Beam Therapeutics (NASDAQ:BEAM) Upgraded at Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of Beam Therapeutics (NASDAQ:BEAM) from a neutral rating to an overweight rating in a report released on Wednesday morning, MarketBeat.com reports.

Other equities analysts also recently issued reports about the company. Royal Bank of Canada cut their price objective on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. Leerink Partners raised shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $27.00 to $39.00 in a research report on Wednesday, November 6th. Wedbush reiterated an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research note on Monday, January 13th. Leerink Partnrs raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Finally, Sanford C. Bernstein raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $47.67.

Beam Therapeutics Stock Performance

BEAM opened at $25.91 on Wednesday. Beam Therapeutics has a 1 year low of $20.84 and a 1 year high of $49.50. The company’s 50 day simple moving average is $26.41 and its 200 day simple moving average is $25.76. The stock has a market capitalization of $2.15 billion, a PE ratio of -14.72 and a beta of 1.92.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results 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). The company had revenue of $14.30 million during the quarter, compared to analyst estimates of $14.52 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The firm’s revenue for the quarter was down 16.9% compared to the same quarter last year. During the same quarter last year, the business earned ($1.22) EPS. As a group, sell-side analysts expect that Beam Therapeutics will post -4.64 earnings per share for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, insider Christine Bellon sold 1,241 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The stock was 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 owns 102,968 shares in the company, valued at $2,541,250.24. This trade represents a 1.19 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Giuseppe Ciaramella sold 51,110 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $26.36, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Beam Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in BEAM. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Beam Therapeutics by 2.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,396 shares of the company’s stock worth $524,000 after acquiring an additional 516 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Beam Therapeutics by 21.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock worth $75,000 after purchasing an additional 524 shares in the last quarter. GAMMA Investing LLC increased its holdings in Beam Therapeutics by 13.3% in the third quarter. GAMMA Investing LLC now owns 4,620 shares of the company’s stock valued at $113,000 after buying an additional 544 shares during the last quarter. Green Alpha Advisors LLC increased its holdings in Beam Therapeutics by 5.9% in the third quarter. Green Alpha Advisors LLC now owns 12,475 shares of the company’s stock valued at $306,000 after buying an additional 698 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 last quarter. 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.