Wedbush Reaffirms Outperform Rating for Beam Therapeutics (NASDAQ:BEAM)

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “outperform” rating restated by analysts at Wedbush in a research note issued to investors on Tuesday, RTT News reports. They currently have a $57.00 price target on the stock. Wedbush’s price target indicates a potential upside of 138.19% from the company’s current price.

Other research analysts have also issued research reports about the stock. Barclays dropped their price objective on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a report on Wednesday, August 7th. JPMorgan Chase & Co. raised their price target on shares of Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Royal Bank of Canada reissued a “sector perform” rating and issued a $27.00 price objective on shares of Beam Therapeutics in a research note on Thursday, September 19th. Stifel Nicolaus raised their target price on Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a report on Thursday, August 22nd. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $45.80.

Beam Therapeutics Stock Down 1.8 %

Shares of BEAM stock traded down $0.43 on Tuesday, reaching $23.93. The company had a trading volume of 2,296,826 shares, compared to its average volume of 1,228,745. The business’s 50-day moving average is $24.27 and its 200 day moving average is $24.62. Beam Therapeutics has a one year low of $18.85 and a one year high of $49.50. The stock has a market capitalization of $1.97 billion, a PE ratio of -13.22 and a beta of 1.86.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($1.13) by ($0.04). Beam Therapeutics had a negative net margin of 40.56% and a negative return on equity of 16.22%. The firm had revenue of $14.30 million for the quarter, compared to analyst estimates of $14.52 million. During the same period last year, the business earned ($1.22) EPS. The company’s revenue was down 16.9% compared to the same quarter last year. On average, sell-side analysts forecast that Beam Therapeutics will post -4.6 earnings per share for the current fiscal year.

Insider Transactions at Beam Therapeutics

In related news, President Giuseppe Ciaramella sold 51,110 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $26.27, for a total transaction of $1,342,659.70. Following the sale, the president now owns 160,260 shares in the company, valued at $4,210,030.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO John M. Evans sold 60,000 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $24.60, for a total value of $1,476,000.00. Following the transaction, the chief executive officer now directly owns 938,659 shares in the company, valued at $23,091,011.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $26.27, for a total value of $1,342,659.70. Following the transaction, the president now owns 160,260 shares of the company’s stock, valued at $4,210,030.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 111,784 shares of company stock valued at $2,834,485. Corporate insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Several institutional investors have recently modified their holdings of the business. Fairfield Financial Advisors LTD purchased a new stake in shares of Beam Therapeutics during the 2nd quarter worth approximately $26,000. Blue Trust Inc. grew its holdings in Beam Therapeutics by 2,648.4% during the second quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock valued at $40,000 after purchasing an additional 1,642 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in Beam Therapeutics by 21.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock worth $75,000 after buying an additional 524 shares during the last quarter. National Bank of Canada FI raised its stake in shares of Beam Therapeutics by 200.0% in the second quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock valued at $69,000 after buying an additional 2,000 shares during the period. Finally, Quarry LP lifted its position in shares of Beam Therapeutics by 350.0% during the 2nd quarter. Quarry LP now owns 3,600 shares of the company’s stock valued at $84,000 after buying an additional 2,800 shares during the last quarter. 99.68% of the stock is owned by institutional investors.

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.