Beam Therapeutics (NASDAQ:BEAM) Price Target Cut to $24.00 by Analysts at Royal Bank of Canada

Beam Therapeutics (NASDAQ:BEAM) had its price target decreased by Royal Bank of Canada from $27.00 to $24.00 in a research report released on Wednesday,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the stock.

Several other analysts also recently commented on the stock. HC Wainwright reiterated a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research report on Thursday, August 22nd. JPMorgan Chase & Co. upped their price objective on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Barclays cut their price objective on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 7th. Scotiabank began coverage on shares of Beam Therapeutics in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 price objective for the company. Finally, Wedbush restated an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research report on Tuesday. Four equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.91.

Beam Therapeutics Stock Performance

BEAM stock traded up $0.96 during midday trading on Wednesday, reaching $27.06. 1,266,095 shares of the company were exchanged, compared to its average volume of 1,231,241. Beam Therapeutics has a 1-year low of $18.85 and a 1-year high of $49.50. The stock’s 50-day simple moving average is $24.23 and its 200 day simple moving average is $24.67. The company has a market cap of $2.23 billion, a price-to-earnings ratio of -14.95 and a beta of 1.86.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing the consensus estimate of ($1.16) by ($0.01). Beam Therapeutics had a negative net margin of 40.56% and a negative return on equity of 16.22%. The business had revenue of $14.30 million during the quarter, compared to analysts’ expectations of $14.52 million. During the same quarter last year, the company earned ($1.22) EPS. The firm’s revenue for the quarter was down 16.9% compared to the same quarter last year. On average, research analysts anticipate that Beam Therapeutics will post -4.6 earnings per share for the current year.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, President Giuseppe Ciaramella sold 51,110 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $26.27, for a total transaction of $1,342,659.70. Following the sale, the president now directly owns 160,260 shares of the company’s stock, valued at $4,210,030.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Beam Therapeutics news, President Giuseppe Ciaramella sold 51,110 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $26.27, for a total transaction of $1,342,659.70. Following the sale, the president now directly owns 160,260 shares of the company’s stock, valued at $4,210,030.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the sale, the chief executive officer now directly owns 938,659 shares in the company, valued at $23,091,011.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 162,894 shares of company stock valued at $4,181,745. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Fairfield Financial Advisors LTD acquired a new stake in Beam Therapeutics in the second quarter valued at approximately $26,000. Blue Trust Inc. grew its position in shares of Beam Therapeutics by 2,648.4% during the second quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock worth $40,000 after buying an additional 1,642 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Beam Therapeutics by 21.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock worth $75,000 after buying an additional 524 shares in the last quarter. National Bank of Canada FI grew its position in shares of Beam Therapeutics by 200.0% during the second quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock worth $69,000 after buying an additional 2,000 shares in the last quarter. Finally, Quarry LP grew its position in shares of Beam Therapeutics by 350.0% during the second quarter. Quarry LP now owns 3,600 shares of the company’s stock worth $84,000 after buying an additional 2,800 shares in the last quarter. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Beam Therapeutics Company Profile

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.