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

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “outperform” rating reissued by stock analysts at Wedbush in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $65.00 price target on the stock. Wedbush’s price objective would suggest a potential upside of 174.84% from the company’s previous close.

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

Beam Therapeutics Stock Performance

BEAM traded down $0.78 during trading on Wednesday, reaching $23.65. The company’s stock had a trading volume of 1,660,682 shares, compared to its average volume of 2,047,995. Beam Therapeutics has a 52-week low of $20.23 and a 52-week high of $38.26. The company’s fifty day moving average price is $26.50 and its 200-day moving average price is $28.59. The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of -27.50 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.

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

Insider Buying and Selling

In other Beam Therapeutics news, insider Amy Simon sold 16,667 shares of the business’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $25.74, for a total value of $429,008.58. Following the completion of the transaction, the insider directly owned 85,696 shares in the company, valued at approximately $2,205,815.04. The trade was a 16.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

Hedge funds have recently made changes to their positions in the business. Versant Capital Management Inc increased its stake in Beam Therapeutics by 123.6% in the third quarter. Versant Capital Management Inc now owns 1,239 shares of the company’s stock valued at $30,000 after purchasing an additional 685 shares during the last quarter. Nykredit A S acquired a new stake in Beam Therapeutics in the 2nd quarter worth about $75,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Beam Therapeutics in the 2nd quarter valued at about $1,309,000. Concurrent Investment Advisors LLC grew its holdings in Beam Therapeutics by 448.7% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 63,879 shares of the company’s stock valued at $2,192,000 after buying an additional 52,238 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in Beam Therapeutics in the 2nd quarter valued at about $535,000. Institutional investors and hedge funds own 99.68% of the company’s stock.

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.