Beam Therapeutics (NASDAQ:BEAM) Receives Buy Rating from HC Wainwright

Key Points

• HC Wainwright reaffirmed its Buy rating on Beam Therapeutics and set an $80 price target, implying 182.39% upside from the stock’s $28.33 opening price. Analysts overall have a “Moderate Buy” consensus with a $49 average target.
• Beam reported a quarterly loss of $1.18 per share, missing the $1.11 estimate, while revenue fell 94.2% year over year to $0.49 million versus expectations of $16.37 million.
• Insiders sold 301,527 shares worth approximately $10.5 million during the last quarter, while hedge funds and other institutions own 99.68% of the company’s stock.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report)'s stock had its "buy" rating reissued by research analysts at HC Wainwright in a report released on Tuesday,Benzinga reports. They presently have a $80.00 price target on the stock. HC Wainwright's target price indicates a potential upside of 182.39% from the stock's current price.

A number of other equities analysts have also weighed in on the company. Wall Street Zen lowered Beam Therapeutics from a "sell" rating to a "strong sell" rating in a research report on Sunday, August 16th. Sanford C. Bernstein reduced their price target on shares of Beam Therapeutics from $40.00 to $39.00 and set an "outperform" rating for the company in a research report on Wednesday, May 13th. Weiss Ratings restated a "sell (d-)" rating on shares of Beam Therapeutics in a research note on Friday, July 17th. Bank of America reaffirmed a "buy" rating and issued a $47.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, July 8th. Finally, Tudor Pickering set a $39.00 target price on shares of Beam Therapeutics in a research report on Wednesday, May 13th. Ten analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Beam Therapeutics has a consensus rating of "Moderate Buy" and a consensus target price of $49.00.

Beam Therapeutics Stock Performance

Shares of BEAM opened at $28.33 on Tuesday. 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 stock has a 50-day moving average of $30.06 and a 200-day moving average of $28.76. The company has a market cap of $2.93 billion, a PE ratio of -32.94 and a beta of 2.23. Beam Therapeutics has a one year low of $16.02 and a one year high of $38.26.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($1.18) earnings per share for the quarter, missing analysts' consensus estimates of ($1.11) by ($0.07). Beam Therapeutics had a negative return on equity of 30.71% and a negative net margin of 54.75%.The firm had revenue of $0.49 million for the quarter, compared to analyst estimates of $16.37 million. During the same period last year, the company posted ($1.00) earnings per share. The firm's quarterly revenue was down 94.2% compared to the same quarter last year. On average, equities research analysts predict that Beam Therapeutics will post -4.49 EPS for the current fiscal 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 stock was sold at an average price of $25.74, for a total transaction of $429,008.58. Following the sale, the insider directly owned 85,696 shares in the company, valued at $2,205,815.04. The trade was a 16.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Fmr Llc sold 251,488 shares of the business's stock in a transaction dated 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 directly owned 854,583 shares in the company, valued at $30,132,596.58. This trade represents a 22.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 301,527 shares of company stock worth $10,468,500 over the last quarter. Company insiders own 3.80% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BEAM. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Beam Therapeutics in the second quarter valued at $43,000. Bank Julius Baer & Co. Ltd Zurich bought a new position in shares of Beam Therapeutics during the 4th quarter worth $47,000. Hollencrest Capital Management purchased a new stake in Beam Therapeutics in the 1st quarter worth about $43,000. Larson Financial Group LLC increased its holdings in 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 acquiring an additional 1,923 shares during the last quarter. Finally, Kestra Advisory Services LLC bought a new stake in Beam Therapeutics in the 4th quarter valued at about $59,000. 99.68% of the stock is currently 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.

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