Beam Therapeutics (NASDAQ:BEAM) Receives Outperform Rating from BMO Capital Markets

BMO Capital Markets reissued their outperform rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a research note released on Wednesday morning, Benzinga reports. They currently have a $57.00 price target on the stock.

A number of other research firms also recently issued reports on BEAM. JPMorgan Chase & Co. raised Beam Therapeutics from a neutral rating to an overweight rating and lifted their target price for the company from $38.00 to $40.00 in a research report on Monday, January 29th. Jefferies Financial Group reaffirmed a hold rating and issued a $30.00 target price (down previously from $75.00) on shares of Beam Therapeutics in a research report on Friday, December 8th. Barclays lifted their target price on Beam Therapeutics from $26.00 to $42.00 and gave the company an equal weight rating in a research report on Wednesday, February 28th. Royal Bank of Canada lifted their target price on Beam Therapeutics from $27.00 to $35.00 and gave the company a sector perform rating in a research report on Wednesday, February 28th. Finally, TheStreet raised Beam Therapeutics from a d rating to a c- rating in a research report on Monday, March 11th. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $41.00.

Beam Therapeutics Price Performance

Shares of Beam Therapeutics stock opened at $33.96 on Wednesday. The firm has a market cap of $2.77 billion, a price-to-earnings ratio of -17.87 and a beta of 1.80. The stock’s 50-day moving average is $32.22 and its 200-day moving average is $27.60. Beam Therapeutics has a one year low of $16.95 and a one year high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $1.73 EPS for the quarter, beating analysts’ consensus estimates of ($0.69) by $2.42. The company had revenue of $316.20 million for the quarter, compared to analyst estimates of $34.16 million. Beam Therapeutics had a negative return on equity of 15.90% and a negative net margin of 35.09%. The company’s quarterly revenue was up 1481.0% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.54) earnings per share. On average, equities analysts expect that Beam Therapeutics will post -5.5 EPS for the current year.

Insider Activity

In other news, insider Fmr Llc sold 1,565 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $30.76, for a total value of $48,139.40. Following the transaction, the insider now owns 2,771,913 shares of the company’s stock, valued at $85,264,043.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Fmr Llc sold 1,565 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $30.76, for a total value of $48,139.40. Following the transaction, the insider now owns 2,771,913 shares of the company’s stock, valued at $85,264,043.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christine Bellon sold 1,907 shares of the company’s stock in a transaction that occurred on Wednesday, January 3rd. The shares were sold at an average price of $26.42, for a total value of $50,382.94. Following the completion of the transaction, the insider now directly owns 80,495 shares in the company, valued at approximately $2,126,677.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 63,472 shares of company stock valued at $1,618,322. 4.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Beam Therapeutics

Several institutional investors have recently made changes to their positions in the stock. ARK Investment Management LLC boosted its stake in shares of Beam Therapeutics by 6.9% in the fourth quarter. ARK Investment Management LLC now owns 9,393,889 shares of the company’s stock valued at $255,702,000 after buying an additional 609,998 shares during the period. Vanguard Group Inc. boosted its stake in shares of Beam Therapeutics by 5.1% in the fourth quarter. Vanguard Group Inc. now owns 7,164,876 shares of the company’s stock valued at $195,028,000 after buying an additional 349,906 shares during the period. BlackRock Inc. boosted its stake in shares of Beam Therapeutics by 20.0% in the second quarter. BlackRock Inc. now owns 6,350,776 shares of the company’s stock valued at $202,780,000 after buying an additional 1,060,104 shares during the period. Temasek Holdings Private Ltd boosted its stake in shares of Beam Therapeutics by 5.5% in the second quarter. Temasek Holdings Private Ltd now owns 4,317,789 shares of the company’s stock valued at $137,867,000 after buying an additional 223,277 shares during the period. Finally, State Street Corp boosted its stake in shares of Beam Therapeutics by 10.8% in the second quarter. State Street Corp now owns 3,587,004 shares of the company’s stock valued at $114,533,000 after buying an additional 350,916 shares during the period. 99.68% of the stock is currently owned by institutional investors.

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.