Beam Therapeutics (NASDAQ:BEAM) Stock Keeps Outperform Rating at Wedbush

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “outperform” rating reissued by investment analysts at Wedbush in a research note issued to investors on Wednesday, Benzinga reports. They presently have a $65.00 price objective on the stock. Wedbush’s price target points to a potential upside of 170.83% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Bank of America reaffirmed a “buy” rating and set a $47.00 target price on shares of Beam Therapeutics in a report on Wednesday, July 8th. HC Wainwright reaffirmed a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a report on Tuesday, August 25th. Wall Street Zen raised shares of Beam Therapeutics from a “strong sell” rating to a “sell” rating in a report on Saturday, October 3rd. William Blair raised shares of Beam Therapeutics to a “strong-buy” rating in a report on Wednesday, September 23rd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $50.10.

Beam Therapeutics Stock Performance

Shares of BEAM stock traded up $0.35 during midday trading on Wednesday, hitting $24.00. 692,346 shares of the company were exchanged, compared to its average volume of 2,040,768. The firm has a market capitalization of $2.48 billion, a P/E ratio of -27.86 and a beta of 2.20. The company has a debt-to-equity ratio of 0.09, a quick ratio of 14.57 and a current ratio of 14.57. The firm’s 50 day moving average price is $26.44 and its two-hundred day moving average price is $28.59. Beam Therapeutics has a 52 week low of $20.23 and a 52 week high of $38.26.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, August 4th. The company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($1.11) by ($0.07). The company had revenue of $0.49 million for the quarter, compared to the consensus estimate of $16.37 million. Beam Therapeutics had a negative return on equity of 30.71% and a negative net margin of 54.75%. The business’s quarterly revenue was down 94.2% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.00) EPS. As a group, equities research analysts anticipate that Beam Therapeutics will post -4.49 earnings per share for the current year.

Insiders Place Their Bets

In other Beam Therapeutics news, insider Amy Simon sold 16,667 shares of Beam Therapeutics stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $25.74, for a total value of $429,008.58. Following the completion of the sale, the insider owned 85,696 shares in the company, valued at $2,205,815.04. The trade was a 16.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Beam Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Alphabet Inc. acquired a new position in shares of Beam Therapeutics in the 2nd quarter valued at approximately $11,037,000. Canal Insurance CO bought a new stake in shares of Beam Therapeutics during the 1st quarter valued at approximately $953,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Beam Therapeutics during the 2nd quarter valued at approximately $1,309,000. Jupiter Topco LLC bought a new stake in shares of Beam Therapeutics during the 2nd quarter valued at approximately $3,259,000. Finally, Legal & General Group Plc bought a new stake in shares of Beam Therapeutics during the 2nd quarter valued at approximately $2,717,000. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Beam Therapeutics Company Profile

Beam Therapeutics Inc is a biotechnology company developing precision genetic medicines using base editing, a technology designed to make targeted changes to DNA without cutting both strands of the DNA double helix. The company’s platform is intended to address diseases caused by specific genetic mutations and to support the development of potentially durable treatments.

Beam’s research and development activities focus on areas including hematology, liver diseases and genetic disorders.