Beam Therapeutics (NASDAQ:BEAM) Rating Increased to Overweight at Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of Beam Therapeutics (NASDAQ:BEAM) from a neutral rating to an overweight rating in a research note published on Wednesday morning, Marketbeat reports. Cantor Fitzgerald also issued estimates for Beam Therapeutics’ FY2024 earnings at ($4.68) EPS and FY2025 earnings at ($3.34) EPS.

BEAM has been the subject of a number of other research reports. Sanford C. Bernstein upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $27.00 to $39.00 in a report on Wednesday, November 6th. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Monday, December 9th. Wedbush reissued an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research report on Monday, January 13th. Finally, Scotiabank initiated coverage on shares of Beam Therapeutics in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $47.67.

Beam Therapeutics Stock Performance

NASDAQ:BEAM opened at $25.92 on Wednesday. The firm has a market capitalization of $2.15 billion, a PE ratio of -14.73 and a beta of 1.92. The stock’s fifty day moving average is $26.50 and its 200 day moving average is $25.77. Beam Therapeutics has a fifty-two week low of $20.84 and a fifty-two week high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The firm had revenue of $14.30 million during the quarter, compared to analysts’ expectations of $14.52 million. During the same period last year, the company earned ($1.22) earnings per share. The business’s revenue for the quarter was down 16.9% compared to the same quarter last year. Equities analysts forecast that Beam Therapeutics will post -4.61 EPS for the current year.

Insiders Place Their Bets

In other Beam Therapeutics news, insider Christine Bellon sold 1,241 shares of the stock in a transaction dated Thursday, January 2nd. The shares were 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 of the company’s stock, valued at approximately $2,541,250.24. This represents a 1.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $26.36, for a total transaction of $1,347,259.60. Following the completion of the transaction, the president now directly owns 109,150 shares in the company, valued at approximately $2,877,194. The trade was a 31.89 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Beam Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. increased its holdings in shares of Beam Therapeutics by 6.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock valued at $15,423,000 after acquiring an additional 36,226 shares in the last quarter. Bank of Montreal Can acquired a new position in Beam Therapeutics during the 2nd quarter valued at approximately $3,683,000. Bellevue Group AG raised its holdings in shares of Beam Therapeutics by 7.1% in the third quarter. Bellevue Group AG now owns 1,518,121 shares of the company’s stock worth $37,194,000 after buying an additional 100,000 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Beam Therapeutics by 4.5% during the third quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock worth $44,297,000 after buying an additional 78,102 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Beam Therapeutics by 59.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock valued at $87,044,000 after buying an additional 1,328,414 shares during the last quarter. 99.68% of the stock is currently owned by hedge funds and other 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.