Beam Therapeutics (NASDAQ:BEAM) Coverage Initiated by Analysts at Jefferies Financial Group

Key Points

• Jefferies Financial Group has initiated coverage of Beam Therapeutics (NASDAQ:BEAM) with a buy rating and a price target of $41.00, indicating a potential upside of 44.31% from its current price.
• The stock has recently seen a price increase, trading up 5.2% and reaching $28.41 after a report on earnings that exceeded analysts' expectations.
• Currently, Beam Therapeutics has received an average rating of "Moderate Buy" from analysts, with a majority recommending a buy or strong buy for the stock.

Jefferies Financial Group began coverage on shares of Beam Therapeutics (NASDAQ:BEAM - Get Free Report) in a research report issued on Thursday,Briefing.com Automated Import reports. The firm set a "buy" rating and a $41.00 price target on the stock. Jefferies Financial Group's price objective points to a potential upside of 44.31% from the stock's current price.

A number of other equities analysts have also recently commented on BEAM. Cantor Fitzgerald raised shares of Beam Therapeutics to a "strong-buy" rating in a research note on Monday, July 21st. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Beam Therapeutics in a research note on Wednesday. Barclays dropped their price target on shares of Beam Therapeutics from $25.00 to $21.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 6th. HC Wainwright reissued a "buy" rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research report on Monday, September 15th. Finally, Wall Street Zen cut shares of Beam Therapeutics from a "hold" rating to a "sell" rating in a research report on Sunday, September 14th. Three analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Beam Therapeutics presently has an average rating of "Moderate Buy" and an average target price of $45.91.

Beam Therapeutics Stock Up 5.2%

NASDAQ BEAM traded up $1.41 on Thursday, reaching $28.41. The company had a trading volume of 1,359,945 shares, compared to its average volume of 2,183,257. The stock has a market capitalization of $2.87 billion, a PE ratio of -6.32 and a beta of 2.25. The firm's 50 day moving average price is $20.22 and its 200 day moving average price is $19.02. Beam Therapeutics has a 12 month low of $13.52 and a 12 month high of $35.25.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported ($1.00) earnings per share for the quarter, topping analysts' consensus estimates of ($1.04) by $0.04. Beam Therapeutics had a negative net margin of 661.31% and a negative return on equity of 43.15%. The firm had revenue of $8.47 million for the quarter, compared to the consensus estimate of $13.29 million. During the same period in the previous year, the firm posted ($1.11) EPS. The business's quarterly revenue was down 28.0% on a year-over-year basis. On average, research analysts expect that Beam Therapeutics will post -4.57 EPS for the current year.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, insider Fmr Llc sold 48,374 shares of the company's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $20.50, for a total transaction of $991,667.00. Following the transaction, the insider owned 2,073,665 shares in the company, valued at approximately $42,510,132.50. This represents a 2.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.50% of the stock is currently owned by company insiders.

Institutional Trading of Beam Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Allworth Financial LP boosted its holdings in Beam Therapeutics by 7,080.0% during the second quarter. Allworth Financial LP now owns 2,513 shares of the company's stock worth $43,000 after buying an additional 2,478 shares in the last quarter. CWM LLC increased its position in Beam Therapeutics by 79.8% during the first quarter. CWM LLC now owns 2,684 shares of the company's stock worth $52,000 after purchasing an additional 1,191 shares during the last quarter. Amalgamated Bank increased its position in shares of Beam Therapeutics by 20.4% during the first quarter. Amalgamated Bank now owns 3,153 shares of the company's stock valued at $62,000 after acquiring an additional 534 shares during the last quarter. Daiwa Securities Group Inc. grew its holdings in shares of Beam Therapeutics by 1,248.8% in the second quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company's stock valued at $65,000 after purchasing an additional 3,534 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Beam Therapeutics by 43.4% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,884 shares of the company's stock worth $66,000 after acquiring an additional 1,175 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company's stock.

Beam Therapeutics Company Profile

Beam Therapeutics Inc, a biotechnology company, engages in the development of precision genetic medicines for patients suffering from serious diseases in the United States. It develops BEAM-101 for the treatment of sickle cell disease or beta-thalassemia; and BEAM-302, a liver-targeting LNP formulation to treat severe alpha-1 antitrypsin deficiency; BEAM-201, an anti-CD7 CAR-T product candidate, which is in Phase 1/2 clinical trials for the treatment of refractory T-cell acute lymphoblastic leukemia/T cell lymphoblastic lymphoma; and BEAM-301, a liver-targeting LNP formulation for the treatment of glycogen storage disease 1a.

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