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

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

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

Beam Therapeutics Trading Down 1.1 %

NASDAQ BEAM opened at $22.53 on Tuesday. Beam Therapeutics has a 12 month low of $16.95 and a 12 month high of $49.50. The stock’s fifty day moving average price is $30.27 and its 200-day moving average price is $28.20. The stock 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 announced its quarterly earnings data on Tuesday, February 27th. The company reported $1.73 EPS for the quarter, beating the consensus estimate of ($0.69) by $2.42. The company had revenue of $316.20 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.54) EPS. As a group, analysts forecast that Beam Therapeutics will post -5.53 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Fmr Llc sold 1,565 shares of the firm’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $30.76, for a total value of $48,139.40. Following the transaction, the insider now directly 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 available through the SEC website. In related news, insider Fmr Llc sold 1,565 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $30.76, for a total transaction of $48,139.40. Following the completion of the transaction, the insider now directly owns 2,771,913 shares in the company, valued at approximately $85,264,043.88. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Terry-Ann Burrell sold 5,446 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $32.12, for a total transaction of $174,925.52. Following the sale, the chief financial officer now owns 70,137 shares in the company, valued at approximately $2,252,800.44. The disclosure for this sale can be found here. Insiders sold a total of 96,804 shares of company stock valued at $3,211,869 in the last 90 days. Company insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of BEAM. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Beam Therapeutics by 43.6% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,358,091 shares of the company’s stock worth $64,187,000 after acquiring an additional 715,911 shares during the period. Nikko Asset Management Americas Inc. lifted its holdings in Beam Therapeutics by 43.6% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 2,358,091 shares of the company’s stock worth $64,093,000 after purchasing an additional 715,911 shares in the last quarter. ARK Investment Management LLC boosted its stake in Beam Therapeutics by 6.9% in the 4th quarter. ARK Investment Management LLC now owns 9,393,889 shares of the company’s stock worth $255,702,000 after purchasing an additional 609,998 shares during the period. Baillie Gifford & Co. grew its holdings in Beam Therapeutics by 67.2% during the 3rd quarter. Baillie Gifford & Co. now owns 875,747 shares of the company’s stock valued at $21,062,000 after buying an additional 352,014 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Beam Therapeutics by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 7,164,876 shares of the company’s stock valued at $195,028,000 after buying an additional 349,906 shares during the last quarter. Institutional investors 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.