Beam Therapeutics (NASDAQ:BEAM) Given New $70.00 Price Target at Wells Fargo & Company

Beam Therapeutics (NASDAQ:BEAM) had its price target trimmed by Wells Fargo & Company from $75.00 to $70.00 in a research report sent to investors on Wednesday, MarketBeat Ratings reports. The firm currently has an overweight rating on the stock.

BEAM has been the subject of several other reports. Wedbush reiterated an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research note on Monday, March 10th. HC Wainwright reaffirmed a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a report on Monday, April 7th. Guggenheim restated a “buy” rating and set a $78.00 price target on shares of Beam Therapeutics in a research report on Thursday, February 27th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Beam Therapeutics in a research note on Wednesday, March 12th. Finally, Barclays reduced their price objective on shares of Beam Therapeutics from $31.00 to $25.00 and set an “equal weight” rating on the stock in a report on Wednesday. Two analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $48.75.

Beam Therapeutics Stock Up 1.0 %

Shares of BEAM opened at $17.42 on Wednesday. The company has a 50 day moving average of $20.07 and a two-hundred day moving average of $24.32. Beam Therapeutics has a twelve month low of $13.53 and a twelve month high of $35.25. The company has a market cap of $1.75 billion, a price-to-earnings ratio of -9.90 and a beta of 2.35.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, May 6th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.11) by ($0.13). Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The firm had revenue of $7.47 million during the quarter, compared to analyst estimates of $14.69 million. During the same period in the previous year, the company earned ($1.21) earnings per share. Beam Therapeutics’s revenue was up 1.4% on a year-over-year basis. On average, sell-side analysts expect that Beam Therapeutics will post -4.57 EPS for the current year.

Insider Buying and Selling at Beam Therapeutics

In other news, CEO John M. Evans sold 30,663 shares of the stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $562,666.05. Following the completion of the sale, the chief executive officer now owns 986,249 shares of the company’s stock, valued at $18,097,669.15. This represents a 3.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Christine Bellon sold 5,674 shares of Beam Therapeutics stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $104,117.90. Following the sale, the insider now owns 117,294 shares in the company, valued at $2,152,344.90. This represents a 4.61 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 43,771 shares of company stock worth $803,198. Insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in Beam Therapeutics in the 4th quarter valued at approximately $330,000. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Beam Therapeutics by 11.4% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock valued at $98,149,000 after acquiring an additional 404,782 shares in the last quarter. Teacher Retirement System of Texas increased its stake in shares of Beam Therapeutics by 18.4% during the fourth quarter. Teacher Retirement System of Texas now owns 20,767 shares of the company’s stock valued at $515,000 after acquiring an additional 3,222 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Beam Therapeutics by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 648,945 shares of the company’s stock worth $16,094,000 after purchasing an additional 19,453 shares in the last quarter. Finally, Avanza Fonder AB acquired a new stake in Beam Therapeutics in the fourth quarter worth approximately $1,247,000. Institutional investors and hedge funds 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.