Beam Therapeutics (NASDAQ:BEAM) Stock Keeps Buy Rating at HC Wainwright

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “buy” rating reiterated by investment analysts at HC Wainwright in a report issued on Thursday, Benzinga reports. They currently have a $80.00 price target on the stock. HC Wainwright’s price target suggests a potential upside of 238.27% 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. William Blair upgraded shares of Beam Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 23rd. Wall Street Zen raised shares of Beam Therapeutics from a “strong sell” rating to a “sell” rating in a report on Saturday, October 3rd. Wedbush reissued an “outperform” rating and set a $65.00 price objective on shares of Beam Therapeutics in a report on Wednesday. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Beam Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $50.10.

Beam Therapeutics Stock Down 3.2%

NASDAQ:BEAM opened at $23.65 on Thursday. The company has a debt-to-equity ratio of 0.09, a current ratio of 14.57 and a quick ratio of 14.57. Beam Therapeutics has a 1-year low of $20.23 and a 1-year high of $38.26. The company has a 50-day moving average of $26.44 and a 200 day moving average of $28.59. The firm has a market cap of $2.44 billion, a PE ratio of -27.50 and a beta of 2.20.

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

Insider Buying and Selling at Beam Therapeutics

In related news, insider Amy Simon sold 16,667 shares of the firm’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $25.74, for a total transaction of $429,008.58. Following the sale, the insider owned 85,696 shares of the company’s stock, valued at $2,205,815.04. This trade represents a 16.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Beam Therapeutics

A number of large investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc lifted its position in shares of Beam Therapeutics by 123.6% during the third quarter. Versant Capital Management Inc now owns 1,239 shares of the company’s stock valued at $30,000 after buying an additional 685 shares during the last quarter. Nykredit A S bought a new stake in shares of Beam Therapeutics in the 2nd quarter valued at about $75,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Beam Therapeutics in the 2nd quarter valued at about $1,309,000. Concurrent Investment Advisors LLC grew its position in shares of Beam Therapeutics by 448.7% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 63,879 shares of the company’s stock worth $2,192,000 after buying an additional 52,238 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of Beam Therapeutics in the 2nd quarter worth approximately $535,000. 99.68% of the stock is currently owned by institutional investors.

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.