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

Wedbush restated their outperform rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a report issued on Tuesday morning, RTT News reports. They currently have a $57.00 price objective on the stock.

Other analysts have also recently issued reports about the stock. Stifel Nicolaus lifted their target price on shares of Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. HC Wainwright reiterated a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research note on Thursday, August 22nd. Royal Bank of Canada reissued a “sector perform” rating and issued a $27.00 target price on shares of Beam Therapeutics in a research report on Thursday, September 19th. Scotiabank initiated coverage on Beam Therapeutics in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 price target for the company. Finally, Barclays cut their price objective on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 7th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Beam Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.80.

Beam Therapeutics Trading Down 1.8 %

Shares of BEAM opened at $23.93 on Tuesday. The firm has a market cap of $1.97 billion, a PE ratio of -13.22 and a beta of 1.86. Beam Therapeutics has a 12 month low of $18.85 and a 12 month high of $49.50. The stock has a fifty day moving average price of $24.23 and a 200-day moving average price of $24.62.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.13) by ($0.04). The business had revenue of $14.30 million for the quarter, compared to analyst estimates of $14.52 million. Beam Therapeutics had a negative net margin of 40.56% and a negative return on equity of 16.22%. The company’s quarterly revenue was down 16.9% on a year-over-year basis. During the same period in the prior year, the company earned ($1.22) earnings per share. As a group, research analysts forecast that Beam Therapeutics will post -4.6 EPS for the current year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Farallon Capital Management LLC increased its holdings in Beam Therapeutics by 75.4% in the 2nd quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock worth $185,404,000 after acquiring an additional 3,401,370 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Beam Therapeutics by 5.8% during the first quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company’s stock worth $250,402,000 after purchasing an additional 413,892 shares in the last quarter. ARCH Venture Management LLC acquired a new position in shares of Beam Therapeutics during the 2nd quarter worth about $127,530,000. Sumitomo Mitsui Trust Group Inc. lifted its stake in Beam Therapeutics by 59.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock valued at $87,044,000 after buying an additional 1,328,414 shares in the last quarter. Finally, Darwin Global Management Ltd. purchased a new position in Beam Therapeutics in the 1st quarter valued at about $70,032,000. 99.68% of the stock is owned by institutional investors and hedge funds.

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.