Beam Therapeutics (NASDAQ:BEAM) Stock Rating Upgraded by Jones Trading

Beam Therapeutics (NASDAQ:BEAM) was upgraded by analysts at Jones Trading from a “hold” rating to a “buy” rating in a report issued on Monday,Benzinga reports. The firm currently has a $34.00 target price on the stock. Jones Trading’s price objective indicates a potential upside of 26.34% from the company’s previous close.

Several other brokerages also recently commented on BEAM. Cantor Fitzgerald upgraded Beam Therapeutics from a “neutral” rating to an “overweight” rating in a report on Wednesday, January 29th. Scotiabank upgraded shares of Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 target price on the stock in a report on Monday. Royal Bank of Canada boosted their target price on shares of Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 26th. Wedbush reaffirmed an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research report on Monday. Finally, Sanford C. Bernstein raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. 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 company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $50.82.

Beam Therapeutics Stock Performance

Shares of Beam Therapeutics stock traded down $1.57 during midday trading on Monday, reaching $26.91. 6,619,456 shares of the company’s stock traded hands, compared to its average volume of 1,179,997. Beam Therapeutics has a 52 week low of $20.84 and a 52 week high of $38.37. The company’s 50 day simple moving average is $27.01 and its 200 day simple moving average is $26.03. The company has a market cap of $2.25 billion, a price-to-earnings ratio of -15.23 and a beta of 1.91.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, beating the consensus estimate of ($1.25) by $0.16. The company 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 business’s revenue was down 90.5% compared to the same quarter last year. During the same period last year, the company earned $1.73 earnings per share. As a group, equities research analysts predict that Beam Therapeutics will post -4.57 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Christine Bellon sold 1,241 shares of the business’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 $2,541,250.24. The trade was a 1.19 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO John M. Evans sold 30,000 shares of the 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 owns 908,659 shares of the company’s stock, valued at $24,306,628.25. This represents a 3.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

Several large investors have recently made changes to their positions in the company. Farallon Capital Management LLC boosted its position in Beam Therapeutics by 0.4% in the fourth quarter. Farallon Capital Management LLC now owns 8,239,123 shares of the company’s stock valued at $204,330,000 after buying an additional 31,000 shares in the last quarter. ARK Investment Management LLC raised its stake in shares of Beam Therapeutics by 8.2% in the fourth quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company’s stock valued at $175,287,000 after acquiring an additional 536,930 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Beam Therapeutics by 11.4% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock worth $98,149,000 after acquiring an additional 404,782 shares in the last quarter. Nikko Asset Management Americas Inc. grew its position in Beam Therapeutics by 11.4% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company’s stock worth $98,109,000 after acquiring an additional 404,782 shares during the last quarter. Finally, State Street Corp increased its holdings in Beam Therapeutics by 12.5% during the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company’s stock valued at $96,274,000 after purchasing an additional 437,402 shares in 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.