Beam Therapeutics (NASDAQ:BEAM) Upgraded to “Strong-Buy” at Canaccord Genuity Group

Beam Therapeutics (NASDAQ:BEAM) was upgraded by stock analysts at Canaccord Genuity Group to a “strong-buy” rating in a research note issued on Friday,Zacks.com reports.

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

Beam Therapeutics Price Performance

Beam Therapeutics stock opened at $27.59 on Friday. The firm’s 50 day simple moving average is $28.60 and its 200-day simple moving average is $24.73. The company has a market cap of $2.80 billion, a P/E ratio of -6.23 and a beta of 2.12. Beam Therapeutics has a fifty-two week low of $13.52 and a fifty-two week high of $36.44.

Insider Buying and Selling at Beam Therapeutics

In related news, insider Christine Bellon sold 18,629 shares of Beam Therapeutics stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $34.61, for a total value of $644,749.69. Following the completion of the sale, the insider owned 97,038 shares of the company’s stock, valued at approximately $3,358,485.18. The trade was a 16.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Hedge funds have recently bought and sold shares of the business. Bank Julius Baer & Co. Ltd Zurich bought a new position in Beam Therapeutics during the fourth quarter valued at about $47,000. Larson Financial Group LLC increased its holdings in shares of Beam Therapeutics by 4,370.5% during the 3rd quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock valued at $48,000 after acquiring an additional 1,923 shares during the last quarter. Kestra Advisory Services LLC bought a new position in shares of Beam Therapeutics in the 4th quarter valued at approximately $59,000. Van ECK Associates Corp lifted its holdings in Beam Therapeutics by 48.7% in the 3rd 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 last quarter. Finally, Leonteq Securities AG bought a new stake in Beam Therapeutics during the fourth quarter worth approximately $66,000. 99.68% of the stock is owned by institutional investors and hedge funds.

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.