Beam Therapeutics (NASDAQ:BEAM) Stock Rating Reaffirmed by Wedbush

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “outperform” rating reaffirmed by equities researchers at Wedbush in a research report issued on Tuesday, Benzinga reports. They currently have a $57.00 price target on the stock. Wedbush’s target price would suggest a potential upside of 150.66% from the stock’s current price.

Several other equities analysts have also recently issued reports on BEAM. JPMorgan Chase & Co. upgraded Beam Therapeutics from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $38.00 to $40.00 in a research note on Monday, January 29th. TheStreet upgraded Beam Therapeutics from a “d” rating to a “c-” rating in a research note on Monday, March 11th. Royal Bank of Canada raised their target price on Beam Therapeutics from $27.00 to $35.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 28th. Barclays raised their target price on Beam Therapeutics from $26.00 to $42.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 28th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research note on Wednesday, March 27th. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Beam Therapeutics has a consensus rating of “Hold” and a consensus price target of $41.00.

Beam Therapeutics Trading Down 3.1 %

BEAM stock opened at $22.74 on Tuesday. Beam Therapeutics has a twelve month low of $16.95 and a twelve month high of $49.50. The company has a market capitalization of $1.87 billion, a P/E ratio of -11.97 and a beta of 1.77. The firm has a 50 day simple moving average of $32.50 and a 200-day simple moving average of $28.09.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, February 27th. The company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $2.42. Beam Therapeutics had a negative return on equity of 15.90% and a negative net margin of 35.09%. The firm had revenue of $316.20 million for the quarter, compared to analysts’ expectations of $34.16 million. During the same period last year, the business posted ($0.54) earnings per share. The firm’s revenue for the quarter was up 1481.0% on a year-over-year basis. On average, research analysts predict that Beam Therapeutics will post -5.53 EPS for the current year.

Insider Buying and Selling

In related news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $33.86, for a total transaction of $2,031,600.00. Following the transaction, the chief executive officer now directly owns 998,262 shares of the company’s stock, valued at $33,801,151.32. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $33.86, for a total value of $2,031,600.00. Following the transaction, the chief executive officer now owns 998,262 shares of the company’s stock, valued at approximately $33,801,151.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Amy Simon sold 7,157 shares of Beam Therapeutics stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $32.13, for a total value of $229,954.41. Following the completion of the transaction, the insider now directly owns 86,590 shares in the company, valued at approximately $2,782,136.70. The disclosure for this sale can be found here. Insiders have sold a total of 156,804 shares of company stock valued at $4,731,669 over the last three months. Company insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the business. Krilogy Financial LLC lifted its holdings in shares of Beam Therapeutics by 42.3% during the 1st quarter. Krilogy Financial LLC now owns 33,602 shares of the company’s stock valued at $1,110,000 after buying an additional 9,985 shares during the last quarter. Fishman Jay A Ltd. MI acquired a new stake in shares of Beam Therapeutics during the 1st quarter valued at about $330,000. SteelPeak Wealth LLC acquired a new stake in shares of Beam Therapeutics during the 1st quarter valued at about $248,000. Thrive Wealth Management LLC acquired a new stake in shares of Beam Therapeutics during the 1st quarter valued at about $229,000. Finally, DLK Investment Management LLC acquired a new stake in Beam Therapeutics in the 1st quarter worth approximately $239,000. Hedge funds and other institutional investors 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.