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

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “outperform” rating reaffirmed by equities researchers at Wedbush in a report released on Monday,RTT News reports. They presently have a $57.00 target price on the stock. Wedbush’s target price indicates a potential upside of 88.74% from the stock’s previous close.

Several other equities research analysts have also issued reports on the stock. Scotiabank assumed coverage on shares of Beam Therapeutics in a report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 price target on the stock. Stifel Nicolaus boosted 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. Leerink Partners raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $27.00 to $39.00 in a report on Wednesday, November 6th. Leerink Partnrs upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Finally, HC Wainwright restated a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a report on Monday. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $46.40.

Beam Therapeutics Stock Up 9.8 %

Shares of Beam Therapeutics stock opened at $30.20 on Monday. The firm’s 50-day moving average price is $24.99 and its two-hundred day moving average price is $25.21. The company has a market capitalization of $2.50 billion, a price-to-earnings ratio of -17.16 and a beta of 1.90. Beam Therapeutics has a 12-month low of $20.84 and a 12-month high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing the consensus estimate of ($1.16) by ($0.01). The firm 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 41.07% and a negative return on equity of 16.22%. The firm’s revenue for the quarter was down 16.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.22) earnings per share. On average, sell-side analysts expect that Beam Therapeutics will post -4.62 earnings per share for the current year.

Insider Buying and Selling at Beam Therapeutics

In related news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the sale, the chief executive officer now owns 938,659 shares in the company, valued at $23,091,011.40. This represents a 6.01 % 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 Beam Therapeutics stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $26.36, for a total value of $1,347,259.60. Following the completion of the sale, 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. In the last 90 days, insiders sold 162,894 shares of company stock valued at $4,181,745. 4.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Beam Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. ARCH Venture Management LLC acquired a new position in shares of Beam Therapeutics during the 2nd quarter valued at $127,530,000. Farallon Capital Management LLC raised its holdings in shares of Beam Therapeutics by 75.4% during the second quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock valued at $185,404,000 after purchasing an additional 3,401,370 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Beam Therapeutics by 59.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock worth $87,044,000 after purchasing an additional 1,328,414 shares in the last quarter. State Street Corp grew its stake in shares of Beam Therapeutics by 12.5% in the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company’s stock valued at $96,274,000 after buying an additional 437,402 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Beam Therapeutics by 63.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,049,360 shares of the company’s stock valued at $24,589,000 after buying an additional 407,499 shares in the last quarter. 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.