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

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “buy” rating reiterated by stock analysts at HC Wainwright in a research report issued to clients and investors on Monday,Benzinga reports. They presently have a $80.00 target price on the stock. HC Wainwright’s price objective suggests a potential upside of 164.90% from the company’s previous close.

BEAM has been the topic of several other reports. Wedbush reaffirmed an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research report on Tuesday, November 5th. Leerink Partnrs upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Scotiabank started coverage on shares of Beam Therapeutics in a research note on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 target price for the company. Stifel Nicolaus boosted their target price on shares of Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. Finally, Royal Bank of Canada cut their price target on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $46.40.

Beam Therapeutics Stock Performance

BEAM stock opened at $30.20 on Monday. The stock has a market cap of $2.50 billion, a P/E ratio of -17.16 and a beta of 1.90. The firm has a 50 day simple moving average of $24.99 and a 200 day simple moving average of $25.21. Beam Therapeutics has a 52 week low of $20.84 and a 52 week high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The company had revenue of $14.30 million for the quarter, compared to analyst estimates of $14.52 million. During the same period last year, the business earned ($1.22) EPS. The company’s quarterly revenue was down 16.9% on a year-over-year basis. Sell-side analysts predict that Beam Therapeutics will post -4.62 EPS for the current year.

Insider Transactions at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the stock in a transaction on Monday, September 30th. The shares were sold at an average price of $24.60, for a total value of $1,476,000.00. Following the completion of the sale, the chief executive officer now directly owns 938,659 shares of the company’s stock, valued at $23,091,011.40. This represents a 6.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Giuseppe Ciaramella sold 51,110 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $26.27, for a total transaction of $1,342,659.70. Following the transaction, the president now owns 160,260 shares in the company, valued at approximately $4,210,030.20. The trade was a 24.18 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 162,894 shares of company stock worth $4,181,745. Company insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. SG Americas Securities LLC lifted its position in shares of Beam Therapeutics by 212.6% in the 2nd quarter. SG Americas Securities LLC now owns 19,142 shares of the company’s stock worth $448,000 after acquiring an additional 13,018 shares during the period. SteelPeak Wealth LLC lifted its position in Beam Therapeutics by 137.1% in the second quarter. SteelPeak Wealth LLC now owns 17,795 shares of the company’s stock worth $417,000 after purchasing an additional 10,290 shares during the period. Blue Trust Inc. increased its holdings in Beam Therapeutics by 2,648.4% in the 2nd quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock valued at $40,000 after buying an additional 1,642 shares during the period. Krilogy Financial LLC increased its holdings in Beam Therapeutics by 52.8% in the 2nd quarter. Krilogy Financial LLC now owns 51,336 shares of the company’s stock valued at $1,203,000 after buying an additional 17,734 shares during the period. Finally, Liontrust Investment Partners LLP bought a new position in shares of Beam Therapeutics during the 2nd quarter worth about $1,874,000. 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.