HC Wainwright Reaffirms "Buy" Rating for Beam Therapeutics (NASDAQ:BEAM)

Key Points

• HC Wainwright has reaffirmed its "Buy" rating for Beam Therapeutics (NASDAQ: BEAM), with a target price of $80.00, suggesting a potential upside of 288.35% from its previous close.
• Beam Therapeutics reported a loss of ($1.00) earnings per share for the last quarter, beating expectations slightly and indicating a significant decline in revenue of 28.0% year-over-year.
• Insider trading activity has been notable, with a major insider selling 48,374 shares, reducing their stake by 2.28%, amid mixed ratings from several analysts regarding the stock's future prospects.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report)'s stock had its "buy" rating reissued by equities research analysts at HC Wainwright in a research note issued to investors on Monday,Benzinga reports. They currently have a $80.00 target price on the stock. HC Wainwright's price target points to a potential upside of 288.35% from the company's previous close.

Several other equities analysts have also weighed in on the company. Cantor Fitzgerald raised Beam Therapeutics to a "strong-buy" rating in a research note on Monday, July 21st. Barclays cut their target price on Beam Therapeutics from $25.00 to $21.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 6th. Finally, Wall Street Zen lowered Beam Therapeutics from a "hold" rating to a "sell" rating in a research note on Sunday. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $46.40.

Beam Therapeutics Stock Down 4.4%

Shares of BEAM opened at $20.60 on Monday. Beam Therapeutics has a 12-month low of $13.52 and a 12-month high of $35.25. The firm has a market capitalization of $2.08 billion, a PE ratio of -4.58 and a beta of 2.14. The stock's fifty day simple moving average is $19.00 and its 200-day simple moving average is $19.07.

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

Insiders Place Their Bets

In other Beam Therapeutics news, insider Fmr Llc sold 48,374 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total value of $991,667.00. Following the completion of the transaction, the insider directly owned 2,073,665 shares in the company, valued at $42,510,132.50. This trade represents a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold 49,624 shares of company stock valued at $1,015,628 in the last ninety days. 3.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of BEAM. BNP Paribas Financial Markets bought a new position in Beam Therapeutics in the fourth quarter valued at approximately $237,000. Deutsche Bank AG boosted its stake in shares of Beam Therapeutics by 54.7% during the 4th quarter. Deutsche Bank AG now owns 67,508 shares of the company's stock worth $1,674,000 after acquiring an additional 23,871 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Beam Therapeutics by 3.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 162,407 shares of the company's stock worth $4,030,000 after acquiring an additional 6,128 shares during the period. ProShare Advisors LLC boosted its stake in shares of Beam Therapeutics by 31.7% during the 4th quarter. ProShare Advisors LLC now owns 25,446 shares of the company's stock worth $631,000 after acquiring an additional 6,127 shares during the period. Finally, Point72 Asset Management L.P. bought a new position in shares of Beam Therapeutics during the 4th quarter worth approximately $4,795,000. 99.68% of the stock is currently owned by institutional investors.

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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