Barclays Lowers Beam Therapeutics (NASDAQ:BEAM) Price Target to $33.00

Beam Therapeutics (NASDAQ:BEAM) had its price objective lowered by research analysts at Barclays from $42.00 to $33.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s target price would suggest a potential upside of 46.41% from the stock’s previous close.

Other equities analysts also recently issued reports about the company. Wedbush reissued an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research report on Tuesday. Royal Bank of Canada raised their price objective on shares of Beam Therapeutics from $27.00 to $35.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 28th. TheStreet upgraded shares of Beam Therapeutics from a “d” rating to a “c-” rating in a report on Monday, March 11th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research report on Wednesday, March 27th. Finally, JPMorgan Chase & Co. raised shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $38.00 to $40.00 in a research report on Monday, January 29th. 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.com, the company presently has an average rating of “Hold” and an average target price of $40.18.

Beam Therapeutics Stock Performance

Shares of Beam Therapeutics stock opened at $22.54 on Wednesday. Beam Therapeutics has a one year low of $16.95 and a one year high of $49.50. The company has a market cap of $1.86 billion, a PE ratio of -12.66 and a beta of 1.88. The business has a 50-day simple moving average of $29.50 and a 200-day simple moving average of $28.12.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($1.21) EPS for the quarter, topping analysts’ consensus estimates of ($1.42) by $0.21. Beam Therapeutics had a negative return on equity of 15.90% and a negative net margin of 35.09%. The business had revenue of $7.40 million during the quarter, compared to the consensus estimate of $17.09 million. During the same period in the previous year, the company posted ($1.33) earnings per share. The business’s revenue for the quarter was down 69.4% on a year-over-year basis. On average, sell-side analysts predict that Beam Therapeutics will post -5.53 earnings per share for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, insider Fmr Llc sold 1,565 shares of the business’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 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 filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Fmr Llc sold 1,565 shares of the firm’s stock in a transaction dated 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 sale, the insider now owns 2,771,913 shares in the company, valued at $85,264,043.88. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, President Giuseppe Ciaramella sold 4,534 shares of the business’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 value of $145,632.08. Following the transaction, 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. In the last ninety days, insiders have sold 96,804 shares of company stock worth $3,211,869. 4.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Riverview Trust Co acquired a new position in Beam Therapeutics during the first quarter worth $26,000. First Horizon Advisors Inc. grew its holdings in Beam Therapeutics by 125.9% during the fourth quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock worth $27,000 after acquiring an additional 554 shares during the period. Allworth Financial LP lifted its position in shares of Beam Therapeutics by 163.7% in the third quarter. Allworth Financial LP now owns 1,105 shares of the company’s stock valued at $27,000 after acquiring an additional 686 shares in the last quarter. National Bank of Canada FI lifted its position in shares of Beam Therapeutics by 200.0% in the fourth quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $41,000 after acquiring an additional 1,000 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in shares of Beam Therapeutics by 144.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock valued at $43,000 after acquiring an additional 923 shares in the last quarter. 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.