Beam Therapeutics’ (BEAM) Buy Rating Reiterated at HC Wainwright

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a report released on Thursday, Benzinga reports. They presently have a $80.00 price target on the stock. HC Wainwright’s price objective suggests a potential upside of 240.86% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Friday, July 17th. Wedbush reissued an “outperform” rating and issued a $65.00 price objective on shares of Beam Therapeutics in a research note on Wednesday. Bank of America reissued a “buy” rating and issued a $47.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, July 8th. William Blair upgraded Beam Therapeutics to a “strong-buy” rating in a report on Wednesday, September 23rd. Finally, Wall Street Zen raised Beam Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Saturday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Beam Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $50.10.

Beam Therapeutics Stock Down 5.1%

NASDAQ BEAM traded down $1.26 on Thursday, reaching $23.47. 1,645,639 shares of the stock traded hands, compared to its average volume of 2,044,627. The company has a debt-to-equity ratio of 0.09, a quick ratio of 14.57 and a current ratio of 14.57. The company has a fifty day moving average price of $26.30 and a 200-day moving average price of $28.58. The company has a market cap of $2.42 billion, a price-to-earnings ratio of -27.29 and a beta of 2.20. Beam Therapeutics has a 12 month low of $20.23 and a 12 month high of $38.26.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.07). The firm had revenue of $0.49 million for the quarter, compared to the consensus estimate of $16.37 million. Beam Therapeutics had a negative return on equity of 30.71% and a negative net margin of 54.75%. Beam Therapeutics’s quarterly revenue was down 94.2% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.00) EPS. As a group, research analysts forecast that Beam Therapeutics will post -4.49 EPS for the current fiscal year.

Insider Activity at Beam Therapeutics

In other news, insider Amy Simon sold 16,667 shares of the firm’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $25.74, for a total value of $429,008.58. Following the sale, the insider directly owned 85,696 shares in the company, valued at approximately $2,205,815.04. This trade represents a 16.28% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of BEAM. BlackRock Inc. purchased a new position in Beam Therapeutics in the second quarter worth $308,796,000. ARCH Venture Management LLC acquired a new position in shares of Beam Therapeutics during the second quarter worth $155,771,929. Dimensional Fund Advisors LP increased its position in shares of Beam Therapeutics by 10.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,154,575 shares of the company’s stock worth $51,327,000 after purchasing an additional 206,696 shares in the last quarter. ADAR1 Capital Management LLC purchased a new stake in shares of Beam Therapeutics during the 1st quarter valued at $34,467,000. Finally, MWG Caph Ltd purchased a new stake in shares of Beam Therapeutics during the 4th quarter valued at $35,119,000. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Company Profile

Beam Therapeutics Inc is a biotechnology company developing precision genetic medicines using base editing, a technology designed to make targeted changes to DNA without cutting both strands of the DNA double helix. The company’s platform is intended to address diseases caused by specific genetic mutations and to support the development of potentially durable treatments.

Beam’s research and development activities focus on areas including hematology, liver diseases and genetic disorders.