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

Wedbush reaffirmed their outperform rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a research note issued to investors on Tuesday, Benzinga reports. Wedbush currently has a $57.00 price target on the stock.

A number of other equities analysts have also issued reports on BEAM. TheStreet raised shares of Beam Therapeutics from a d rating to a c- rating in a research report on Monday, March 11th. Barclays lifted their target price on shares of Beam Therapeutics from $26.00 to $42.00 and gave the company an equal weight rating in a report on Wednesday, February 28th. Royal Bank of Canada lifted their target price 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. BMO Capital Markets reissued an outperform rating and issued a $57.00 price target on shares of Beam Therapeutics in a report on Wednesday, March 27th. Finally, JPMorgan Chase & Co. raised shares of 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 research note on Monday, January 29th. Eight analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Beam Therapeutics presently has a consensus rating of Hold and an average price target of $41.00.

Beam Therapeutics Stock Down 1.0 %

BEAM stock opened at $21.38 on Tuesday. The firm has a 50 day moving average of $32.04 and a 200 day moving average of $28.04. The stock has a market capitalization of $1.76 billion, a PE ratio of -11.25 and a beta of 1.77. Beam Therapeutics has a 52 week low of $16.95 and a 52 week high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, February 27th. The company reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of ($0.69) by $2.42. The company had revenue of $316.20 million during the quarter, compared to analysts’ expectations 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 last year, the business earned ($0.54) EPS. On average, equities research analysts expect that Beam Therapeutics will post -5.53 earnings per share for the current year.

Insider Activity

In other news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $25.33, for a total transaction of $1,519,800.00. Following the transaction, the chief executive officer now owns 1,058,262 shares of the company’s stock, valued at approximately $26,805,776.46. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $25.33, for a total value of $1,519,800.00. Following the sale, the chief executive officer now directly owns 1,058,262 shares in the company, valued at approximately $26,805,776.46. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Fmr Llc sold 1,565 shares of the business’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $30.76, for a total transaction 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 156,804 shares of company stock valued at $4,731,669. 4.40% of the stock is currently owned by insiders.

Institutional Trading of Beam Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Riverview Trust Co purchased a new stake in Beam Therapeutics in the 1st quarter valued at about $26,000. First Horizon Advisors Inc. raised its holdings in Beam Therapeutics by 125.9% in the 4th quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock valued at $27,000 after buying an additional 554 shares during the period. Allworth Financial LP increased its stake in Beam Therapeutics by 163.7% during the third quarter. Allworth Financial LP now owns 1,105 shares of the company’s stock worth $27,000 after purchasing an additional 686 shares during the period. National Bank of Canada FI increased its stake in Beam Therapeutics by 200.0% during the fourth 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 stake in Beam Therapeutics by 144.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock worth $43,000 after purchasing an additional 923 shares during the period. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

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.