Beam Therapeutics (NASDAQ:BEAM) Stock Rating Upgraded by Bank of America

Beam Therapeutics (NASDAQ:BEAM) was upgraded by equities research analysts at Bank of America from a “neutral” rating to a “buy” rating in a report released on Friday, Marketbeat.com reports. The firm currently has a $42.00 target price on the stock. Bank of America‘s price target suggests a potential upside of 89.10% from the company’s current price.

Several other research firms have also recently weighed in on BEAM. Sanford C. Bernstein upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Royal Bank of Canada increased their price objective on Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 26th. Scotiabank raised shares of Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 price target for the company in a research note on Monday, March 10th. HC Wainwright reiterated a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Monday, March 10th. Finally, Jones Trading raised Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a research report on Monday, March 10th. Two investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $49.45.

Beam Therapeutics Stock Performance

Shares of NASDAQ BEAM opened at $22.21 on Friday. The firm has a 50 day moving average price of $26.65 and a 200 day moving average price of $25.88. The stock has a market cap of $2.22 billion, a P/E ratio of -12.62 and a beta of 1.91. Beam Therapeutics has a 52-week low of $20.84 and a 52-week high of $35.25.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, topping the consensus estimate of ($1.25) by $0.16. The firm had revenue of $30.00 million for the quarter, compared to analyst estimates of $16.47 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company’s revenue for the quarter was down 90.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.73 earnings per share. Analysts predict that Beam Therapeutics will post -4.57 earnings per share for the current fiscal year.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, insider Christine Bellon sold 1,241 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total value of $30,627.88. Following the sale, the insider now owns 102,968 shares of the company’s stock, valued at approximately $2,541,250.24. This trade represents a 1.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO John M. Evans sold 30,000 shares of the business’s stock in a transaction 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 $24,306,628.25. This trade represents a 3.20 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Beam Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in BEAM. Wealthfront Advisers LLC acquired a new stake in shares of Beam Therapeutics during the 4th quarter valued at $41,000. GF Fund Management CO. LTD. acquired a new position in shares of Beam Therapeutics during the fourth quarter worth $43,000. Sterling Capital Management LLC grew its stake in shares of Beam Therapeutics by 816.0% in the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock worth $60,000 after purchasing an additional 2,146 shares during the last quarter. KBC Group NV raised its position in Beam Therapeutics by 103.2% during the 4th quarter. KBC Group NV now owns 4,143 shares of the company’s stock worth $103,000 after purchasing an additional 2,104 shares during the last quarter. Finally, Blue Trust Inc. lifted its holdings in Beam Therapeutics by 36.3% during the 4th quarter. Blue Trust Inc. now owns 4,274 shares of the company’s stock worth $105,000 after buying an additional 1,139 shares during the period. Institutional investors 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.