Beam Therapeutics (NASDAQ:BEAM) Rating Reiterated by Wedbush

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “outperform” rating reiterated by equities research analysts at Wedbush in a report released on Tuesday, RTT News reports. They presently have a $57.00 price objective on the stock. Wedbush’s price target would suggest a potential upside of 153.00% from the company’s current price.

A number of other research firms have also recently commented on BEAM. TheStreet raised shares of Beam Therapeutics from a “d” rating to a “c-” rating in a research report on Monday, March 11th. Royal Bank of Canada upped their target price on Beam Therapeutics from $27.00 to $35.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 28th. BMO Capital Markets reissued an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a report on Wednesday, March 27th. JPMorgan Chase & Co. raised Beam Therapeutics from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $38.00 to $40.00 in a report on Monday, January 29th. Finally, Barclays lifted their target price on Beam Therapeutics from $26.00 to $42.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 28th. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $41.00.

Beam Therapeutics Stock Down 1.1 %

Shares of NASDAQ:BEAM traded down $0.25 during midday trading on Tuesday, hitting $22.53. The stock had a trading volume of 1,249,182 shares, compared to its average volume of 1,430,534. The business’s 50-day simple moving average is $30.72 and its 200-day simple moving average is $28.17. Beam Therapeutics has a 12 month low of $16.95 and a 12 month high of $49.50. The company has a market cap of $1.85 billion, a P/E ratio of -11.86 and a beta of 1.88.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data on Tuesday, February 27th. The company reported $1.73 earnings per share for the quarter, topping the consensus estimate of ($0.69) by $2.42. The company had revenue of $316.20 million for the quarter, compared to analyst estimates of $34.16 million. Beam Therapeutics had a negative net margin of 35.09% and a negative return on equity of 15.90%. Beam Therapeutics’s revenue for the quarter was up 1481.0% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.54) EPS. As a group, equities analysts predict that Beam Therapeutics will post -5.53 earnings per share for the current year.

Insiders Place Their Bets

In related news, President Giuseppe Ciaramella sold 4,534 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $32.12, for a total value of $145,632.08. Following the sale, the president now directly owns 169,616 shares of the company’s stock, valued at $5,448,065.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO John M. Evans sold 60,000 shares of the stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $33.86, for a total value of $2,031,600.00. Following the completion of the transaction, the chief executive officer now directly owns 998,262 shares in the company, valued at approximately $33,801,151.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Giuseppe Ciaramella sold 4,534 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $32.12, for a total value of $145,632.08. Following the sale, the president now owns 169,616 shares in the company, valued at approximately $5,448,065.92. The disclosure for this sale can be found here. Insiders sold 96,804 shares of company stock worth $3,211,869 over the last three months. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Riverview Trust Co bought a new stake in Beam Therapeutics in the first quarter valued at approximately $26,000. First Horizon Advisors Inc. lifted its position in shares of Beam Therapeutics by 125.9% in the 4th quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock worth $27,000 after purchasing an additional 554 shares during the period. Allworth Financial LP boosted its stake in shares of Beam Therapeutics by 163.7% in the 3rd quarter. Allworth Financial LP now owns 1,105 shares of the company’s stock valued at $27,000 after purchasing an additional 686 shares during the last quarter. National Bank of Canada FI boosted its stake in shares of Beam Therapeutics by 200.0% in the 4th quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $41,000 after purchasing an additional 1,000 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its position in shares of Beam Therapeutics by 144.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock worth $43,000 after buying an additional 923 shares during the period. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Company Profile

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.