valued at approximately $4,210,030.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 938,659 shares of the company’s stock, valued at approximately $23,091,011.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 111,784 shares of company stock worth $2,834,485 over the last quarter. 4.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BEAM. Russell Investments Group Ltd. grew its holdings in shares of Beam Therapeutics by 4.4% in the 1st quarter. Russell Investments Group Ltd. now owns 143,828 shares of the company’s stock worth $4,752,000 after acquiring an additional 6,102 shares during the last quarter. Bank of Montreal Can acquired a new stake in Beam Therapeutics during the 2nd quarter worth about $3,683,000. Vanguard Group Inc. lifted its stake in Beam Therapeutics by 5.8% during the first quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company’s stock valued at $250,402,000 after buying an additional 413,892 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Beam Therapeutics by 34.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 223,929 shares of the company’s stock worth $6,782,000 after buying an additional 57,554 shares during the period. Finally, Bellevue Group AG increased its position in shares of Beam Therapeutics by 71.7% in the first quarter. Bellevue Group AG now owns 1,193,121 shares of the company’s stock worth $39,421,000 after acquiring an additional 498,300 shares in the last quarter. 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.