Beam Therapeutics (NASDAQ:BEAM) Earns Buy Rating from Guggenheim

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “buy” rating reaffirmed by equities researchers at Guggenheim in a research note issued to investors on Thursday,Benzinga reports. They currently have a $78.00 price objective on the stock. Guggenheim’s target price suggests a potential upside of 196.13% from the stock’s current price.

Several other equities research analysts have also commented on the stock. Sanford C. Bernstein upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Cantor Fitzgerald upgraded Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research report on Wednesday, January 29th. Wedbush reiterated an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a research report on Monday, January 13th. Leerink Partnrs raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Finally, Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $27.00 to $39.00 in a research note on Wednesday, November 6th. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $50.90.

Beam Therapeutics Trading Down 2.8 %

Shares of NASDAQ BEAM opened at $26.34 on Thursday. Beam Therapeutics has a 12-month low of $20.84 and a 12-month high of $45.05. The company has a market cap of $2.20 billion, a price-to-earnings ratio of -14.97 and a beta of 1.92. The stock’s 50 day simple moving average is $27.23 and its 200 day simple moving average is $25.92.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.25) by $0.16. The company had revenue of $30.00 million during 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%. The company’s revenue for the quarter was down 90.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.73 earnings per share. As a group, equities analysts forecast that Beam Therapeutics will post -4.57 earnings per share for the current fiscal year.

Insider Transactions at Beam Therapeutics

In other news, insider Christine Bellon sold 1,241 shares of the firm’s 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 sale, the insider now directly owns 102,968 shares of the company’s stock, valued at $2,541,250.24. This trade represents a 1.19 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO John M. Evans sold 30,000 shares of Beam Therapeutics stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total value of $802,500.00. Following the completion of the transaction, the chief executive officer now owns 908,659 shares in the company, valued at $24,306,628.25. The trade was a 3.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of BEAM. Wealthfront Advisers LLC purchased a new stake in Beam Therapeutics during the fourth quarter valued at about $41,000. GF Fund Management CO. LTD. purchased a new stake in shares of Beam Therapeutics in the 4th quarter valued at approximately $43,000. Sterling Capital Management LLC boosted its stake in 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 purchasing an additional 2,146 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in Beam Therapeutics by 21.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock worth $75,000 after purchasing an additional 524 shares in the last quarter. Finally, Blue Trust Inc. raised its stake in Beam Therapeutics by 84.0% during the 3rd quarter. Blue Trust Inc. now owns 3,135 shares of the company’s stock valued at $73,000 after purchasing an additional 1,431 shares during the period. Institutional investors and hedge funds 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.