Beam Therapeutics (NASDAQ:BEAM) Raised to “Overweight” at Cantor Fitzgerald

Beam Therapeutics (NASDAQ:BEAM) was upgraded by investment analysts at Cantor Fitzgerald from a “neutral” rating to an “overweight” rating in a research note issued on Wednesday, MarketBeat Ratings reports.

Several other research analysts have also issued reports on BEAM. Wedbush reiterated an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a report on Monday, January 13th. Royal Bank of Canada dropped their target price on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. Leerink Partners raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and upped their target price for the company from $27.00 to $39.00 in a report on Wednesday, November 6th. Sanford C. Bernstein raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Finally, Leerink Partnrs upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $47.67.

Beam Therapeutics Stock Performance

Shares of NASDAQ BEAM opened at $25.26 on Wednesday. Beam Therapeutics has a 52-week low of $20.84 and a 52-week high of $49.50. The company’s 50 day moving average price is $26.38 and its 200-day moving average price is $25.76. The company has a market capitalization of $2.09 billion, a P/E ratio of -14.35 and a beta of 1.92.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.01). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The business had revenue of $14.30 million during the quarter, compared to the consensus estimate of $14.52 million. During the same period last year, the business posted ($1.22) earnings per share. The business’s revenue was down 16.9% on a year-over-year basis. Analysts forecast that Beam Therapeutics will post -4.64 earnings per share for the current year.

Insider Activity

In other news, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $26.36, for a total value of $1,347,259.60. Following the sale, the president now directly owns 109,150 shares in the company, valued at approximately $2,877,194. This trade represents a 31.89 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christine Bellon sold 1,241 shares of Beam Therapeutics stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total transaction of $30,627.88. Following the completion of the sale, the insider now owns 102,968 shares in the company, valued at approximately $2,541,250.24. This trade represents a 1.19 % decrease in their position. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in BEAM. Charles Schwab Investment Management Inc. raised its holdings in Beam Therapeutics by 6.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock worth $15,423,000 after purchasing an additional 36,226 shares in the last quarter. Bank of Montreal Can bought a new stake in Beam Therapeutics during the second quarter worth about $3,683,000. Bellevue Group AG grew its holdings in Beam Therapeutics by 7.1% in the third quarter. Bellevue Group AG now owns 1,518,121 shares of the company’s stock worth $37,194,000 after purchasing an additional 100,000 shares during the period. Geode Capital Management LLC increased its stake in shares of Beam Therapeutics by 4.5% during the third quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock valued at $44,297,000 after purchasing an additional 78,102 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Beam Therapeutics by 59.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock valued at $87,044,000 after purchasing an additional 1,328,414 shares during the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

About Beam Therapeutics

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.