Wedbush Reiterates “Outperform” Rating for Beam Therapeutics (NASDAQ:BEAM)

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Wedbush in a note issued to investors on Monday,RTT News reports. They presently have a $57.00 price objective on the stock. Wedbush’s target price points to a potential upside of 115.75% from the stock’s current price.

A number of other brokerages have also recently issued reports on BEAM. Guggenheim reiterated a “buy” rating and set a $78.00 target price on shares of Beam Therapeutics in a research report on Thursday, February 27th. Sanford C. Bernstein upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Royal Bank of Canada increased their target price on shares of Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 26th. Cantor Fitzgerald upgraded shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research report on Wednesday, January 29th. Finally, HC Wainwright reiterated a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a research report on Friday, February 28th. Two analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Beam Therapeutics presently has an average rating of “Buy” and an average price target of $50.82.

Beam Therapeutics Stock Performance

Shares of BEAM stock opened at $26.42 on Monday. Beam Therapeutics has a 52-week low of $20.84 and a 52-week high of $37.49. The stock has a market cap of $2.21 billion, a price-to-earnings ratio of -15.01 and a beta of 1.91. The firm has a fifty day moving average of $27.05 and a 200-day moving average of $26.03.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.25) by $0.16. The company had revenue of $30.00 million during the quarter, compared to analysts’ expectations of $16.47 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business’s revenue was down 90.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.73 EPS. On average, sell-side analysts predict that Beam Therapeutics will post -4.57 earnings per share for the current year.

Insider Activity

In other news, insider Christine Bellon sold 1,241 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total value of $30,627.88. Following the transaction, the insider now owns 102,968 shares of the company’s stock, valued at approximately $2,541,250.24. This trade represents a 1.19 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO John M. Evans sold 30,000 shares of the firm’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $26.75, for a total transaction of $802,500.00. Following the completion of the transaction, the chief executive officer now directly owns 908,659 shares in the company, valued at $24,306,628.25. This trade represents a 3.20 % decrease in their position. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Farallon Capital Management LLC boosted its stake in Beam Therapeutics by 0.4% during the 4th quarter. Farallon Capital Management LLC now owns 8,239,123 shares of the company’s stock worth $204,330,000 after acquiring an additional 31,000 shares during the last quarter. ARK Investment Management LLC boosted its stake in Beam Therapeutics by 8.2% during the 4th quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company’s stock worth $175,287,000 after acquiring an additional 536,930 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in Beam Therapeutics by 11.4% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock worth $98,149,000 after acquiring an additional 404,782 shares during the last quarter. Nikko Asset Management Americas Inc. boosted its stake in Beam Therapeutics by 11.4% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company’s stock worth $98,109,000 after acquiring an additional 404,782 shares during the last quarter. Finally, State Street Corp boosted its stake in Beam Therapeutics by 12.5% during the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company’s stock worth $96,274,000 after acquiring an additional 437,402 shares during the last quarter. 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.