Beam Therapeutics (NASDAQ:BEAM) Receives "Buy" Rating from HC Wainwright

Beam Therapeutics (NASDAQ:BEAM) recently had its "buy" rating reaffirmed by analysts at HC Wainwright, according to a report published on Friday. The analysts also set a target price of $80.00 for the stock. This target suggests a remarkable potential upside of approximately 194.74% compared to its current trading price.

A variety of other analysts have also shared their perspectives on Beam Therapeutics. For instance, Cantor Fitzgerald upgraded their rating from "neutral" to "overweight" in a research note published on January 29. Meanwhile, the Royal Bank of Canada raised its price target for the stock from $24.00 to $26.00 and assigned it a "sector perform" rating. Guggenheim, on the other hand, reiterated a "buy" rating and set a target price of $78.00. Additionally, Wedbush maintained an "outperform" rating with a $57.00 target price, while Leerink Partners elevated Beam's rating from "market perform" to "outperform," increasing their price goal from $27.00 to $39.00. Currently, two analysts have rated Beam with a hold, nine have given it a buy rating, and two have assigned a strong buy. According to MarketBeat, Beam Therapeutics enjoys an average rating of "buy" with a consensus target price sitting at $50.90.

Latest Stock Performance

Beam Therapeutics' shares saw a slight increase of 0.1% recently. As of the last trading day, the stock opened at $27.14. Over the past year, Beam's stock has reached a low of $20.84 and a high of $45.05. The current fifty-day moving average is $27.23, while the 200-day moving average stands at $25.92. The company has a market capitalization of $2.25 billion, with a price-to-earnings ratio of -15.10 and a beta of 1.92.

Earnings Outlook

On February 25, Beam Therapeutics released its latest earnings results, reporting a loss of ($1.09) earnings per share (EPS) for the quarter. This performance exceeded the consensus estimate of ($1.25) by $0.16. The company's revenue for the quarter amounted to $30.00 million, surpassing the expected $16.47 million. Beam Therapeutics experienced a negative net margin of 41.07% and a return on equity of -16.22%. Revenue dropped 90.5% year-over-year, with the prior year reflecting earnings of $1.73 EPS. Analysts predict that Beam Therapeutics will record an EPS of -4.57 for the current fiscal year.

Insider Transactions

There have been notable transactions involving Beam Therapeutics' insiders recently. On January 30, CEO John M. Evans sold 30,000 shares at an average price of $26.75, amounting to approximately $802,500. Post-sale, he retains 908,659 shares valued roughly at $24.3 million, which marks a 3.20% reduction in his ownership. Additionally, insider Christine Bellon sold 1,241 shares at an average price of $24.68, totaling about $30,627. Following this, she owns 102,968 shares valued at approximately $2.54 million. In total, corporate insiders hold 4.20% of the company's stock.

Institutional Investments

Several institutional investors and hedge funds have adjusted their holdings in Beam Therapeutics recently. For example, Horizon Kinetics Asset Management increased its stake by 4.4% in the fourth quarter, owning a total of 9,597 shares now valued at $238,000. Similarly, Summit Investment Advisors raised their position by 6.6%, bringing their holding to 7,999 shares worth $198,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake by 2.5%, owning 21,396 shares valued at $524,000. Overall, an impressive 99.68% of Beam Therapeutics' stock is held by hedge funds and institutional investors.

Company Overview

Beam Therapeutics Inc. is a biotechnology company engaged in developing precision genetic medicines targeting serious diseases in the U.S. Its product pipeline includes BEAM-101 for sickle cell disease and beta-thalassemia, BEAM-302 for severe alpha-1 antitrypsin deficiency, an anti-CD7 CAR-T candidate in phase 1/2 trials for refractory T-cell leukemia and lymphoma, and BEAM-301, aimed at treating glycogen storage disease 1a.

Beam, Therapeutics, Stock