Beam Therapeutics (NASDAQ:BEAM) Given “Outperform” Rating at Wedbush

Wedbush reiterated their outperform rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a research note published on Monday morning,RTT News reports. The brokerage currently has a $57.00 price objective on the stock.

BEAM has been the subject of a number of other reports. Scotiabank began coverage on Beam Therapeutics in a report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price target for the company. Leerink Partnrs upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Royal Bank of Canada dropped their price target on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a report on Monday. Finally, Leerink Partners raised shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $27.00 to $39.00 in a research note on Wednesday, November 6th. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $46.40.

Beam Therapeutics Price Performance

Shares of Beam Therapeutics stock opened at $27.51 on Monday. The stock has a market cap of $2.28 billion, a PE ratio of -15.63 and a beta of 1.90. The firm has a fifty day moving average price of $24.85 and a 200 day moving average price of $25.17. Beam Therapeutics has a 1 year low of $20.84 and a 1 year high of $49.50.

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 analysts’ consensus estimates of ($1.16) by ($0.01). The company had revenue of $14.30 million for the quarter, compared to analysts’ expectations of $14.52 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business’s quarterly revenue was down 16.9% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.22) EPS. As a group, equities analysts expect that Beam Therapeutics will post -4.62 EPS for the current year.

Insider Buying and Selling

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction on Monday, September 30th. The shares were sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the sale, the chief executive officer now owns 938,659 shares of the company’s stock, valued at $23,091,011.40. The trade was a 6.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Giuseppe Ciaramella sold 51,110 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $26.36, for a total transaction of $1,347,259.60. Following the sale, the president now directly owns 109,150 shares of the company’s stock, valued at $2,877,194. The trade was a 31.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 162,894 shares of company stock worth $4,181,745 in the last 90 days. Insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of BEAM. Arizona State Retirement System raised its holdings in Beam Therapeutics by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 19,431 shares of the company’s stock valued at $455,000 after acquiring an additional 392 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Beam Therapeutics by 2.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,396 shares of the company’s stock valued at $524,000 after purchasing an additional 516 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of 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 valued at $75,000 after purchasing an additional 524 shares during the last quarter. GAMMA Investing LLC lifted its position in Beam Therapeutics by 13.3% during the third quarter. GAMMA Investing LLC now owns 4,620 shares of the company’s stock worth $113,000 after buying an additional 544 shares in the last quarter. Finally, Green Alpha Advisors LLC boosted its stake in Beam Therapeutics by 5.9% during the third quarter. Green Alpha Advisors LLC now owns 12,475 shares of the company’s stock worth $306,000 after buying an additional 698 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

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.