Beam Therapeutics (NASDAQ:BEAM) Receives Buy Rating from Bank of America

Bank of America reaffirmed their buy rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a report published on Wednesday,Benzinga reports. The brokerage currently has a $47.00 price objective on the stock.

Several other brokerages have also issued reports on BEAM. Tudor Pickering set a $39.00 price objective on Beam Therapeutics in a report on Wednesday, May 13th. Sanford C. Bernstein lowered 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. Citigroup boosted their target price on Beam Therapeutics from $64.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, March 26th. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research report on Tuesday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $46.85.

Beam Therapeutics Stock Down 2.7%

Beam Therapeutics stock opened at $36.88 on Wednesday. The firm has a market cap of $3.79 billion, a PE ratio of -54.23 and a beta of 2.18. The company has a debt-to-equity ratio of 0.09, a quick ratio of 16.99 and a current ratio of 16.99. The firm’s 50 day moving average price is $31.55 and its two-hundred day moving average price is $29.16. Beam Therapeutics has a twelve month low of $15.60 and a twelve month high of $38.26.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Thursday, May 7th. The company reported ($0.91) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $31.74 million during the quarter, compared to the consensus estimate of $10.98 million. During the same quarter in the prior year, the firm earned ($1.23) EPS. The company’s revenue was up 323.2% compared to the same quarter last year. On average, research analysts predict that Beam Therapeutics will post -4.16 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Fmr Llc sold 251,488 shares of Beam Therapeutics stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $35.26, for a total value of $8,867,466.88. Following the transaction, the insider owned 854,583 shares of the company’s stock, valued at $30,132,596.58. This trade represents a 22.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Hollencrest Capital Management bought a new stake in Beam Therapeutics during the first quarter valued at about $43,000. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of Beam Therapeutics in the fourth quarter valued at about $47,000. Larson Financial Group LLC increased its stake in shares of Beam Therapeutics by 4,370.5% in the third quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock worth $48,000 after purchasing an additional 1,923 shares during the period. Van ECK Associates Corp increased its stake in shares of Beam Therapeutics by 48.7% in the third quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after purchasing an additional 707 shares during the period. Finally, Kestra Advisory Services LLC acquired a new position in shares of Beam Therapeutics during the 4th quarter worth about $59,000. Institutional investors 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.