Beam Therapeutics (NASDAQ:BEAM) Rating Increased to Buy at Jones Trading

Beam Therapeutics (NASDAQ:BEAM) was upgraded by investment analysts at Jones Trading from a “hold” rating to a “buy” rating in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a $34.00 target price on the stock. Jones Trading’s target price suggests a potential upside of 26.34% from the stock’s current price.

Several other research analysts have also weighed in on the stock. Wedbush reissued an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research note on Monday. Scotiabank raised shares of Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 price target for the company in a report on Monday. Royal Bank of Canada raised their price objective on Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 26th. HC Wainwright reissued a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research note on Monday. Finally, Guggenheim reaffirmed a “buy” rating and set a $78.00 price target on shares of Beam Therapeutics in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $50.82.

Beam Therapeutics Trading Down 5.5 %

Shares of BEAM traded down $1.57 during mid-day trading on Monday, hitting $26.91. 6,619,456 shares of the company traded hands, compared to its average volume of 1,179,997. The stock has a market capitalization of $2.25 billion, a price-to-earnings ratio of -15.23 and a beta of 1.91. The business has a 50-day moving average of $27.01 and a 200 day moving average of $26.03. Beam Therapeutics has a one year low of $20.84 and a one year high of $38.37.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, topping the consensus estimate of ($1.25) by $0.16. The firm had revenue of $30.00 million during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the previous year, the business posted $1.73 EPS. As a group, analysts anticipate that Beam Therapeutics will post -4.57 earnings per share for the current year.

Insider Transactions at Beam Therapeutics

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

Institutional Trading of Beam Therapeutics

A number of large investors have recently added to or reduced their stakes in the stock. Polar Asset Management Partners Inc. grew its position in shares of Beam Therapeutics by 901.2% during the 4th quarter. Polar Asset Management Partners Inc. now owns 208,255 shares of the company’s stock valued at $5,165,000 after acquiring an additional 187,455 shares during the period. GF Fund Management CO. LTD. bought a new position in Beam Therapeutics during the fourth quarter valued at $43,000. Woodline Partners LP purchased a new stake in Beam Therapeutics in the fourth quarter worth $6,997,000. Squarepoint Ops LLC purchased a new position in shares of Beam Therapeutics during the 4th quarter valued at $3,851,000. Finally, Twinbeech Capital LP boosted its position in Beam Therapeutics by 119.3% during the fourth quarter. Twinbeech Capital LP now owns 127,664 shares of the company’s stock worth $3,166,000 after purchasing an additional 69,456 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.