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

Beam Therapeutics (NASDAQ:BEAM) had its price target reduced by research analysts at Barclays from $42.00 to $33.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s target price would suggest a potential upside of 49.93% from the stock’s previous close.

BEAM has been the subject of several other reports. Royal Bank of Canada lifted their price objective on shares of Beam Therapeutics from $27.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 28th. TheStreet upgraded Beam Therapeutics from a “d” rating to a “c-” rating in a research note on Monday, March 11th. BMO Capital Markets restated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, March 27th. JPMorgan Chase & Co. raised Beam Therapeutics from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $38.00 to $40.00 in a report on Monday, January 29th. Finally, Wedbush reiterated an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a report on Tuesday. Eight analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $40.18.

Beam Therapeutics Stock Performance

BEAM traded down $0.52 during trading on Wednesday, hitting $22.01. The stock had a trading volume of 409,690 shares, compared to its average volume of 1,419,280. The stock has a 50 day simple moving average of $30.27 and a two-hundred day simple moving average of $28.20. The company has a market capitalization of $1.81 billion, a PE ratio of -11.53 and a beta of 1.88. Beam Therapeutics has a twelve month low of $16.95 and a twelve month high of $49.50.

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

Insider Buying and Selling

In other news, insider Amy Simon sold 7,157 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $32.13, for a total transaction of $229,954.41. Following the completion of the sale, the insider now owns 86,590 shares of the company’s stock, valued at $2,782,136.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Terry-Ann Burrell sold 5,446 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $32.12, for a total value of $174,925.52. Following the completion of the transaction, the chief financial officer now directly owns 70,137 shares of the company’s stock, valued at approximately $2,252,800.44. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Amy Simon sold 7,157 shares of Beam Therapeutics stock in a transaction on Monday, April 1st. The stock was sold at an average price of $32.13, for a total transaction of $229,954.41. Following the sale, the insider now directly owns 86,590 shares in the company, valued at approximately $2,782,136.70. The disclosure for this sale can be found here. Over the last three months, insiders have sold 96,804 shares of company stock valued at $3,211,869. Corporate insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. Riverview Trust Co acquired a new stake in Beam Therapeutics in the 1st quarter valued at about $26,000. First Horizon Advisors Inc. lifted its position 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 buying an additional 554 shares in the last quarter. Allworth Financial LP boosted its holdings in 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 grew its holdings in shares of 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 during the period. Finally, PNC Financial Services Group Inc. increased its holdings in Beam Therapeutics by 144.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock valued at $43,000 after purchasing an additional 923 shares during the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

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.