Beam Therapeutics (NASDAQ:BEAM) Given “Outperform” Rating at Wedbush

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “outperform” rating restated by research analysts at Wedbush in a research report issued to clients and investors on Wednesday, Benzinga reports. They presently have a $65.00 price objective on the stock. Wedbush’s price target points to a potential upside of 176.95% from the stock’s previous close.

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

Beam Therapeutics Stock Down 3.9%

Shares of Beam Therapeutics stock traded down $0.96 during trading on Wednesday, hitting $23.47. 1,119,191 shares of the stock traded hands, compared to its average volume of 2,044,911. The firm has a market cap of $2.42 billion, a P/E ratio of -27.36 and a beta of 2.20. The company has a current ratio of 14.57, a quick ratio of 14.57 and a debt-to-equity ratio of 0.09. Beam Therapeutics has a 52-week low of $20.23 and a 52-week high of $38.26. The stock’s fifty day simple moving average is $26.50 and its 200 day simple moving average is $28.59.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data 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). Beam Therapeutics had a negative return on equity of 30.71% and a negative net margin of 54.75%. The business had revenue of $0.49 million during the quarter, compared to analysts’ expectations of $16.37 million. During the same period last year, the company earned ($1.00) earnings per share. The firm’s revenue was down 94.2% compared to the same quarter last year. On average, equities analysts predict that Beam Therapeutics will post -4.49 earnings per share for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other news, insider Amy Simon sold 16,667 shares of the firm’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $25.74, for a total value of $429,008.58. Following the sale, the insider directly owned 85,696 shares in the company, valued at approximately $2,205,815.04. This trade represents a 16.28% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Versant Capital Management Inc grew its holdings in Beam Therapeutics by 123.6% in the third quarter. Versant Capital Management Inc now owns 1,239 shares of the company’s stock worth $30,000 after purchasing an additional 685 shares during the last quarter. Nykredit A S purchased a new stake in shares of Beam Therapeutics during the 2nd quarter valued at $75,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Beam Therapeutics during the 2nd quarter valued at $1,309,000. Concurrent Investment Advisors LLC boosted its position in shares of Beam Therapeutics by 448.7% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 63,879 shares of the company’s stock worth $2,192,000 after purchasing an additional 52,238 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of Beam Therapeutics in the 2nd quarter worth $535,000. 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.