Beam Therapeutics’ (BEAM) “Sector Perform” Rating Reaffirmed at Royal Bank of Canada

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “sector perform” rating reissued by equities researchers at Royal Bank of Canada in a research note issued on Thursday, Benzinga reports. They currently have a $27.00 price target on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 5.84% from the stock’s current price.

A number of other brokerages also recently commented on BEAM. JPMorgan Chase & Co. lifted 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 decreased their target price on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 7th. Wedbush reiterated an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a report on Tuesday, August 6th. Stifel Nicolaus raised their price objective on Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research report on Thursday, August 22nd. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $44.18.

Beam Therapeutics Price Performance

Shares of Beam Therapeutics stock opened at $25.51 on Thursday. The business has a 50 day moving average price of $26.32 and a 200 day moving average price of $26.62. The company has a market capitalization of $2.10 billion, a P/E ratio of -14.33 and a beta of 1.86. Beam Therapeutics has a 1 year low of $16.95 and a 1 year high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($1.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.13) by $0.02. The business 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 business’s revenue was down 41.3% on a year-over-year basis. During the same period in the prior year, the business earned ($1.08) earnings per share. As a group, research analysts expect 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 dated Thursday, June 27th. The stock was sold at an average price of $24.50, for a total value of $1,470,000.00. Following the transaction, the chief executive officer now directly owns 998,343 shares in the company, valued at approximately $24,459,403.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 4.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BEAM. Riverview Trust Co acquired a new stake in shares of Beam Therapeutics in the first quarter worth $26,000. Fairfield Financial Advisors LTD purchased a new stake in Beam Therapeutics during the 2nd quarter worth $26,000. Blue Trust Inc. boosted its position in Beam Therapeutics by 2,648.4% during the 2nd quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock worth $40,000 after purchasing an additional 1,642 shares during the period. PNC Financial Services Group Inc. increased its holdings in Beam Therapeutics by 144.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock valued at $43,000 after purchasing an additional 923 shares in the last quarter. Finally, National Bank of Canada FI raised its position in Beam Therapeutics by 200.0% in the second quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock valued at $69,000 after purchasing an additional 2,000 shares during the period. 99.68% of the stock is owned by institutional investors and hedge funds.

Beam Therapeutics Company Profile

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.