Beam Therapeutics’ (BEAM) “Outperform” Rating Reiterated at Wedbush

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “outperform” rating reissued by investment analysts at Wedbush in a report issued on Monday,RTT News reports. They presently have a $57.00 price target on the stock. Wedbush’s target price would indicate a potential upside of 115.75% from the company’s previous close.

Other research analysts have also issued research reports about the stock. Scotiabank raised shares of Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 price target on the stock in a research note on Monday. Royal Bank of Canada lifted their price target on shares of Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 26th. Guggenheim reiterated a “buy” rating and issued a $78.00 price objective on shares of Beam Therapeutics in a report on Thursday, February 27th. Cantor Fitzgerald upgraded shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating in a report on Wednesday, January 29th. Finally, HC Wainwright reiterated a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a report on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $50.82.

Beam Therapeutics Stock Performance

Shares of BEAM opened at $26.42 on Monday. Beam Therapeutics has a twelve month low of $20.84 and a twelve month high of $37.49. The firm’s 50 day moving average price is $27.05 and its two-hundred day moving average price is $26.03. The firm has a market cap of $2.21 billion, a P/E ratio of -15.01 and a beta of 1.91.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.25) by $0.16. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The firm had revenue of $30.00 million for the quarter, compared to analyst estimates of $16.47 million. During the same quarter in the previous year, the firm posted $1.73 earnings per share. The business’s revenue was down 90.5% on a year-over-year basis. On average, sell-side analysts anticipate that Beam Therapeutics will post -4.57 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Christine Bellon sold 1,241 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total transaction of $30,627.88. Following the transaction, the insider now directly owns 102,968 shares in the company, valued at approximately $2,541,250.24. The trade was a 1.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO John M. Evans sold 30,000 shares of the business’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total transaction of $802,500.00. Following the transaction, the chief executive officer now owns 908,659 shares in the company, valued at approximately $24,306,628.25. The trade was a 3.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Beam Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Polar Asset Management Partners Inc. boosted its position in Beam Therapeutics by 901.2% during the fourth quarter. Polar Asset Management Partners Inc. now owns 208,255 shares of the company’s stock worth $5,165,000 after purchasing an additional 187,455 shares during the period. GF Fund Management CO. LTD. bought a new position in Beam Therapeutics during the fourth quarter worth $43,000. Woodline Partners LP bought a new position in Beam Therapeutics during the fourth quarter worth $6,997,000. Squarepoint Ops LLC bought a new position in Beam Therapeutics during the fourth quarter worth $3,851,000. Finally, Twinbeech Capital LP boosted its position in Beam Therapeutics by 119.3% during the fourth quarter. Twinbeech Capital LP now owns 127,664 shares of the company’s stock worth $3,166,000 after purchasing an additional 69,456 shares during the period. 99.68% of the stock is 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.