BMO Capital Markets Reaffirms “Outperform” Rating for Beam Therapeutics (NASDAQ:BEAM)

BMO Capital Markets reiterated their outperform rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $57.00 price target on the stock.

A number of other equities research analysts have also recently weighed in on BEAM. JPMorgan Chase & Co. raised Beam Therapeutics from a neutral rating to an overweight rating and lifted their price target for the company from $38.00 to $40.00 in a report on Monday, January 29th. Bank of America cut Beam Therapeutics from a buy rating to a neutral rating and set a $35.00 target price on the stock. in a report on Friday, December 15th. TheStreet raised Beam Therapeutics from a d rating to a c- rating in a report on Monday, March 11th. Royal Bank of Canada boosted their target price on Beam Therapeutics from $27.00 to $35.00 and gave the stock a sector perform rating in a report on Wednesday, February 28th. Finally, Jefferies Financial Group reissued a hold rating and set a $30.00 target price (down previously from $75.00) on shares of Beam Therapeutics in a report on Friday, December 8th. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Beam Therapeutics presently has a consensus rating of Hold and a consensus target price of $41.00.

Beam Therapeutics Stock Down 2.7 %

Shares of BEAM stock opened at $33.04 on Wednesday. The business has a 50 day moving average of $32.60 and a two-hundred day moving average of $27.68. Beam Therapeutics has a 52 week low of $16.95 and a 52 week high of $49.50. The company has a market cap of $2.70 billion, a P/E ratio of -17.39 and a beta of 1.80.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, February 27th. The company reported $1.73 EPS for the quarter, beating analysts’ consensus estimates of ($0.69) by $2.42. The company had revenue of $316.20 million during the quarter, compared to the consensus estimate of $34.16 million. Beam Therapeutics had a negative return on equity of 15.90% and a negative net margin of 35.09%. Beam Therapeutics’s quarterly revenue was up 1481.0% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.54) earnings per share. Analysts expect that Beam Therapeutics will post -5.5 EPS for the current fiscal year.

Insiders Place Their Bets

In other Beam Therapeutics news, insider Christine Bellon sold 1,907 shares of Beam Therapeutics stock in a transaction that occurred on Wednesday, January 3rd. The shares were sold at an average price of $26.42, for a total transaction of $50,382.94. Following the transaction, the insider now directly owns 80,495 shares in the company, valued at approximately $2,126,677.90. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $25.33, for a total transaction of $1,519,800.00. Following the transaction, the chief executive officer now directly owns 1,058,262 shares in the company, valued at approximately $26,805,776.46. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Christine Bellon sold 1,907 shares of the business’s stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $26.42, for a total transaction of $50,382.94. Following the transaction, the insider now owns 80,495 shares in the company, valued at $2,126,677.90. The disclosure for this sale can be found here. In the last three months, insiders have sold 63,472 shares of company stock worth $1,618,322. Corporate insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Point72 Middle East FZE purchased a new position in shares of Beam Therapeutics during the 4th quarter valued at $35,000. Comerica Bank grew its holdings in shares of Beam Therapeutics by 80.9% during the 4th quarter. Comerica Bank now owns 973 shares of the company’s stock valued at $26,000 after acquiring an additional 435 shares in the last quarter. First Horizon Advisors Inc. grew its holdings in shares of Beam Therapeutics by 125.9% during the 4th quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock valued at $27,000 after acquiring an additional 554 shares in the last quarter. Allworth Financial LP grew its holdings in shares of Beam Therapeutics by 163.7% during the 3rd quarter. Allworth Financial LP now owns 1,105 shares of the company’s stock valued at $27,000 after acquiring an additional 686 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new position in shares of Beam Therapeutics during the 1st quarter valued at $86,000. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Beam Therapeutics Company Profile

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.