Beam Therapeutics (NASDAQ:BEAM) Given New $78.00 Price Target at Canaccord Genuity Group

Key Points

• Canaccord Genuity lowered its price target on Beam Therapeutics from $79 to $78 but maintained a Buy rating; the target implied 180.68% upside from the prior close.
• Beam’s third-quarter results missed expectations: it reported a $1.28-per-share loss versus the $1.17 expected, and revenue of $0.31 million versus $8.75 million expected, down 96.8% year over year.
• The company highlighted clinical progress, including updated sickle cell disease trial data planned for presentation and positive BEAM-302 results; it expects to complete dosing in the pivotal cohort in the first half of 2027.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) had its price target dropped by analysts at Canaccord Genuity Group from $79.00 to $78.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's target price indicates a potential upside of 180.68% from the stock's previous close.

BEAM has been the subject of several other reports. Bank of America reiterated a "buy" rating and issued a $47.00 price target on shares of Beam Therapeutics in a research note on Wednesday, July 8th. HC Wainwright restated a "buy" rating on shares of Beam Therapeutics in a research note on Tuesday, October 27th. William Blair raised Beam Therapeutics to a "strong-buy" rating in a report on Wednesday, September 23rd. Wall Street Zen downgraded Beam Therapeutics from a "sell" rating to a "strong sell" rating in a research report on Saturday. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Beam Therapeutics in a research report on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Beam Therapeutics currently has an average rating of "Moderate Buy" and an average target price of $47.00.

Beam Therapeutics Stock Performance

Beam Therapeutics stock traded up $1.46 during midday trading on Wednesday, hitting $27.79. The company's stock had a trading volume of 1,347,902 shares, compared to its average volume of 2,031,725. Beam Therapeutics has a 1-year low of $20.23 and a 1-year high of $38.26. The company has a debt-to-equity ratio of 0.09, a current ratio of 14.57 and a quick ratio of 14.57. The company has a 50-day moving average price of $25.81 and a two-hundred day moving average price of $28.10. The company has a market cap of $2.87 billion, a price-to-earnings ratio of -32.31 and a beta of 2.23.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its quarterly earnings data on Tuesday, November 3rd. The company reported ($1.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.17) by ($0.11). Beam Therapeutics had a negative net margin of 54.75% and a negative return on equity of 30.71%. The business had revenue of $0.31 million during the quarter, compared to the consensus estimate of $8.75 million. During the same period in the prior year, the firm earned ($1.10) EPS. The business's revenue for the quarter was down 96.8% on a year-over-year basis. As a group, sell-side analysts predict that Beam Therapeutics will post -4.49 earnings per share for the current year.

Insider Activity

In related news, CEO John Evans sold 25,000 shares of Beam Therapeutics stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $23.57, for a total value of $589,250.00. Following the transaction, the chief executive officer directly owned 1,047,205 shares of the company's stock, valued at $24,682,621.85. This trade represents a 2.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 3.80% of the company's stock.

Institutional Investors Weigh In On Beam Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in BEAM. Versant Capital Management Inc lifted its stake in shares of Beam Therapeutics by 123.6% in the third quarter. Versant Capital Management Inc now owns 1,239 shares of the company's stock worth $30,000 after acquiring an additional 685 shares during the period. Hollencrest Capital Management bought a new stake in Beam Therapeutics in the first quarter valued at approximately $43,000. Northwestern Mutual Wealth Management Co. acquired a new stake in Beam Therapeutics during the 2nd quarter valued at approximately $43,000. Fulcrum Asset Management LLP acquired a new stake in Beam Therapeutics during the 3rd quarter valued at approximately $51,000. Finally, Nykredit A S acquired a new stake in Beam Therapeutics during the 2nd quarter valued at approximately $75,000. Institutional investors and hedge funds own 99.68% of the company's stock.

Key Headlines Impacting Beam Therapeutics

Here are the key news stories impacting Beam Therapeutics this week:

• Positive Sentiment: Beam said it will present updated Phase 1/2 BEACON trial data for risto-cel in sickle cell disease at the American Society of Hematology meeting. Initial patient-reported outcomes showed early, sustained improvements across areas including pain, fatigue, physical function and well-being. The results were selected for ASH’s official press program, and the company expects to submit a U.S. biologics license application as early as year-end 2026. Beam Therapeutics BEACON trial update
• Positive Sentiment: Wedbush raised its price target on BEAM to $30 from $28 and maintained an Outperform rating, signaling continued analyst optimism. Wedbush price target update
• Positive Sentiment: Beam reported that BEAM-302 showed durable increases in functional AAT and reductions in mutant Z-AAT; completion of dosing in its global pivotal cohort is expected in the first half of 2027. The company also plans to begin a Phase 1/2 trial of BEAM-304 for phenylketonuria in early 2027. Third-quarter results and pipeline update
• Negative Sentiment: Third-quarter results missed analyst expectations: Beam reported a loss of $1.28 per share versus the expected $1.17 loss, while revenue of $0.31 million came in well below the $8.75 million consensus estimate and declined 96.8% year over year. Beam Q3 results

Beam Therapeutics Company Profile

Beam Therapeutics Inc is a biotechnology company developing precision genetic medicines for patients with serious diseases. The company's platform uses base editing, a form of gene editing designed to make targeted changes to individual DNA letters without creating double-strand breaks. Beam is also advancing related editing technologies and delivery systems intended to improve the precision and effectiveness of genetic treatments.

Beam's pipeline includes investigational programs for diseases such as sickle cell disease, beta thalassemia, alpha-1 antitrypsin deficiency and glycogen storage disease type Ia.

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