Beam Therapeutics (NASDAQ:BEAM) Stock Rating Reaffirmed as “Buy” by HC Wainwright

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “buy” rating restated by analysts at HC Wainwright in a report issued on Thursday, Benzinga reports. They presently have a $80.00 target price on the stock. HC Wainwright’s target price indicates a potential upside of 233.47% from the company’s previous close.

BEAM has been the subject of several other research reports. Wall Street Zen raised shares of Beam Therapeutics from a “strong sell” rating to a “sell” rating in a report on Saturday, October 3rd. William Blair raised shares of Beam Therapeutics to a “strong-buy” rating in a report on Wednesday, September 23rd. Bank of America reissued a “buy” rating and set a $47.00 price objective on shares of Beam Therapeutics in a report on Wednesday, July 8th. Wedbush reaffirmed an “outperform” rating and issued a $65.00 price target on shares of Beam Therapeutics in a report on Wednesday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Beam Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.10.

Beam Therapeutics Price Performance

Shares of BEAM traded up $0.34 during midday trading on Thursday, hitting $23.99. 661,799 shares of the company traded hands, compared to its average volume of 2,040,768. The firm has a 50 day moving average of $26.44 and a 200-day moving average of $28.59. Beam Therapeutics has a 52 week low of $20.23 and a 52 week high of $38.26. The stock has a market cap of $2.48 billion, a price-to-earnings ratio of -28.11 and a beta of 2.20. The company has a debt-to-equity ratio of 0.09, a quick ratio of 14.57 and a current ratio of 14.57.

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

Insider Activity at Beam Therapeutics

In related news, insider Amy Simon sold 16,667 shares of the 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 completion of the transaction, the insider owned 85,696 shares of the company’s stock, valued at approximately $2,205,815.04. This trade represents a 16.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BEAM. Versant Capital Management Inc lifted its holdings in shares of Beam Therapeutics by 123.6% in the 3rd quarter. Versant Capital Management Inc now owns 1,239 shares of the company’s stock valued at $30,000 after acquiring an additional 685 shares during the last quarter. Hollencrest Capital Management bought a new position in shares of Beam Therapeutics in the 1st quarter valued at about $43,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of Beam Therapeutics in the 2nd quarter valued at about $43,000. Nykredit A S purchased a new stake in Beam Therapeutics in the 2nd quarter worth about $75,000. Finally, Purpose Unlimited Inc. purchased a new stake in Beam Therapeutics in the 4th quarter worth about $80,000. Institutional investors own 99.68% of the company’s stock.

About Beam Therapeutics

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.