Wedbush Reaffirms Outperform Rating for Beam Therapeutics (NASDAQ:BEAM)

Wedbush reaffirmed their outperform rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a report released on Tuesday, Benzinga reports. They currently have a $57.00 price objective on the stock.

Other equities analysts have also issued reports about the stock. JPMorgan Chase & Co. raised shares of Beam Therapeutics from a neutral rating to an overweight rating and increased their price objective for the company from $38.00 to $40.00 in a research report on Monday, January 29th. TheStreet upgraded shares of Beam Therapeutics from a d rating to a c- rating in a research note on Monday, March 11th. Barclays upped their price target on shares of Beam Therapeutics from $26.00 to $42.00 and gave the company an equal weight rating in a research note on Wednesday, February 28th. BMO Capital Markets restated an outperform rating and issued a $57.00 price target on shares of Beam Therapeutics in a research note on Wednesday, March 27th. Finally, Royal Bank of Canada upped their price target on shares of Beam Therapeutics from $27.00 to $35.00 and gave the company a sector perform rating in a research note on Wednesday, February 28th. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has an average rating of Hold and a consensus price target of $41.00.

Beam Therapeutics Stock Down 5.0 %

Shares of BEAM stock opened at $21.60 on Tuesday. The company’s fifty day simple moving average is $32.27 and its 200-day simple moving average is $28.04. The firm has a market cap of $1.78 billion, a PE ratio of -11.37 and a beta of 1.77. Beam Therapeutics has a 12 month low of $16.95 and a 12 month high of $49.50.

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

Insider Transactions at Beam Therapeutics

In other news, insider Fmr Llc sold 1,565 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $30.76, for a total transaction of $48,139.40. Following the completion of the sale, the insider now owns 2,771,913 shares of the company’s stock, valued at approximately $85,264,043.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $25.33, for a total value of $1,519,800.00. Following the transaction, the chief executive officer now owns 1,058,262 shares of the company’s stock, valued at $26,805,776.46. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Fmr Llc sold 1,565 shares of the company’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $30.76, for a total value of $48,139.40. Following the completion of the transaction, the insider now owns 2,771,913 shares of the company’s stock, valued at approximately $85,264,043.88. The disclosure for this sale can be found here. Insiders sold a total of 156,804 shares of company stock valued at $4,731,669 in the last quarter. 4.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Riverview Trust Co purchased a new stake in Beam Therapeutics during the 1st quarter worth about $26,000. Allworth Financial LP lifted its holdings in Beam Therapeutics by 163.7% during the 3rd quarter. Allworth Financial LP now owns 1,105 shares of the company’s stock worth $27,000 after purchasing an additional 686 shares in the last quarter. First Horizon Advisors Inc. lifted its holdings in Beam Therapeutics by 125.9% during 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 in the last quarter. National Bank of Canada FI lifted its holdings in Beam Therapeutics by 200.0% during the 4th quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $41,000 after purchasing an additional 1,000 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in Beam Therapeutics by 144.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock worth $43,000 after purchasing an additional 923 shares in the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

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.