HC Wainwright Reaffirms “Buy” Rating for Beam Therapeutics (NASDAQ:BEAM)

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “buy” rating restated by analysts at HC Wainwright in a research note issued on Friday,Benzinga reports. They currently have a $80.00 price target on the stock. HC Wainwright’s price target would suggest a potential upside of 194.74% from the stock’s current price.

Other analysts have also recently issued research reports about the company. Wedbush reiterated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a report on Monday, January 13th. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $27.00 to $39.00 in a report on Wednesday, November 6th. Cantor Fitzgerald upgraded Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research note on Wednesday, January 29th. Guggenheim restated a “buy” rating and issued a $78.00 target price on shares of Beam Therapeutics in a research note on Thursday. Finally, Royal Bank of Canada upped their price objective 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. Two analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $50.90.

Beam Therapeutics Price Performance

Shares of Beam Therapeutics stock opened at $27.14 on Friday. Beam Therapeutics has a 1 year low of $20.84 and a 1 year high of $45.05. The business has a 50 day moving average price of $27.23 and a 200 day moving average price of $25.92. The company has a market capitalization of $2.25 billion, a P/E ratio of -15.10 and a beta of 1.92.

Beam Therapeutics (NASDAQ:BEAM) last issued 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. The business had revenue of $30.00 million for the quarter, compared to the consensus estimate of $16.47 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The business’s revenue was down 90.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.73 earnings per share. As a group, research analysts expect that Beam Therapeutics will post -4.57 EPS for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, insider Christine Bellon sold 1,241 shares of the firm’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 sale, the insider now directly owns 102,968 shares in the company, valued at approximately $2,541,250.24. This trade represents a 1.19 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO John M. Evans sold 30,000 shares of the company’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 transaction, the chief executive officer now directly owns 908,659 shares in the company, valued at $24,306,628.25. This trade represents a 3.20 % 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

Several large investors have recently added to or reduced their stakes in BEAM. Wealthfront Advisers LLC bought a new stake in Beam Therapeutics in the fourth quarter worth $41,000. GF Fund Management CO. LTD. acquired a new position in Beam Therapeutics during the 4th quarter worth $43,000. Sterling Capital Management LLC boosted its holdings in Beam Therapeutics by 816.0% during the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock valued at $60,000 after acquiring an additional 2,146 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake 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 valued at $75,000 after purchasing an additional 524 shares during the period. Finally, Arcadia Investment Management Corp MI bought a new position in Beam Therapeutics in the 3rd quarter worth approximately $98,000. 99.68% of the stock is owned by institutional investors.

Beam Therapeutics Company Profile

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.