Beam Therapeutics (NASDAQ:BEAM) Earns Overweight Rating from Cantor Fitzgerald

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “overweight” rating reaffirmed by research analysts at Cantor Fitzgerald in a research report issued on Wednesday,Benzinga reports.

BEAM has been the subject of several other research reports. Guggenheim reaffirmed a “buy” rating and issued a $78.00 price objective on shares of Beam Therapeutics in a report on Thursday, February 27th. Royal Bank of Canada lifted their price objective on Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 26th. Scotiabank raised Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 price objective for the company in a report on Monday. Jones Trading raised Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a report on Monday. Finally, Wedbush reaffirmed an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Monday. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $50.82.

Beam Therapeutics Trading Down 8.6 %

Beam Therapeutics stock opened at $25.06 on Wednesday. The firm has a market cap of $2.10 billion, a price-to-earnings ratio of -14.24 and a beta of 1.91. The stock has a fifty day simple moving average of $27.11 and a two-hundred day simple moving average of $26.03. Beam Therapeutics has a 12 month low of $20.84 and a 12 month high of $37.42.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, February 25th. The company reported ($1.09) EPS for the quarter, topping analysts’ consensus estimates of ($1.25) by $0.16. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The business had revenue of $30.00 million during the quarter, compared to analyst estimates of $16.47 million. During the same quarter last year, the company earned $1.73 EPS. The company’s quarterly revenue was down 90.5% compared to the same quarter last year. On average, equities research analysts forecast that Beam Therapeutics will post -4.57 EPS for the current fiscal year.

Insider Activity at Beam Therapeutics

In other news, insider Christine Bellon sold 1,241 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total value of $30,627.88. Following the transaction, the insider now directly owns 102,968 shares in the company, valued at $2,541,250.24. The trade was a 1.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO John M. Evans sold 30,000 shares of the business’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $26.75, for a total value of $802,500.00. Following the completion of the transaction, the chief executive officer now owns 908,659 shares in the company, valued at $24,306,628.25. The trade was a 3.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Beam Therapeutics

Several large investors have recently made changes to their positions in the business. Wealthfront Advisers LLC purchased a new stake in shares of Beam Therapeutics in the fourth quarter worth about $41,000. GF Fund Management CO. LTD. purchased a new stake in shares of Beam Therapeutics in the fourth quarter worth about $43,000. Sterling Capital Management LLC lifted its position in shares of Beam Therapeutics by 816.0% in the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock worth $60,000 after buying an additional 2,146 shares in the last quarter. KBC Group NV lifted its position in shares of Beam Therapeutics by 103.2% in the fourth quarter. KBC Group NV now owns 4,143 shares of the company’s stock worth $103,000 after buying an additional 2,104 shares in the last quarter. Finally, Blue Trust Inc. lifted its position in shares of Beam Therapeutics by 36.3% in the fourth quarter. Blue Trust Inc. now owns 4,274 shares of the company’s stock worth $105,000 after buying an additional 1,139 shares in the last quarter. 99.68% of the stock is currently owned by hedge funds and other 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.