Beam Therapeutics’ (BEAM) Buy Rating Reiterated at Bank of America

Bank of America restated their buy rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a report issued on Wednesday morning,Benzinga reports. They currently have a $47.00 price objective on the stock.

Several other analysts have also commented on BEAM. Tudor Pickering set a $39.00 price target on shares of Beam Therapeutics in a research report on Wednesday, May 13th. Sanford C. Bernstein decreased their price objective on Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Citigroup increased their price objective on Beam Therapeutics from $64.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, March 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Monday, April 20th. Finally, HC Wainwright restated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $46.85.

Beam Therapeutics Trading Down 8.8%

Shares of BEAM stock opened at $32.68 on Wednesday. The company has a current ratio of 16.99, a quick ratio of 16.99 and a debt-to-equity ratio of 0.09. Beam Therapeutics has a twelve month low of $15.60 and a twelve month high of $38.26. The company’s 50-day moving average price is $31.72 and its 200-day moving average price is $29.24. The stock has a market cap of $3.36 billion, a price-to-earnings ratio of -48.06 and a beta of 2.18.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Thursday, May 7th. The company reported ($0.91) EPS for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.12. The company had revenue of $31.74 million for the quarter, compared to the consensus estimate of $10.98 million. Beam Therapeutics had a negative net margin of 39.66% and a negative return on equity of 29.00%. Beam Therapeutics’s quarterly revenue was up 323.2% compared to the same quarter last year. During the same period in the previous year, the firm earned ($1.23) earnings per share. As a group, equities analysts predict that Beam Therapeutics will post -4.16 earnings per share for the current year.

Insider Activity

In other news, insider Fmr Llc sold 251,488 shares of the business’s stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $35.26, for a total value of $8,867,466.88. Following the sale, the insider directly owned 854,583 shares of the company’s stock, valued at approximately $30,132,596.58. The trade was a 22.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 3.80% of the company’s stock.

Institutional Trading of Beam Therapeutics

Several institutional investors have recently added to or reduced their stakes in BEAM. ADAR1 Capital Management LLC acquired a new position in Beam Therapeutics during the first quarter worth $34,467,000. ARK Investment Management LLC boosted its position in shares of Beam Therapeutics by 12.9% during the fourth quarter. ARK Investment Management LLC now owns 12,467,189 shares of the company’s stock worth $345,590,000 after buying an additional 1,428,355 shares during the period. MWG Caph Ltd acquired a new stake in shares of Beam Therapeutics in the fourth quarter valued at $35,119,000. State Street Corp grew its stake in shares of Beam Therapeutics by 30.4% in the fourth quarter. State Street Corp now owns 5,228,529 shares of the company’s stock valued at $144,935,000 after buying an additional 1,219,871 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Beam Therapeutics by 237.5% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,665,385 shares of the company’s stock valued at $40,419,000 after buying an additional 1,171,977 shares during the period. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Company Profile

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.