Beam Therapeutics (NASDAQ:BEAM) Given New $69.00 Price Target at Stifel Nicolaus

Beam Therapeutics (NASDAQ:BEAM) had its price target hoisted by analysts at Stifel Nicolaus from $66.00 to $69.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ target price would indicate a potential upside of 191.75% from the company’s previous close.

Several other equities research analysts also recently issued reports on BEAM. Barclays lowered their price target on 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 target price on shares of Beam Therapeutics in a research note on Tuesday, August 6th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $27.00 price objective on shares of Beam Therapeutics in a report on Wednesday, August 7th. 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 research report on Wednesday, August 7th. Finally, HC Wainwright reissued a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research note on Thursday, August 22nd. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $44.18.

Beam Therapeutics Trading Up 1.1 %

Shares of NASDAQ BEAM opened at $23.65 on Wednesday. The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of -13.29 and a beta of 1.86. Beam Therapeutics has a twelve month low of $16.95 and a twelve month high of $49.50. The firm has a 50-day moving average of $26.12 and a two-hundred day moving average of $27.18.

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

Insider Buying and Selling

In other news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 998,343 shares of the company’s stock, valued at $24,459,403.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 4.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Beam Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the business. Victory Capital Management Inc. bought a new position in shares of Beam Therapeutics during the 4th quarter valued at $253,000. National Bank of Canada FI boosted its holdings in shares of Beam Therapeutics by 200.0% during the 4th quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $41,000 after buying an additional 1,000 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Beam Therapeutics by 5.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 571,236 shares of the company’s stock worth $15,549,000 after buying an additional 29,826 shares during the last quarter. QRG Capital Management Inc. grew its position in Beam Therapeutics by 23.7% during the 4th quarter. QRG Capital Management Inc. now owns 15,860 shares of the company’s stock valued at $432,000 after purchasing an additional 3,035 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. increased its position in shares of Beam Therapeutics by 43.6% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 2,358,091 shares of the company’s stock valued at $64,093,000 after acquiring an additional 715,911 shares in the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

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.