Beam Therapeutics’ (BEAM) “Buy” Rating Reaffirmed at Bank of America

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “buy” rating reaffirmed by stock analysts at Bank of America in a note issued to investors on Wednesday,Benzinga reports. They presently have a $47.00 target price on the stock. Bank of America‘s price target indicates a potential upside of 27.43% from the company’s current price.

Several other equities research analysts also recently commented on the company. HC Wainwright reiterated a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a report on Tuesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Monday, April 20th. Tudor Pickering set a $39.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, May 13th. Sanford C. Bernstein reduced their target price on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 13th. Finally, Citigroup upped their target price on shares of Beam Therapeutics from $64.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, March 26th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $46.85.

Beam Therapeutics Stock Down 2.7%

Beam Therapeutics stock traded down $1.04 during trading on Wednesday, reaching $36.88. 2,819,253 shares of the company’s stock were exchanged, compared to its average volume of 2,114,375. Beam Therapeutics has a 52-week low of $15.60 and a 52-week high of $38.26. The firm has a market cap of $3.79 billion, a price-to-earnings ratio of -54.01 and a beta of 2.18. The company has a debt-to-equity ratio of 0.09, a quick ratio of 16.99 and a current ratio of 16.99. The company’s 50-day moving average is $31.39 and its two-hundred day moving average is $29.08.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.91) EPS for the quarter, beating the consensus estimate of ($1.03) by $0.12. Beam Therapeutics had a negative return on equity of 29.00% and a negative net margin of 39.66%.The company had revenue of $31.74 million for the quarter, compared to analyst estimates of $10.98 million. During the same period last year, the company posted ($1.23) earnings per share. The firm’s revenue was up 323.2% compared to the same quarter last year. On average, analysts predict that Beam Therapeutics will post -4.16 earnings per share for the current year.

Insiders Place Their Bets

In other Beam Therapeutics news, insider Fmr Llc sold 251,488 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the sale, the insider owned 854,583 shares in the company, valued at $30,132,596.58. This represents a 22.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 3.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Beam Therapeutics

A number of institutional investors have recently made changes to their positions in the company. ADAR1 Capital Management LLC bought a new position in Beam Therapeutics during the first quarter worth $34,467,000. ARK Investment Management LLC increased its stake in Beam Therapeutics by 12.9% during the fourth quarter. ARK Investment Management LLC now owns 12,467,189 shares of the company’s stock valued at $345,590,000 after purchasing an additional 1,428,355 shares during the last quarter. MWG Caph Ltd acquired a new stake in shares of Beam Therapeutics during the fourth quarter worth $35,119,000. State Street Corp raised its holdings in shares of Beam Therapeutics by 30.4% during the fourth quarter. State Street Corp now owns 5,228,529 shares of the company’s stock worth $144,935,000 after purchasing an additional 1,219,871 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Beam Therapeutics by 237.5% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,665,385 shares of the company’s stock worth $40,419,000 after buying an additional 1,171,977 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors.

Beam Therapeutics Company Profile

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.