Beam Therapeutics (NASDAQ:BEAM) Stock Gets Price Target Trim from Canaccord Genuity Group

Beam Therapeutics (NASDAQ:BEAM) had its price objective trimmed by Canaccord Genuity Group from $79.00 to $78.00 in a report published on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities analysts have also recently issued reports on the company. Bank of America reiterated a “buy” rating and issued a $47.00 target price on shares of Beam Therapeutics in a report on Wednesday, July 8th. Wall Street Zen lowered shares of Beam Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Saturday, October 31st. William Blair upgraded shares of Beam Therapeutics to a “strong-buy” rating in a report on Wednesday, September 23rd. HC Wainwright reaffirmed a “buy” rating on shares of Beam Therapeutics in a research note on Tuesday, October 27th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a report on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $47.36.

Beam Therapeutics Stock Up 2.1%

NASDAQ:BEAM traded up $0.54 on Wednesday, hitting $26.41. The stock had a trading volume of 1,984,858 shares, compared to its average volume of 1,916,265. The company has a quick ratio of 14.57, a current ratio of 14.57 and a debt-to-equity ratio of 0.09. Beam Therapeutics has a 52 week low of $20.23 and a 52 week high of $38.26. The business’s fifty day moving average is $25.58 and its 200 day moving average is $28.03. The company has a market cap of $2.73 billion, a PE ratio of -25.39 and a beta of 2.23.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data on Tuesday, November 3rd. The company reported ($1.28) EPS for the quarter, missing the consensus estimate of ($1.17) by ($0.11). Beam Therapeutics had a negative net margin of 54.75% and a negative return on equity of 30.71%. The firm had revenue of $0.31 million for the quarter, compared to the consensus estimate of $8.75 million. During the same quarter in the prior year, the firm earned ($1.10) EPS. The company’s revenue was down 96.8% compared to the same quarter last year. On average, equities research analysts expect that Beam Therapeutics will post -4.65 EPS for the current fiscal year.

Insider Activity

In other news, CEO John Evans sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $23.57, for a total value of $589,250.00. Following the completion of the transaction, the chief executive officer directly owned 1,047,205 shares of the company’s stock, valued at $24,682,621.85. This represents a 2.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Beam Therapeutics

A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in shares of Beam Therapeutics during the 2nd quarter worth approximately $308,796,000. ARCH Venture Management LLC purchased a new position in Beam Therapeutics during the 2nd quarter valued at about $155,771,929. Dimensional Fund Advisors LP grew its stake in Beam Therapeutics by 10.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,154,575 shares of the company’s stock valued at $51,327,000 after acquiring an additional 206,696 shares in the last quarter. ADAR1 Capital Management LLC bought a new position in shares of Beam Therapeutics in the first quarter worth $34,467,000. Finally, Bank of America Corp DE purchased a new stake in shares of Beam Therapeutics in the 2nd quarter valued at about $24,733,000. Hedge funds and other institutional investors own 99.68% of the company’s stock.

About Beam Therapeutics

Beam Therapeutics Inc is a biotechnology company developing precision genetic medicines for patients with serious diseases. The company’s platform uses base editing, a form of gene editing designed to make targeted changes to individual DNA letters without creating double-strand breaks. Beam is also advancing related editing technologies and delivery systems intended to improve the precision and effectiveness of genetic treatments.

Beam’s pipeline includes investigational programs for diseases such as sickle cell disease, beta thalassemia, alpha-1 antitrypsin deficiency and glycogen storage disease type Ia.