Beam Therapeutics’ (BEAM) Outperform Rating Reiterated at Wedbush

Wedbush reiterated their outperform rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a research note released on Monday,RTT News reports. The brokerage currently has a $57.00 target price on the stock.

BEAM has been the subject of several other reports. Sanford C. Bernstein raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Royal Bank of Canada increased their price target on Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 26th. Guggenheim reaffirmed a “buy” rating and set a $78.00 price target on shares of Beam Therapeutics in a report on Thursday, February 27th. Scotiabank raised Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 price target for the company in a report on Monday. Finally, HC Wainwright reaffirmed a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a report on Friday, February 28th. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $50.82.

Beam Therapeutics Stock Up 3.8 %

Shares of BEAM opened at $27.42 on Monday. The stock has a 50 day moving average price of $27.10 and a 200 day moving average price of $26.04. The company has a market capitalization of $2.29 billion, a price-to-earnings ratio of -15.58 and a beta of 1.91. Beam Therapeutics has a 52-week low of $20.84 and a 52-week high of $37.49.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings data on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, beating the consensus estimate of ($1.25) by $0.16. The business had revenue of $30.00 million during the quarter, compared to the consensus estimate of $16.47 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company’s revenue was down 90.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.73 earnings per share. On average, equities analysts anticipate that Beam Therapeutics will post -4.57 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO John M. Evans sold 30,000 shares of the firm’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $26.75, for a total transaction of $802,500.00. Following the sale, the chief executive officer now directly owns 908,659 shares in the company, valued at approximately $24,306,628.25. This trade represents a 3.20 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Christine Bellon sold 1,241 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total value of $30,627.88. Following the sale, the insider now owns 102,968 shares in the company, valued at approximately $2,541,250.24. The trade was a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Beam Therapeutics

Hedge funds have recently modified their holdings of the stock. Wealthfront Advisers LLC purchased a new stake in Beam Therapeutics during the 4th quarter worth approximately $41,000. GF Fund Management CO. LTD. acquired a new stake in Beam Therapeutics in the fourth quarter worth $43,000. Sterling Capital Management LLC increased its position in Beam Therapeutics by 816.0% in the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock worth $60,000 after buying an additional 2,146 shares during the period. KBC Group NV increased its position in Beam Therapeutics by 103.2% in the fourth quarter. KBC Group NV now owns 4,143 shares of the company’s stock worth $103,000 after buying an additional 2,104 shares during the period. Finally, Blue Trust Inc. increased its position in Beam Therapeutics by 36.3% in the fourth quarter. Blue Trust Inc. now owns 4,274 shares of the company’s stock worth $105,000 after buying an additional 1,139 shares during the period. 99.68% of the stock is currently 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.