Beam Therapeutics Price Target Raised by Scotiabank

Beam Therapeutics (NASDAQ:BEAM) saw its price target increase from $24.00 to $25.00 as announced by analyst firm Scotiabank in a report released on Monday. Along with this change, the firm maintained a "sector perform" rating for the stock. Scotiabank's new price target indicates a potential downside of approximately 4.79% based on the stock's current price.

Several other analysts have shared their insights on Beam Therapeutics recently. For instance, Wedbush reaffirmed an "outperform" rating with a target price of $57.00 on January 13. Similarly, Cantor Fitzgerald upgraded the company's rating from "neutral" to "overweight" on January 29. In an earlier report dated November 6, Leerink Partners raised their projection for Beam's price from $27.00 to $39.00 while upgrading its rating to "outperform." Additionally, HC Wainwright maintained a "buy" rating with a target price of $80.00, and Guggenheim reiterated a "buy" with a target of $78.00. Overall, there are three analysts with a hold rating on the stock, while eight have recommended buying, and two have given it a strong buy rating. MarketBeat indicates that Beam Therapeutics holds an average rating of "Moderate Buy" and has a consensus price target of $51.00.

Latest Stock Trends

On Monday, Beam Therapeutics shares traded down 0.3%, falling by $0.08 to reach $26.26. The trading volume was around 60,437 shares, significantly lower than its average trading volume of 1,266,336 shares. The stock's performance over the past months shows that it has a 50-day moving average of $27.18 and a 200-day moving average of $25.96. Over the last year, Beam's stock has recorded a low of $20.84 and a high of $40.65. The company's market cap stands at $2.20 billion, with a PE ratio of -14.86 and a beta of 1.92.

Financial Performance

In its last earnings report, which was released on February 25, Beam Therapeutics announced earnings per share (EPS) of ($1.09), which surpassed analysts' expectations of ($1.25) per share by $0.16. The company's revenue for the quarter was $30 million, outpacing projections of $16.47 million. Although the revenue showed impressive growth compared to estimates, it still reflected a 90.5% decline year-over-year. During the same quarter the previous year, the company reported an EPS of $1.73. Analysts predict that Beam Therapeutics will post an EPS of -4.57 for the current fiscal year.

Insider Transactions

Recently, there have been notable insider activities as well. Insider Christine Bellon sold 1,241 shares on January 2, receiving an average price of $24.68 per share, amounting to a total of $30,627.88. Consequently, she now holds 102,968 shares of the company, valued at approximately $2.54 million, marking a 1.19% decrease in her ownership. Furthermore, CEO John M. Evans sold 30,000 shares on January 30 for an average price of $26.75, totaling $802,500.00. Following this sale, he holds roughly 908,659 shares valued at $24.31 million, reflecting a 3.20% decrease in his position. It is worth noting that insiders currently own about 4.20% of Beam Therapeutics stock.

Institutional Investor Activities

In recent months, institutional investors have adjusted their holdings in Beam Therapeutics. Wealthfront Advisers LLC established a new position in the company during the fourth quarter, investing approximately $41,000. GF Fund Management CO. LTD. also acquired a new stake valued at about $43,000. Meanwhile, Sterling Capital Management LLC increased its holdings by 816.0%, bringing its total to 2,409 shares worth approximately $60,000. Mirae Asset Global Investments Co. Ltd. expanded its stake by 21.3%, now owning 2,981 shares valued at around $75,000. Lastly, KBC Group NV increased its ownership by 103.2%, currently holding 4,143 shares worth $103,000. Institutional investors now control around 99.68% of the company's shares.

Company Overview

Beam Therapeutics Inc is a biotechnology firm focused on creating precision genetic medicines for serious diseases in the United States. The company's product development pipeline includes BEAM-101, targeted for treating sickle cell disease or beta-thalassemia, BEAM-302, aimed at addressing severe alpha-1 antitrypsin deficiency, BEAM-201, an anti-CD7 CAR-T candidate in Phase 1/2 trials for refractory T-cell acute lymphoblastic leukemia, and BEAM-301, which is designed for treating glycogen storage disease type 1a.

Beam, Scotiabank, Stock