Beam Therapeutics (BEAM) – Research Analysts’ Recent Ratings Updates

by · The Markets Daily

A number of research firms have changed their ratings and price targets for Beam Therapeutics (NASDAQ: BEAM):

  • 11/7/2024 – Beam Therapeutics had its “buy” rating reaffirmed by analysts at HC Wainwright. They now have a $80.00 price target on the stock.
  • 11/6/2024 – Beam Therapeutics was upgraded by analysts at Leerink Partnrs from a “hold” rating to a “strong-buy” rating.
  • 11/6/2024 – Beam Therapeutics had its price target lowered by analysts at Royal Bank of Canada from $27.00 to $24.00. They now have a “sector perform” rating on the stock.
  • 11/6/2024 – Beam Therapeutics was upgraded by analysts at Leerink Partners from a “market perform” rating to an “outperform” rating. They now have a $39.00 price target on the stock, up previously from $27.00.
  • 11/5/2024 – Beam Therapeutics had its “outperform” rating reaffirmed by analysts at Wedbush. They now have a $57.00 price target on the stock.
  • 10/16/2024 – Beam Therapeutics is now covered by analysts at Scotiabank. They set a “sector outperform” rating and a $24.00 price target on the stock.
  • 9/19/2024 – Beam Therapeutics had its “sector perform” rating reaffirmed by analysts at Royal Bank of Canada. They now have a $27.00 price target on the stock.

Beam Therapeutics Price Performance

NASDAQ:BEAM traded down $2.26 during midday trading on Friday, reaching $24.05. The stock had a trading volume of 2,258,894 shares, compared to its average volume of 1,237,036. The stock has a market capitalization of $1.99 billion, a P/E ratio of -13.66 and a beta of 1.86. Beam Therapeutics Inc. has a 1-year low of $20.84 and a 1-year high of $49.50. The firm’s fifty day simple moving average is $24.49 and its 200-day simple moving average is $24.83.

Beam Therapeutics (NASDAQ:BEAM – Get Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.01). The firm had revenue of $14.30 million for the quarter, compared to analyst estimates of $14.52 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. Beam Therapeutics’s revenue for the quarter was down 16.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.22) EPS. On average, equities research analysts anticipate that Beam Therapeutics Inc. will post -4.66 earnings per share for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $24.60, for a total value of $1,476,000.00. Following the transaction, the chief executive officer now directly owns 938,659 shares of the company’s stock, valued at $23,091,011.40. This represents a 6.01 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, President Giuseppe Ciaramella sold 51,110 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $26.36, for a total transaction of $1,347,259.60. Following the transaction, the president now owns 109,150 shares in the company, valued at approximately $2,877,194. The trade was a 31.89 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 162,894 shares of company stock worth $4,181,745. Insiders own 4.20% of the company’s stock.

Institutional Trading of Beam Therapeutics

Several large investors have recently bought and sold shares of BEAM. Swiss National Bank raised its position in Beam Therapeutics by 3.1% in the first quarter. Swiss National Bank now owns 136,700 shares of the company’s stock valued at $4,517,000 after purchasing an additional 4,100 shares during the last quarter. QRG Capital Management Inc. lifted its stake in shares of Beam Therapeutics by 45.2% in the first quarter. QRG Capital Management Inc. now owns 23,036 shares of the company’s stock worth $761,000 after acquiring an additional 7,176 shares during the period. Russell Investments Group Ltd. boosted its holdings in Beam Therapeutics by 4.4% in the first quarter. Russell Investments Group Ltd. now owns 143,828 shares of the company’s stock valued at $4,752,000 after acquiring an additional 6,102 shares during the last quarter. ProShare Advisors LLC increased its position in Beam Therapeutics by 10.6% during the 1st quarter. ProShare Advisors LLC now owns 19,511 shares of the company’s stock valued at $645,000 after purchasing an additional 1,873 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of Beam Therapeutics by 5.8% in the 1st quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company’s stock worth $250,402,000 after purchasing an additional 413,892 shares during the period. 99.68% of the stock is owned by institutional investors and hedge funds.

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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