Beam Therapeutics’ (BEAM) Buy Rating Reaffirmed at HC Wainwright

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “buy” rating reissued by stock analysts at HC Wainwright in a report released on Tuesday,Benzinga reports. They currently have a $80.00 target price on the stock. HC Wainwright’s price target suggests a potential upside of 182.39% from the company’s previous close.

Other equities research analysts also recently issued reports about the stock. Bank of America reissued a “buy” rating and issued a $47.00 price target on shares of Beam Therapeutics in a report on Wednesday, July 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Friday, July 17th. Tudor Pickering set a $39.00 target price on shares of Beam Therapeutics in a report on Wednesday, May 13th. Wall Street Zen cut shares of Beam Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Sunday, August 16th. Finally, Sanford C. Bernstein cut their price target on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Ten research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Beam Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $49.00.

Beam Therapeutics Stock Performance

NASDAQ:BEAM opened at $28.33 on Tuesday. The business’s fifty day moving average is $30.06 and its 200 day moving average is $28.76. The firm has a market cap of $2.93 billion, a price-to-earnings ratio of -32.94 and a beta of 2.23. The company has a debt-to-equity ratio of 0.09, a quick ratio of 14.57 and a current ratio of 14.57. Beam Therapeutics has a 52-week low of $16.02 and a 52-week high of $38.26.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, August 4th. The company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($1.11) by ($0.07). The company had revenue of $0.49 million during the quarter, compared to the consensus estimate of $16.37 million. Beam Therapeutics had a negative return on equity of 30.71% and a negative net margin of 54.75%.The firm’s revenue for the quarter was down 94.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($1.00) EPS. Research analysts predict that Beam Therapeutics will post -4.49 EPS for the current year.

Insiders Place Their Bets

In other news, insider Amy Simon sold 16,667 shares of Beam Therapeutics stock in a transaction on Monday, July 27th. The shares were sold at an average price of $25.74, for a total transaction of $429,008.58. Following the completion of the sale, the insider directly owned 85,696 shares of the company’s stock, valued at approximately $2,205,815.04. The trade was a 16.28% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Fmr Llc sold 251,488 shares of the company’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the completion of the transaction, the insider owned 854,583 shares of the company’s stock, valued at $30,132,596.58. This trade represents a 22.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 301,527 shares of company stock worth $10,468,500 in the last three months. Insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

Several hedge funds have recently added to or reduced their stakes in the company. Hollencrest Capital Management purchased a new position in shares of Beam Therapeutics in the 1st quarter worth about $43,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of Beam Therapeutics during the 2nd quarter valued at about $43,000. Bank Julius Baer & Co. Ltd Zurich purchased a new position in shares of Beam Therapeutics during the 4th quarter valued at about $47,000. Larson Financial Group LLC raised its holdings in shares of Beam Therapeutics by 4,370.5% during the 3rd quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock valued at $48,000 after buying an additional 1,923 shares in the last quarter. Finally, Van ECK Associates Corp lifted its position in 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 buying an additional 707 shares during the last quarter. Institutional investors own 99.68% of the company’s stock.

About Beam Therapeutics

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.