Beam Therapeutics (NASDAQ:BEAM) Receives Outperform Rating from Wedbush

Wedbush reaffirmed their outperform rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a report published on Tuesday morning, Benzinga reports. The brokerage currently has a $57.00 price objective on the stock.

Several other equities research analysts have also commented on the stock. BMO Capital Markets reiterated an outperform rating and set a $57.00 price target on shares of Beam Therapeutics in a research note on Wednesday, March 27th. TheStreet upgraded shares of Beam Therapeutics from a d rating to a c- rating in a research note on Monday, March 11th. JPMorgan Chase & Co. upgraded shares of Beam Therapeutics from a neutral rating to an overweight rating and lifted their price target for the stock from $38.00 to $40.00 in a research note on Monday, January 29th. Barclays lifted their price target on shares of Beam Therapeutics from $26.00 to $42.00 and gave the stock an equal weight rating in a research note on Wednesday, February 28th. Finally, Royal Bank of Canada lifted their price objective on shares of Beam Therapeutics from $27.00 to $35.00 and gave the company a sector perform rating in a research note on Wednesday, February 28th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $41.00.

Beam Therapeutics Stock Down 2.6 %

Shares of BEAM stock opened at $23.47 on Tuesday. Beam Therapeutics has a 52 week low of $16.95 and a 52 week high of $49.50. The stock has a market capitalization of $1.92 billion, a PE ratio of -12.35 and a beta of 1.77. The firm has a 50 day moving average of $32.67 and a two-hundred day moving average of $28.13.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $1.73 EPS for the quarter, beating the consensus estimate of ($0.69) by $2.42. The company had revenue of $316.20 million during the quarter, compared to analysts’ expectations of $34.16 million. Beam Therapeutics had a negative net margin of 35.09% and a negative return on equity of 15.90%. The firm’s revenue was up 1481.0% compared to the same quarter last year. During the same quarter last year, the company posted ($0.54) EPS. Analysts expect that Beam Therapeutics will post -5.53 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO John M. Evans sold 60,000 shares of the stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $25.33, for a total value of $1,519,800.00. Following the sale, the chief executive officer now owns 1,058,262 shares of the company’s stock, valued at approximately $26,805,776.46. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Beam Therapeutics news, CEO John M. Evans sold 18,102 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $32.13, for a total transaction of $581,617.26. Following the transaction, the chief executive officer now owns 1,058,343 shares of the company’s stock, valued at approximately $34,004,560.59. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $25.33, for a total transaction of $1,519,800.00. Following the transaction, the chief executive officer now owns 1,058,262 shares of the company’s stock, valued at approximately $26,805,776.46. The disclosure for this sale can be found here. Insiders have sold a total of 156,804 shares of company stock valued at $4,731,669 in the last quarter. Company insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Large investors have recently made changes to their positions in the business. ARK Investment Management LLC boosted its holdings in shares of Beam Therapeutics by 6.9% in the fourth quarter. ARK Investment Management LLC now owns 9,393,889 shares of the company’s stock worth $255,702,000 after buying an additional 609,998 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Beam Therapeutics by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 7,164,876 shares of the company’s stock worth $195,028,000 after purchasing an additional 349,906 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Beam Therapeutics by 43.6% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,358,091 shares of the company’s stock worth $64,187,000 after purchasing an additional 715,911 shares during the period. Nikko Asset Management Americas Inc. boosted its holdings in shares of Beam Therapeutics by 43.6% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 2,358,091 shares of the company’s stock worth $64,093,000 after purchasing an additional 715,911 shares during the period. Finally, Baillie Gifford & Co. boosted its holdings in shares of Beam Therapeutics by 67.2% during the third quarter. Baillie Gifford & Co. now owns 875,747 shares of the company’s stock worth $21,062,000 after purchasing an additional 352,014 shares during the period. Institutional investors own 99.68% of the company’s stock.

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.