Royal Bank of Canada Cuts Beam Therapeutics (NASDAQ:BEAM) Price Target to $24.00

Beam Therapeutics (NASDAQ:BEAM) had its price objective cut by Royal Bank of Canada from $27.00 to $24.00 in a report published on Wednesday morning,Benzinga reports. They currently have a sector perform rating on the stock.

A number of other brokerages have also issued reports on BEAM. Barclays cut their price target on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 7th. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and upped their price target for the company from $27.00 to $39.00 in a research note on Wednesday. Scotiabank started coverage on shares of Beam Therapeutics in a research note on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 price target on the stock. Wedbush reaffirmed an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Tuesday. Finally, JPMorgan Chase & Co. upped their price objective on shares of Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $44.91.

Beam Therapeutics Stock Up 3.7 %

Shares of NASDAQ BEAM traded up $0.96 during trading hours on Wednesday, hitting $27.06. 1,266,095 shares of the stock were exchanged, compared to its average volume of 1,231,241. The company has a market cap of $2.23 billion, a PE ratio of -14.95 and a beta of 1.86. The firm has a fifty day moving average price of $24.23 and a 200-day moving average price of $24.67. Beam Therapeutics has a 12 month low of $18.85 and a 12 month high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing the consensus estimate of ($1.16) by ($0.01). The firm had revenue of $14.30 million for the quarter, compared to the consensus estimate of $14.52 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The company’s revenue was down 16.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($1.22) EPS. As a group, equities analysts anticipate that Beam Therapeutics will post -4.6 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the completion of the sale, the chief executive officer now directly owns 938,659 shares in the company, valued at approximately $23,091,011.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Beam Therapeutics news, President Giuseppe Ciaramella sold 51,110 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $26.36, for a total transaction of $1,347,259.60. Following the completion of the transaction, the president now owns 109,150 shares of the company’s stock, valued at $2,877,194. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the completion of the transaction, the chief executive officer now directly owns 938,659 shares of the company’s stock, valued at approximately $23,091,011.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 162,894 shares of company stock worth $4,181,745 over the last three months. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Intech Investment Management LLC purchased a new position in Beam Therapeutics in the third quarter worth approximately $512,000. Quest Partners LLC lifted its stake in Beam Therapeutics by 410.8% in the third quarter. Quest Partners LLC now owns 36,193 shares of the company’s stock worth $887,000 after acquiring an additional 29,108 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in Beam Therapeutics by 59.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock worth $87,044,000 after acquiring an additional 1,328,414 shares during the last quarter. Atria Investments Inc purchased a new position in Beam Therapeutics in the third quarter worth approximately $200,000. Finally, Arcadia Investment Management Corp MI purchased a new position in Beam Therapeutics in the third quarter worth approximately $98,000. Hedge funds and other 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.