Beam Therapeutics (NASDAQ:BEAM) Receives “Outperform” Rating from Wedbush

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “outperform” rating restated by analysts at Wedbush in a research note issued on Monday,RTT News reports. They presently have a $57.00 price objective on the stock. Wedbush’s price target points to a potential upside of 144.64% from the stock’s previous close.

Several other equities research analysts also recently commented on BEAM. Scotiabank initiated coverage on Beam Therapeutics in a report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 target price on the stock. Sanford C. Bernstein upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. HC Wainwright reaffirmed a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a report on Monday, December 9th. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $27.00 to $39.00 in a report on Wednesday, November 6th. Finally, Leerink Partnrs raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.67.

Beam Therapeutics Stock Down 8.8 %

Shares of BEAM stock opened at $23.30 on Monday. Beam Therapeutics has a fifty-two week low of $20.84 and a fifty-two week high of $49.50. The firm’s 50 day moving average price is $26.72 and its two-hundred day moving average price is $25.70. The stock has a market cap of $1.93 billion, a price-to-earnings ratio of -13.24 and a beta of 1.92.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business had revenue of $14.30 million during the quarter, compared to analysts’ expectations of $14.52 million. During the same period in the prior year, the business posted ($1.22) EPS. The business’s revenue was down 16.9% on a year-over-year basis. On average, equities analysts forecast that Beam Therapeutics will post -4.66 EPS for the current fiscal year.

Insider Transactions at Beam Therapeutics

In related news, insider Christine Bellon sold 1,241 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total transaction of $30,627.88. Following the sale, the insider now owns 102,968 shares in the company, valued at $2,541,250.24. This represents a 1.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $26.36, for a total value of $1,347,259.60. Following the completion of the transaction, the president now owns 109,150 shares of the company’s stock, valued at approximately $2,877,194. The trade was a 31.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers grew its position in shares of Beam Therapeutics by 21.6% during the second quarter. Rhumbline Advisers now owns 132,569 shares of the company’s stock worth $3,106,000 after acquiring an additional 23,565 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Beam Therapeutics by 10.9% during the 2nd quarter. Victory Capital Management Inc. now owns 9,921 shares of the company’s stock valued at $232,000 after purchasing an additional 973 shares during the period. Arizona State Retirement System grew its position in Beam Therapeutics by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 19,431 shares of the company’s stock worth $455,000 after purchasing an additional 392 shares during the last quarter. Quest Partners LLC raised its holdings in shares of Beam Therapeutics by 43.0% during the second quarter. Quest Partners LLC now owns 7,085 shares of the company’s stock valued at $166,000 after buying an additional 2,132 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in shares of Beam Therapeutics by 33.2% during the second quarter. American Century Companies Inc. now owns 95,578 shares of the company’s stock worth $2,239,000 after buying an additional 23,837 shares during the period. 99.68% of the stock is currently 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.