Stifel Nicolaus Raises Beam Therapeutics (NASDAQ:BEAM) Price Target to $69.00

Beam Therapeutics (NASDAQ:BEAM) had its target price raised by research analysts at Stifel Nicolaus from $66.00 to $69.00 in a report released on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ price objective indicates a potential upside of 182.79% from the stock’s previous close.

Several other research firms have also commented on BEAM. HC Wainwright restated a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research report on Thursday, August 22nd. JPMorgan Chase & Co. boosted their price target on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Barclays reduced their price objective on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 7th. Wedbush reiterated an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research report on Tuesday, August 6th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $27.00 price target on shares of Beam Therapeutics in a research report on Wednesday, August 7th. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Beam Therapeutics has a consensus rating of “Hold” and an average target price of $44.18.

Beam Therapeutics Price Performance

NASDAQ:BEAM opened at $24.40 on Wednesday. The company’s fifty day moving average price is $26.14 and its 200-day moving average price is $27.15. Beam Therapeutics has a 1-year low of $16.95 and a 1-year high of $49.50. The firm has a market capitalization of $2.01 billion, a P/E ratio of -13.71 and a beta of 1.86.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($1.11) earnings per share for the quarter, topping the consensus estimate of ($1.13) by $0.02. The company had revenue of $11.80 million for the quarter, compared to the consensus estimate of $14.18 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The firm’s revenue for the quarter was down 41.3% compared to the same quarter last year. During the same period last year, the firm earned ($1.08) EPS. Equities analysts anticipate that Beam Therapeutics will post -4.6 EPS for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $24.50, for a total transaction of $1,470,000.00. Following the completion of the sale, the chief executive officer now owns 998,343 shares in the company, valued at approximately $24,459,403.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 4.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Beam Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BEAM. Russell Investments Group Ltd. lifted its stake in shares of Beam Therapeutics by 4.4% in the 1st quarter. Russell Investments Group Ltd. now owns 143,828 shares of the company’s stock valued at $4,752,000 after purchasing an additional 6,102 shares during the last quarter. Vanguard Group Inc. lifted its position in Beam Therapeutics by 5.8% in the first quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company’s stock valued at $250,402,000 after buying an additional 413,892 shares during the last quarter. UBS Group AG boosted its stake in Beam Therapeutics by 118.2% during the fourth quarter. UBS Group AG now owns 260,500 shares of the company’s stock worth $7,091,000 after buying an additional 141,102 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Beam Therapeutics by 34.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 223,929 shares of the company’s stock valued at $6,782,000 after acquiring an additional 57,554 shares during the last quarter. Finally, Bellevue Group AG raised its stake in shares of Beam Therapeutics by 71.7% in the 1st quarter. Bellevue Group AG now owns 1,193,121 shares of the company’s stock valued at $39,421,000 after acquiring an additional 498,300 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.