Beam Therapeutics (NASDAQ:BEAM) Upgraded by Bank of America to “Buy” Rating

Beam Therapeutics (NASDAQ:BEAM) was upgraded by analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued to investors on Friday,Briefing.com Automated Import reports. The firm presently has a $42.00 price target on the stock. Bank of America‘s price target points to a potential upside of 89.27% from the stock’s current price.

BEAM has been the subject of several other research reports. Cantor Fitzgerald reissued an “overweight” rating on shares of Beam Therapeutics in a report on Wednesday, March 12th. Guggenheim reissued a “buy” rating and set a $78.00 target price on shares of Beam Therapeutics in a research note on Thursday, February 27th. Royal Bank of Canada raised their price target on shares of Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 26th. Jones Trading upgraded Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research report on Monday, March 10th. Finally, HC Wainwright restated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research report on Monday, March 10th. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $49.45.

Beam Therapeutics Trading Up 1.3 %

Beam Therapeutics stock opened at $22.19 on Friday. Beam Therapeutics has a 52 week low of $20.84 and a 52 week high of $35.25. The stock has a market cap of $2.21 billion, a P/E ratio of -12.61 and a beta of 1.91. The stock has a 50 day moving average of $26.67 and a 200-day moving average of $25.87.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $30.00 million during the quarter, compared to the consensus estimate of $16.47 million. During the same period in the previous year, the business earned $1.73 EPS. The business’s quarterly revenue was down 90.5% on a year-over-year basis. As a group, equities analysts predict that Beam Therapeutics will post -4.57 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO John M. Evans sold 30,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 908,659 shares of the company’s stock, valued at approximately $24,306,628.25. This trade represents a 3.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 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 value of $30,627.88. Following the transaction, the insider now directly owns 102,968 shares of the company’s stock, valued at $2,541,250.24. This represents a 1.19 % decrease in their position. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.

Institutional Trading of Beam Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of BEAM. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in Beam Therapeutics in the 4th quarter valued at $330,000. Charles Schwab Investment Management Inc. increased its position in shares of Beam Therapeutics by 6.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock valued at $15,423,000 after buying an additional 36,226 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in Beam Therapeutics by 11.4% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock worth $98,149,000 after buying an additional 404,782 shares during the period. Bellevue Group AG lifted its holdings in shares of Beam Therapeutics by 7.1% during the 3rd quarter. Bellevue Group AG now owns 1,518,121 shares of the company’s stock valued at $37,194,000 after purchasing an additional 100,000 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Beam Therapeutics by 4.5% in the third quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock valued at $44,297,000 after buying an additional 78,102 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.