Beam Therapeutics (NASDAQ:BEAM) Now Covered by Canaccord Genuity Group

Canaccord Genuity Group assumed coverage on shares of Beam Therapeutics (NASDAQ:BEAM) in a report released on Friday morning, MarketBeat.com reports. The firm issued a buy rating and a $74.00 target price on the stock.

A number of other research analysts have also recently issued reports on the stock. Wall Street Zen cut shares of Beam Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, February 8th. Tudor Pickering set a $41.00 price objective on Beam Therapeutics in a research report on Wednesday, January 21st. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a report on Wednesday, January 21st. Benchmark restated a “speculative buy” rating on shares of Beam Therapeutics in a research note on Monday, November 17th. Finally, Evercore initiated coverage on shares of Beam Therapeutics in a research report on Monday, November 24th. They set an “outperform” rating and a $35.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $45.69.

Beam Therapeutics Stock Performance

BEAM opened at $27.59 on Friday. The firm’s 50-day simple moving average is $28.60 and its 200-day simple moving average is $24.73. Beam Therapeutics has a twelve month low of $13.52 and a twelve month high of $36.44. The firm has a market cap of $2.80 billion, a price-to-earnings ratio of -6.23 and a beta of 2.12.

Insiders Place Their Bets

In other Beam Therapeutics news, insider Christine Bellon sold 1,371 shares of the company’s stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $34.00, for a total transaction of $46,614.00. Following the transaction, the insider directly owned 95,667 shares in the company, valued at approximately $3,252,678. This represents a 1.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.50% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of BEAM. Squarepoint Ops LLC grew its stake in shares of Beam Therapeutics by 468.3% during the second quarter. Squarepoint Ops LLC now owns 138,765 shares of the company’s stock worth $2,360,000 after purchasing an additional 114,349 shares during the period. Capital Fund Management S.A. acquired a new position in Beam Therapeutics in the second quarter valued at about $654,000. Privium Fund Management B.V. bought a new position in Beam Therapeutics during the third quarter worth about $1,480,000. Y Intercept Hong Kong Ltd acquired a new position in shares of Beam Therapeutics during the 3rd quarter worth about $1,059,000. Finally, SG Americas Securities LLC grew its position in shares of Beam Therapeutics by 498.9% during the 3rd quarter. SG Americas Securities LLC now owns 43,220 shares of the company’s stock worth $1,049,000 after buying an additional 36,004 shares during the period. 99.68% of the stock is owned by institutional investors.

About Beam Therapeutics

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.