Beam Therapeutics (NASDAQ:BEAM) Earns “Buy” Rating from Bank of America

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “buy” rating restated by equities research analysts at Bank of America in a report released on Wednesday,Benzinga reports. They currently have a $47.00 price target on the stock. Bank of America‘s price target suggests a potential upside of 27.43% from the company’s previous close.

Several other brokerages have also weighed in on BEAM. Citigroup upped their target price on shares of Beam Therapeutics from $64.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, March 26th. Sanford C. Bernstein lowered their price target on Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Monday, April 20th. Tudor Pickering set a $39.00 price target on Beam Therapeutics in a research note on Wednesday, May 13th. Finally, HC Wainwright restated a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $46.85.

Beam Therapeutics Price Performance

BEAM stock traded down $1.04 on Wednesday, reaching $36.88. 2,819,253 shares of the company’s stock were exchanged, compared to its average volume of 2,114,375. The stock has a fifty day moving average of $31.39 and a 200-day moving average of $29.08. The firm has a market cap of $3.79 billion, a PE ratio of -54.01 and a beta of 2.18. The company has a quick ratio of 16.99, a current ratio of 16.99 and a debt-to-equity ratio of 0.09. Beam Therapeutics has a twelve month low of $15.60 and a twelve month high of $38.26.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Thursday, May 7th. The company reported ($0.91) EPS for the quarter, topping the consensus estimate of ($1.03) by $0.12. The company had revenue of $31.74 million for the quarter, compared to analyst estimates of $10.98 million. Beam Therapeutics had a negative net margin of 39.66% and a negative return on equity of 29.00%. The business’s revenue was up 323.2% on a year-over-year basis. During the same period in the previous year, the firm earned ($1.23) EPS. As a group, equities analysts predict that Beam Therapeutics will post -4.16 EPS for the current fiscal year.

Insider Activity

In related news, insider Fmr Llc sold 251,488 shares of the business’s stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $35.26, for a total value of $8,867,466.88. Following the completion of the sale, the insider directly owned 854,583 shares in the company, valued at approximately $30,132,596.58. The trade was a 22.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.80% of the company’s stock.

Institutional Trading of Beam Therapeutics

Several institutional investors have recently made changes to their positions in BEAM. Bank Julius Baer & Co. Ltd Zurich acquired a new position in Beam Therapeutics in the fourth quarter valued at $47,000. Hollencrest Capital Management acquired a new stake in Beam Therapeutics during the first quarter worth about $43,000. Larson Financial Group LLC increased its stake in Beam Therapeutics by 4,370.5% during the third quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock worth $48,000 after acquiring an additional 1,923 shares during the last quarter. Kestra Advisory Services LLC purchased a new position in shares of Beam Therapeutics in the 4th quarter worth about $59,000. Finally, Van ECK Associates Corp raised its holdings in shares of Beam Therapeutics by 48.7% in the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after purchasing an additional 707 shares during the period. 99.68% of the stock is owned by hedge funds and other institutional investors.

Beam Therapeutics Company Profile

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.