Royal Bank of Canada Begins Coverage on Beam Therapeutics (NASDAQ:BEAM)

Equities research analysts at Royal Bank of Canada initiated coverage on shares of Beam Therapeutics (NASDAQ:BEAM) in a report issued on Monday, Analyst Price Targets reports. The brokerage set a “sector perform” rating and a $85.00 price target on the stock. Royal Bank of Canada’s price target indicates a potential upside of 16.84% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on BEAM. Stifel Nicolaus started coverage on Beam Therapeutics in a report on Tuesday, January 5th. They set a “hold” rating on the stock. JPMorgan Chase & Co. lowered shares of Beam Therapeutics from an “overweight” rating to a “neutral” rating and boosted their price target for the company from $38.00 to $100.00 in a report on Friday, January 29th. Barclays reaffirmed an “equal weight” rating and issued a $90.00 target price (up from $47.00) on shares of Beam Therapeutics in a research note on Monday, March 8th. Wells Fargo & Company assumed coverage on shares of Beam Therapeutics in a research report on Tuesday, February 16th. They set an “overweight” rating and a $145.00 price target on the stock. Finally, Wedbush increased their price target on shares of Beam Therapeutics from $42.00 to $112.00 in a report on Thursday, February 25th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $83.29.

Shares of NASDAQ:BEAM opened at $72.75 on Monday. Beam Therapeutics has a 1 year low of $15.85 and a 1 year high of $126.90. The business has a fifty day simple moving average of $79.80 and a 200 day simple moving average of $83.82. The firm has a market cap of $4.55 billion and a price-to-earnings ratio of -5.18.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Sunday, March 14th. The company reported ($1.69) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.66) by ($1.03). Beam Therapeutics had a negative net margin of 529,075.00% and a negative return on equity of 103.41%. The business had revenue of $0.01 million during the quarter, compared to analyst estimates of $6.00 million. On average, sell-side analysts anticipate that Beam Therapeutics will post -3.02 earnings per share for the current fiscal year.

In related news, CEO John M. Evans sold 25,000 shares of the company’s stock in a transaction on Wednesday, April 21st. The shares were sold at an average price of $70.49, for a total transaction of $1,762,250.00. Following the completion of the sale, the chief executive officer now directly owns 1,038,966 shares in the company, valued at approximately $73,236,713.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.74% of the stock is currently owned by corporate insiders.

Several institutional investors have recently modified their holdings of the stock. Laurel Wealth Advisors LLC purchased a new stake in Beam Therapeutics during the 4th quarter valued at about $36,000. Allworth Financial LP grew its position in Beam Therapeutics by 110.0% during the 4th quarter. Allworth Financial LP now owns 462 shares of the company’s stock valued at $38,000 after purchasing an additional 242 shares during the last quarter. Baillie Gifford & Co. purchased a new stake in Beam Therapeutics during the 4th quarter valued at about $40,000. Captrust Financial Advisors boosted its holdings in shares of Beam Therapeutics by 40.0% during the 4th quarter. Captrust Financial Advisors now owns 980 shares of the company’s stock valued at $80,000 after acquiring an additional 280 shares during the last quarter. Finally, Penserra Capital Management LLC purchased a new stake in shares of Beam Therapeutics during the 4th quarter valued at about $108,000. Institutional investors own 49.79% of the company’s stock.

About Beam Therapeutics

Beam Therapeutics Inc, a biotechnology company, develops precision genetic medicines for patients suffering from serious diseases in the United States. The company is developing BEAM-101 for the treatment of sickle cell disease and beta thalassemia; BEAM-102 for the treatment of sickle cell disease; and BEAM-201, an allogeneic chimeric antigen receptor T cell for the treatment of relapsed/refractory T-cell acute lymphoblastic leukemia.

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