Beam Therapeutics’ (BEAM) “Outperform” Rating Reaffirmed at Wedbush

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “outperform” rating reissued by stock analysts at Wedbush in a research report issued on Tuesday, RTT News reports. They presently have a $57.00 price target on the stock. Wedbush’s price target suggests a potential upside of 114.12% from the company’s current price.

Several other brokerages also recently weighed in on BEAM. Scotiabank assumed coverage on shares of Beam Therapeutics in a report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price target on the stock. JPMorgan Chase & Co. increased their price objective on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Stifel Nicolaus boosted their target price on shares of Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Royal Bank of Canada reiterated a “sector perform” rating and set a $27.00 price objective on shares of Beam Therapeutics in a research note on Thursday, September 19th. Finally, HC Wainwright reissued a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a report on Thursday, August 22nd. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $44.91.

Beam Therapeutics Trading Up 11.2 %

NASDAQ BEAM opened at $26.62 on Tuesday. Beam Therapeutics has a 12-month low of $18.85 and a 12-month high of $49.50. The company has a fifty day simple moving average of $24.24 and a two-hundred day simple moving average of $24.64. The stock has a market cap of $2.19 billion, a P/E ratio of -14.71 and a beta of 1.86.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). The firm had revenue of $14.30 million during the quarter, compared to analysts’ expectations of $14.52 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The business’s revenue was down 16.9% on a year-over-year basis. During the same quarter last year, the business earned ($1.22) EPS. As a group, sell-side analysts forecast that Beam Therapeutics will post -4.6 earnings per share for the current year.

Insider Activity

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

Hedge Funds Weigh In On Beam Therapeutics

A number of hedge funds have recently made changes to their positions in the company. Fairfield Financial Advisors LTD acquired a new stake in shares of Beam Therapeutics in the second quarter worth approximately $26,000. Blue Trust Inc. lifted its holdings in Beam Therapeutics by 2,648.4% in the 2nd 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 in the last quarter. National Bank of Canada FI boosted its stake in Beam Therapeutics by 200.0% during the 2nd quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock worth $69,000 after purchasing an additional 2,000 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Beam Therapeutics by 21.3% during 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 in the last quarter. Finally, Quarry LP raised its position in shares of Beam Therapeutics by 350.0% in the second 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. Institutional investors and hedge funds 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.