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

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “buy” rating reissued by equities researchers at HC Wainwright in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $80.00 price target on the stock. HC Wainwright’s target price would suggest a potential upside of 126.50% from the company’s previous close.

Several other equities research analysts also recently weighed in on BEAM. Tudor Pickering set a $39.00 price target on Beam Therapeutics in a report on Wednesday, May 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Monday, April 20th. Sanford C. Bernstein reduced their target price on Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Finally, Citigroup lifted their target price on Beam Therapeutics from $64.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, March 26th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Beam Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $46.83.

Beam Therapeutics Stock Up 1.5%

Shares of NASDAQ:BEAM opened at $35.32 on Tuesday. Beam Therapeutics has a 12 month low of $15.60 and a 12 month high of $37.30. The firm’s 50-day moving average is $31.17 and its 200 day moving average is $28.99. The company has a current ratio of 16.99, a quick ratio of 16.99 and a debt-to-equity ratio of 0.09.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.91) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.03) by $0.12. Beam Therapeutics had a negative net margin of 39.66% and a negative return on equity of 29.00%. The business had revenue of $31.74 million during the quarter, compared to the consensus estimate of $10.98 million. During the same quarter last year, the firm earned ($1.23) earnings per share. The firm’s quarterly revenue was up 323.2% compared to the same quarter last year. As a group, sell-side analysts expect that Beam Therapeutics will post -4.16 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Beam Therapeutics news, insider Fmr Llc sold 251,488 shares of the company’s stock in a transaction on 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 sale, the insider owned 854,583 shares in the company, valued at $30,132,596.58. This represents a 22.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 3.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Hollencrest Capital Management purchased a new stake in shares of Beam Therapeutics during the 1st quarter worth $43,000. Bank Julius Baer & Co. Ltd Zurich bought a new stake in Beam Therapeutics during the fourth quarter valued at about $47,000. Larson Financial Group LLC grew its stake in Beam Therapeutics by 4,370.5% in the third quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock valued at $48,000 after purchasing an additional 1,923 shares during the last quarter. Van ECK Associates Corp grew its stake in Beam Therapeutics by 48.7% in the third quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock valued at $52,000 after purchasing an additional 707 shares during the last quarter. Finally, Kestra Advisory Services LLC bought a new position in Beam Therapeutics in the fourth quarter worth about $59,000. 99.68% of the stock is owned by 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.