Beam Therapeutics (NASDAQ:BEAM) Rating Reiterated by Wedbush

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “outperform” rating reiterated by analysts at Wedbush in a report released on Tuesday, RTT News reports. They presently have a $57.00 price target on the stock. Wedbush’s price target would indicate a potential upside of 156.29% from the company’s previous close.

Several other analysts have also commented on the company. Barclays raised their target price on Beam Therapeutics from $26.00 to $42.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 28th. BMO Capital Markets reissued an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Wednesday, March 27th. Royal Bank of Canada raised their price objective on Beam Therapeutics from $27.00 to $35.00 and gave the company a “sector perform” rating in a report on Wednesday, February 28th. JPMorgan Chase & Co. raised Beam Therapeutics from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $38.00 to $40.00 in a report on Monday, January 29th. Finally, TheStreet raised Beam Therapeutics from a “d” rating to a “c-” rating in a report on Monday, March 11th. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $40.18.

Beam Therapeutics Stock Down 1.3 %

Beam Therapeutics stock opened at $22.24 on Tuesday. The firm has a market cap of $1.83 billion, a price-to-earnings ratio of -11.71 and a beta of 1.88. Beam Therapeutics has a 52 week low of $16.95 and a 52 week high of $49.50. The business’s 50-day moving average price is $29.84 and its 200 day moving average price is $28.16.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, May 7th. The company reported ($1.21) EPS for the quarter, topping the consensus estimate of ($1.42) by $0.21. The firm had revenue of $7.40 million for the quarter, compared to analyst estimates of $17.09 million. Beam Therapeutics had a negative return on equity of 15.90% and a negative net margin of 35.09%. Beam Therapeutics’s revenue for the quarter was down 69.4% compared to the same quarter last year. During the same period last year, the company earned ($1.33) earnings per share. Equities analysts expect that Beam Therapeutics will post -5.53 EPS for the current year.

Insider Transactions at Beam Therapeutics

In other news, insider Amy Simon sold 7,157 shares of Beam Therapeutics stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $32.13, for a total value of $229,954.41. Following the sale, the insider now directly owns 86,590 shares of the company’s stock, valued at $2,782,136.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Amy Simon sold 7,157 shares of Beam Therapeutics stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $32.13, for a total transaction of $229,954.41. Following the transaction, the insider now owns 86,590 shares in the company, valued at $2,782,136.70. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Terry-Ann Burrell sold 5,446 shares of Beam Therapeutics stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $32.12, for a total value of $174,925.52. Following the transaction, the chief financial officer now owns 70,137 shares in the company, valued at approximately $2,252,800.44. The disclosure for this sale can be found here. Insiders have sold 96,804 shares of company stock valued at $3,211,869 over the last ninety days. Insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Riverview Trust Co purchased a new position in Beam Therapeutics during the first quarter worth approximately $26,000. First Horizon Advisors Inc. raised its position in Beam Therapeutics by 125.9% in the fourth quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock valued at $27,000 after purchasing an additional 554 shares during the period. Allworth Financial LP raised its position in Beam Therapeutics by 163.7% in the third quarter. Allworth Financial LP now owns 1,105 shares of the company’s stock valued at $27,000 after purchasing an additional 686 shares during the period. National Bank of Canada FI raised its position in Beam Therapeutics by 200.0% in the fourth quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $41,000 after purchasing an additional 1,000 shares during the period. Finally, PNC Financial Services Group Inc. raised its position in Beam Therapeutics by 144.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock valued at $43,000 after purchasing an additional 923 shares during the period. Hedge funds and other institutional investors own 99.68% of the company’s stock.

About Beam Therapeutics

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.