Beam Therapeutics (NASDAQ:BEAM) Rating Reiterated by Royal Bank of Canada

by · The Markets Daily

Royal Bank of Canada reiterated their sector perform rating on shares of Beam Therapeutics (NASDAQ:BEAM – Free Report) in a report released on Thursday, Benzinga reports. They currently have a $27.00 price target on the stock.

A number of other analysts also recently issued reports on BEAM. Barclays dropped their price target on Beam Therapeutics from $33.00 to $31.00 and set an equal weight rating for the company in a research report on Wednesday, August 7th. Wedbush reiterated an outperform rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Tuesday, August 6th. Stifel Nicolaus increased their price target on shares of Beam Therapeutics from $66.00 to $69.00 and gave the stock a buy rating in a report on Wednesday, September 11th. HC Wainwright reaffirmed a buy rating and set a $80.00 price objective on shares of Beam Therapeutics in a report on Thursday, August 22nd. Finally, JPMorgan Chase & Co. upped their target price on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an overweight rating in a research report on Wednesday, August 7th. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Hold and an average price target of $44.18.

Read Our Latest Stock Report on Beam Therapeutics

Beam Therapeutics Price Performance

NASDAQ BEAM opened at $25.65 on Thursday. The company’s 50 day simple moving average is $26.30 and its two-hundred day simple moving average is $26.45. Beam Therapeutics has a 1 year low of $16.95 and a 1 year high of $49.50. The stock has a market capitalization of $2.11 billion, a PE ratio of -14.41 and a beta of 1.86.

Beam Therapeutics (NASDAQ:BEAM – Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($1.11) earnings per share for the quarter, topping the consensus estimate of ($1.13) by $0.02. The firm had revenue of $11.80 million for the quarter, compared to analysts’ expectations of $14.18 million. Beam Therapeutics had a negative net margin of 40.56% and a negative return on equity of 16.22%. The business’s quarterly revenue was down 41.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.08) earnings per share. On average, research analysts anticipate that Beam Therapeutics will post -4.6 EPS for the current year.

Insider Activity

In other news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $24.50, for a total value of $1,470,000.00. Following the completion of the sale, the chief executive officer now owns 998,343 shares of the company’s stock, valued at approximately $24,459,403.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

A number of large investors have recently bought and sold shares of the stock. Riverview Trust Co purchased a new stake in shares of Beam Therapeutics during the first quarter valued at approximately $26,000. Fairfield Financial Advisors LTD bought a new stake in Beam Therapeutics during the 2nd quarter valued at $26,000. Blue Trust Inc. boosted its position in Beam Therapeutics by 2,648.4% during the 2nd quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock valued at $40,000 after buying an additional 1,642 shares during the period. PNC Financial Services Group Inc. grew its holdings in Beam Therapeutics by 144.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock worth $43,000 after acquiring an additional 923 shares during the last quarter. Finally, National Bank of Canada FI increased its position in shares of Beam Therapeutics by 200.0% in the second quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock valued at $69,000 after acquiring an additional 2,000 shares during the period. 99.68% of the stock is owned by hedge funds and other institutional investors.

About Beam Therapeutics

(Get Free Report)

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.

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