Beam Therapeutics (NASDAQ:BEAM) Earns Buy Rating from Analysts at Canaccord Genuity Group

Canaccord Genuity Group began coverage on shares of Beam Therapeutics (NASDAQ:BEAM) in a research report sent to investors on Friday, Marketbeat reports. The firm issued a buy rating and a $74.00 price target on the stock.

Several other brokerages also recently weighed in on BEAM. Tudor Pickering set a $41.00 target price on shares of Beam Therapeutics in a research note on Wednesday, January 21st. Evercore initiated coverage on Beam Therapeutics in a research note on Monday, November 24th. They set an “outperform” rating and a $35.00 target price on the stock. Sanford C. Bernstein upped their target price on Beam Therapeutics from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Tuesday, January 20th. Wall Street Zen downgraded Beam Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, February 8th. Finally, Benchmark restated a “speculative buy” rating on shares of Beam Therapeutics in a report on Monday, November 17th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Beam Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $45.69.

Beam Therapeutics Price Performance

BEAM opened at $27.59 on Friday. The firm has a market capitalization of $2.80 billion, a PE ratio of -6.23 and a beta of 2.12. The business’s 50-day moving average is $28.60 and its two-hundred day moving average is $24.81. Beam Therapeutics has a 1 year low of $13.52 and a 1 year high of $36.44.

Insider Buying and Selling

In other Beam Therapeutics news, insider Christine Bellon sold 18,629 shares of the firm’s stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $34.61, for a total value of $644,749.69. Following the completion of the transaction, the insider directly owned 97,038 shares in the company, valued at $3,358,485.18. This trade represents a 16.11% 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. Company insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Institutional investors have recently bought and sold shares of the business. ARK Investment Management LLC boosted its stake in shares of Beam Therapeutics by 24.8% during the 3rd quarter. ARK Investment Management LLC now owns 11,038,834 shares of the company’s stock worth $267,913,000 after acquiring an additional 2,190,993 shares during the period. Contrarius Group Holdings Ltd bought a new position in Beam Therapeutics during the third quarter worth $37,212,000. MWG Caph Ltd acquired a new position in shares of Beam Therapeutics in the fourth quarter valued at $35,119,000. State Street Corp increased its holdings in shares of Beam Therapeutics by 30.4% in the fourth quarter. State Street Corp now owns 5,228,529 shares of the company’s stock valued at $144,935,000 after purchasing an additional 1,219,871 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Beam Therapeutics by 237.5% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,665,385 shares of the company’s stock valued at $40,419,000 after purchasing an additional 1,171,977 shares during the period. Institutional investors and hedge funds own 99.68% of the company’s stock.

About Beam Therapeutics

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.