Beam Therapeutics’ (BEAM) Buy Rating Reiterated at HC Wainwright

HC Wainwright restated their buy rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a research report report published on Tuesday,Benzinga reports. The brokerage currently has a $80.00 price target on the stock.

Other equities analysts also recently issued reports about the company. Sanford C. Bernstein decreased their target price on Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Wall Street Zen cut Beam Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Sunday, August 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a report on Friday, July 17th. Bank of America reissued a “buy” rating and issued a $47.00 price target on shares of Beam Therapeutics in a report on Wednesday, July 8th. Finally, Tudor Pickering set a $39.00 price objective on Beam Therapeutics in a research report on Wednesday, May 13th. Ten analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Beam Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $49.00.

Beam Therapeutics Trading Up 1.0%

Beam Therapeutics stock opened at $30.48 on Tuesday. Beam Therapeutics has a 1 year low of $16.02 and a 1 year high of $38.26. The firm’s 50-day moving average is $29.94 and its 200-day moving average is $28.86. The company has a debt-to-equity ratio of 0.09, a quick ratio of 14.57 and a current ratio of 14.57. The company has a market cap of $3.15 billion, a P/E ratio of -35.44 and a beta of 2.23.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($1.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.07). The business had revenue of $0.49 million for the quarter, compared to the consensus estimate of $16.37 million. Beam Therapeutics had a negative net margin of 54.75% and a negative return on equity of 30.71%. Beam Therapeutics’s quarterly revenue was down 94.2% on a year-over-year basis. During the same period in the prior year, the company earned ($1.00) EPS. On average, equities analysts expect that Beam Therapeutics will post -4.49 earnings per share for the current year.

Insider Activity

In related news, insider Amy Simon sold 16,667 shares of Beam Therapeutics stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $25.74, for a total value of $429,008.58. Following the sale, the insider directly owned 85,696 shares in the company, valued at $2,205,815.04. This trade represents a 16.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Fmr Llc sold 251,488 shares of the business’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the transaction, the insider directly owned 854,583 shares of the company’s stock, valued at $30,132,596.58. The trade was a 22.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 301,527 shares of company stock worth $10,468,500. 3.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Beam Therapeutics

A number of hedge funds have recently made changes to their positions in the business. Hollencrest Capital Management acquired a new position in shares of Beam Therapeutics during the first quarter worth approximately $43,000. Northwestern Mutual Wealth Management Co. bought a new position in Beam Therapeutics in the 2nd quarter worth approximately $43,000. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in Beam Therapeutics in the 4th quarter valued at approximately $47,000. Larson Financial Group LLC increased its position in Beam Therapeutics by 4,370.5% in the 3rd quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock valued at $48,000 after acquiring an additional 1,923 shares during the period. Finally, Van ECK Associates Corp increased its position in Beam Therapeutics by 48.7% in the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock valued at $52,000 after acquiring an additional 707 shares during the period. Institutional investors own 99.68% of the company’s stock.

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.