Beam Therapeutics’ (BEAM) Outperform Rating Reaffirmed at Wedbush

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “outperform” rating reissued by investment analysts at Wedbush in a report released on Wednesday, Benzinga reports. They currently have a $65.00 price target on the stock. Wedbush’s target price indicates a potential upside of 174.84% from the stock’s previous close.

A number of other research analysts have also commented on BEAM. Bank of America reiterated a “buy” rating and issued a $47.00 price target on shares of Beam Therapeutics in a research note on Wednesday, July 8th. William Blair upgraded shares of Beam Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 23rd. HC Wainwright reiterated a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research report on Tuesday, August 25th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a report on Friday, July 17th. Finally, Wall Street Zen raised shares of Beam Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Saturday, October 3rd. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $50.10.

Beam Therapeutics Stock Down 3.2%

NASDAQ BEAM traded down $0.78 during trading hours on Wednesday, hitting $23.65. 1,660,438 shares of the company traded hands, compared to its average volume of 2,047,993. The company has a debt-to-equity ratio of 0.09, a quick ratio of 14.57 and a current ratio of 14.57. The business’s 50-day moving average is $26.50 and its 200-day moving average is $28.59. The stock has a market capitalization of $2.44 billion, a price-to-earnings ratio of -27.50 and a beta of 2.20. Beam Therapeutics has a twelve month low of $20.23 and a twelve month high of $38.26.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, August 4th. The company reported ($1.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.07). The firm had revenue of $0.49 million for the quarter, compared to analyst estimates of $16.37 million. Beam Therapeutics had a negative return on equity of 30.71% and a negative net margin of 54.75%. Beam Therapeutics’s quarterly revenue was down 94.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.00) earnings per share. Sell-side analysts anticipate that Beam Therapeutics will post -4.49 earnings per share for the current year.

Insider Activity at Beam Therapeutics

In related news, insider Amy Simon sold 16,667 shares of the stock in a transaction on Monday, July 27th. The stock was sold at an average price of $25.74, for a total value of $429,008.58. Following the transaction, the insider directly owned 85,696 shares in the company, valued at $2,205,815.04. This trade represents a 16.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Beam Therapeutics

Several large investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in Beam Therapeutics during the 2nd quarter valued at about $308,796,000. ARCH Venture Management LLC bought a new stake in shares of Beam Therapeutics in the second quarter worth $155,771,929. Dimensional Fund Advisors LP increased its position in shares of Beam Therapeutics by 10.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,154,575 shares of the company’s stock valued at $51,327,000 after purchasing an additional 206,696 shares during the last quarter. ADAR1 Capital Management LLC purchased a new position in shares of Beam Therapeutics during the 1st quarter worth $34,467,000. Finally, MWG Caph Ltd purchased a new position in shares of Beam Therapeutics during the 4th quarter valued at about $35,119,000. Hedge funds and other institutional investors own 99.68% of the company’s stock.

About Beam Therapeutics

Beam Therapeutics Inc is a biotechnology company developing precision genetic medicines using base editing, a technology designed to make targeted changes to DNA without cutting both strands of the DNA double helix. The company’s platform is intended to address diseases caused by specific genetic mutations and to support the development of potentially durable treatments.

Beam’s research and development activities focus on areas including hematology, liver diseases and genetic disorders.