Beam Therapeutics (NASDAQ:BEAM) Price Target Raised to $68.00

Beam Therapeutics (NASDAQ:BEAM) had its price target increased by Citigroup from $64.00 to $68.00 in a research note released on Thursday,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages also recently issued reports on BEAM. Wall Street Zen raised Beam Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Wedbush upped their price objective on Beam Therapeutics from $57.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 25th. Royal Bank Of Canada increased their price objective on Beam Therapeutics from $22.00 to $26.00 and gave the company a “sector perform” rating in a report on Wednesday, February 25th. Sanford C. Bernstein raised their target price on Beam Therapeutics from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. Finally, Tudor Pickering set a $41.00 target price on Beam Therapeutics in a research note on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $49.36.

Beam Therapeutics Trading Down 6.1%

Shares of NASDAQ:BEAM opened at $22.19 on Thursday. Beam Therapeutics has a 52 week low of $13.52 and a 52 week high of $36.44. The company’s 50 day moving average is $27.45 and its two-hundred day moving average is $26.31. The company has a market cap of $2.26 billion, a PE ratio of -21.97 and a beta of 2.12.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data on Tuesday, February 24th. The company reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.13) by $3.46. The business had revenue of $114.11 million during the quarter, compared to analysts’ expectations of $13.22 million. Beam Therapeutics had a negative net margin of 57.24% and a negative return on equity of 30.65%. The company’s revenue for the quarter was up 280.3% on a year-over-year basis. During the same period in the previous year, the company earned ($1.09) EPS. As a group, equities research analysts expect that Beam Therapeutics will post -4.57 EPS for the current year.

Insiders Place Their Bets

In other Beam Therapeutics news, insider Christine Bellon sold 1,371 shares of the company’s stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $34.00, for a total value of $46,614.00. Following the completion of the transaction, the insider owned 95,667 shares in the company, valued at $3,252,678. This represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.50% of the stock is currently owned by company insiders.

Institutional Trading of Beam Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in shares of Beam Therapeutics in the 4th quarter valued at about $47,000. Larson Financial Group LLC grew its stake in Beam Therapeutics by 4,370.5% during the 3rd quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock worth $48,000 after buying an additional 1,923 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in Beam Therapeutics during the fourth quarter worth approximately $59,000. Van ECK Associates Corp increased its position in Beam Therapeutics by 48.7% during the third quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after buying an additional 707 shares during the period. Finally, Leonteq Securities AG purchased a new stake in Beam Therapeutics in the fourth quarter valued at approximately $66,000. Institutional investors and hedge funds own 99.68% of the company’s stock.

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.