Beam Therapeutics (NASDAQ:BEAM) Upgraded at Canaccord Genuity Group

Beam Therapeutics (NASDAQ:BEAM) was upgraded by research analysts at Canaccord Genuity Group to a “strong-buy” rating in a report issued on Friday,Zacks.com reports.

A number of other brokerages also recently commented on BEAM. UBS Group initiated coverage on Beam Therapeutics in a research note on Wednesday, January 7th. They set a “neutral” rating and a $28.00 price objective for the company. Sanford C. Bernstein boosted their price target on shares of Beam Therapeutics from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Tuesday, January 20th. Benchmark restated a “speculative buy” rating on shares of Beam Therapeutics in a research report on Monday, November 17th. Wall Street Zen cut shares of Beam Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, February 8th. Finally, Tudor Pickering set a $41.00 target price on shares of Beam Therapeutics in a research note on Wednesday, January 21st. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $45.69.

Beam Therapeutics Trading Down 1.0%

NASDAQ:BEAM opened at $27.59 on Friday. The stock has a 50 day moving average of $28.60 and a 200-day moving average of $24.73. The firm has a market capitalization of $2.80 billion, a PE ratio of -6.23 and a beta of 2.12. Beam Therapeutics has a 52 week low of $13.52 and a 52 week high of $36.44.

Insiders Place Their Bets

In related news, insider Christine Bellon sold 1,371 shares of the stock in a transaction dated 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 position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 3.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Allworth Financial LP increased its stake in shares of Beam Therapeutics by 7,080.0% during the second quarter. Allworth Financial LP now owns 2,513 shares of the company’s stock valued at $43,000 after acquiring an additional 2,478 shares during the period. Bank Julius Baer & Co. Ltd Zurich acquired a new position in shares of Beam Therapeutics during the 4th quarter valued at $47,000. Larson Financial Group LLC raised its stake in shares of Beam Therapeutics by 4,370.5% in 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 in the last quarter. Van ECK Associates Corp lifted its holdings in shares of Beam Therapeutics by 48.7% in the third quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock valued at $52,000 after buying an additional 707 shares during the period. Finally, Kestra Advisory Services LLC bought a new position in Beam Therapeutics during the fourth quarter valued at about $59,000. 99.68% of the stock is currently owned by 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.