Scotiabank Begins Coverage on Beam Therapeutics (NASDAQ:BEAM)

Equities research analysts at Scotiabank began coverage on shares of Beam Therapeutics (NASDAQ:BEAM) in a note issued to investors on Wednesday, MarketBeat.com reports. The brokerage set a “sector outperform” rating and a $24.00 price target on the stock. Scotiabank’s price target points to a potential downside of 1.44% from the stock’s previous close.

Other research analysts have also issued reports about the company. Wedbush reissued an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research report on Tuesday, August 6th. 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. JPMorgan Chase & Co. boosted their target price on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a research 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 for the company in a research note on Wednesday, August 7th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $27.00 price target on shares of Beam Therapeutics in a research note on Thursday, September 19th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $43.45.

Beam Therapeutics Price Performance

Beam Therapeutics stock opened at $24.35 on Wednesday. The company has a market cap of $2.00 billion, a price-to-earnings ratio of -13.68 and a beta of 1.85. Beam Therapeutics has a 12 month low of $16.95 and a 12 month high of $49.50. The stock’s 50-day moving average is $24.83 and its 200-day moving average is $25.09.

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

Insider Transactions at Beam Therapeutics

In related news, President Giuseppe Ciaramella sold 51,110 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $26.27, for a total transaction of $1,342,659.70. Following the completion of the sale, the president now owns 160,260 shares of the company’s stock, valued at $4,210,030.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the completion of the transaction, the chief executive officer now owns 938,659 shares in the company, valued at approximately $23,091,011.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction that occurred on 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 completion of the transaction, the president now directly owns 160,260 shares in the company, valued at $4,210,030.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 111,784 shares of company stock worth $2,834,485. 4.20% of the stock is currently owned by insiders.

Institutional Trading of Beam Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Arizona State Retirement System increased its holdings in shares of Beam Therapeutics by 2.1% in the second quarter. Arizona State Retirement System now owns 19,431 shares of the company’s stock valued at $455,000 after buying an additional 392 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Beam Therapeutics by 13.3% in the 3rd quarter. GAMMA Investing LLC now owns 4,620 shares of the company’s stock worth $113,000 after acquiring an additional 544 shares during the last quarter. Green Alpha Advisors LLC raised its position in shares of Beam Therapeutics by 5.9% during the third quarter. Green Alpha Advisors LLC now owns 12,475 shares of the company’s stock worth $306,000 after purchasing an additional 698 shares during the period. American International Group Inc. lifted its holdings in shares of Beam Therapeutics by 2.0% during the first quarter. American International Group Inc. now owns 36,760 shares of the company’s stock valued at $1,215,000 after purchasing an additional 732 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Beam Therapeutics by 4.5% in the 1st quarter. Principal Financial Group Inc. now owns 18,418 shares of the company’s stock valued at $609,000 after purchasing an additional 789 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.