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

Key Points

• Beam Therapeutics has received a "Buy" rating from HC Wainwright, with a price target of $80.00, indicating a potential upside of 187.05% from its previous close.
• The company reported a quarterly loss of ($1.00) EPS, beating estimates slightly, but revenue was 28.0% lower compared to the same quarter last year.
• Recent rating changes from various brokerages include a downgrade to "sell" from Wall Street Zen and a "strong buy" rating from Cantor Fitzgerald, with an average consensus rating of "Moderate Buy".

Beam Therapeutics (NASDAQ:BEAM - Get Free Report)'s stock had its "buy" rating reaffirmed by stock analysts at HC Wainwright in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $80.00 price objective on the stock. HC Wainwright's price target points to a potential upside of 187.05% from the stock's previous close.

Several other brokerages also recently commented on BEAM. Wall Street Zen downgraded Beam Therapeutics from a "hold" rating to a "sell" rating in a research note on Sunday, September 14th. Cantor Fitzgerald raised Beam Therapeutics to a "strong-buy" rating in a research note on Monday, July 21st. Jefferies Financial Group began coverage on Beam Therapeutics in a research note on Thursday. They issued a "buy" rating and a $41.00 price objective for the company. Barclays lowered their price objective on 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. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Beam Therapeutics in a research note on Wednesday. Three equities research analysts have rated the stock with a Strong Buy rating, nine have given 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 currently has an average rating of "Moderate Buy" and an average target price of $45.91.

Beam Therapeutics Stock Up 3.2%

BEAM stock opened at $27.87 on Friday. The company has a market cap of $2.82 billion, a PE ratio of -6.19 and a beta of 2.25. The business has a 50-day simple moving average of $20.39 and a 200 day simple moving average of $19.04. Beam Therapeutics has a 52 week low of $13.52 and a 52 week high of $35.25.

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

Insider Buying and Selling

In other Beam Therapeutics news, insider Fmr Llc sold 48,374 shares of the stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total transaction of $991,667.00. Following the transaction, the insider directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 3.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Beam Therapeutics

A number of institutional investors have recently modified their holdings of BEAM. Allworth Financial LP raised its position in Beam Therapeutics by 7,080.0% in the 2nd quarter. Allworth Financial LP now owns 2,513 shares of the company's stock valued at $43,000 after buying an additional 2,478 shares during the last quarter. CWM LLC raised its position in Beam Therapeutics by 79.8% in the 1st quarter. CWM LLC now owns 2,684 shares of the company's stock valued at $52,000 after buying an additional 1,191 shares during the last quarter. Amalgamated Bank raised its position in Beam Therapeutics by 20.4% in the 1st quarter. Amalgamated Bank now owns 3,153 shares of the company's stock valued at $62,000 after buying an additional 534 shares during the last quarter. Daiwa Securities Group Inc. raised its position in Beam Therapeutics by 1,248.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company's stock valued at $65,000 after buying an additional 3,534 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of 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 valued at $66,000 after purchasing an additional 1,175 shares during the last quarter. 99.68% of the stock is owned by institutional investors and hedge funds.

About Beam Therapeutics

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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