HC Wainwright Reiterates Buy Rating for Beam Therapeutics (NASDAQ:BEAM)

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “buy” rating reiterated by investment analysts at HC Wainwright in a research report issued on Monday,Benzinga reports. They currently have a $80.00 price objective on the stock. HC Wainwright’s price target points to a potential upside of 202.80% from the company’s current price.

BEAM has been the subject of a number of other research reports. Sanford C. Bernstein raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Scotiabank raised shares of Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 target price for the company in a research report on Monday. Royal Bank of Canada increased their target price on shares of Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 26th. Wedbush reissued an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Monday. Finally, Cantor Fitzgerald raised shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research report on Wednesday, January 29th. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Beam Therapeutics has an average rating of “Buy” and an average target price of $50.82.

Beam Therapeutics Price Performance

Beam Therapeutics stock opened at $26.42 on Monday. The business has a 50 day moving average of $27.05 and a 200-day moving average of $26.03. Beam Therapeutics has a 1 year low of $20.84 and a 1 year high of $37.49. The company has a market capitalization of $2.21 billion, a P/E ratio of -15.01 and a beta of 1.91.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data 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. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company had revenue of $30.00 million during the quarter, compared to the consensus estimate of $16.47 million. During the same quarter in the prior year, the firm posted $1.73 earnings per share. The firm’s revenue was down 90.5% compared to the same quarter last year. Equities analysts anticipate that Beam Therapeutics will post -4.57 EPS for the current year.

Insiders Place Their Bets

In other Beam Therapeutics news, CEO John M. Evans sold 30,000 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 908,659 shares in the company, valued at approximately $24,306,628.25. This represents a 3.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Christine Bellon sold 1,241 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total value of $30,627.88. Following the transaction, the insider now owns 102,968 shares in the company, valued at $2,541,250.24. The trade was 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.

Hedge Funds Weigh In On Beam Therapeutics

A number of large investors have recently modified their holdings of BEAM. Wealthfront Advisers LLC bought a new position in shares of Beam Therapeutics in the 4th quarter worth $41,000. GF Fund Management CO. LTD. bought a new position in shares of Beam Therapeutics in the 4th quarter worth $43,000. Sterling Capital Management LLC lifted its holdings in shares of 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 in the last quarter. KBC Group NV lifted its holdings in shares of Beam Therapeutics by 103.2% in the 4th quarter. KBC Group NV now owns 4,143 shares of the company’s stock worth $103,000 after purchasing an additional 2,104 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of Beam Therapeutics by 36.3% in the 4th quarter. Blue Trust Inc. now owns 4,274 shares of the company’s stock worth $105,000 after purchasing an additional 1,139 shares in the last quarter. 99.68% of the stock is currently owned by 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.