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 on Wednesday, Benzinga reports. They presently have a $65.00 price objective on the stock. Wedbush’s price objective indicates a potential upside of 172.55% from the company’s previous close.

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

Beam Therapeutics Stock Down 2.4%

BEAM traded down $0.58 during trading on Wednesday, hitting $23.85. The stock had a trading volume of 940,440 shares, compared to its average volume of 2,043,992. Beam Therapeutics has a twelve month low of $20.23 and a twelve month high of $38.26. The company has a market capitalization of $2.46 billion, a PE ratio of -27.69 and a beta of 2.20. 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 stock has a 50 day simple moving average of $26.50 and a two-hundred day simple moving average of $28.59.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($1.11) by ($0.07). The company had revenue of $0.49 million during the quarter, compared to analysts’ expectations of $16.37 million. Beam Therapeutics had a negative net margin of 54.75% and a negative return on equity of 30.71%. The business’s revenue for the quarter was down 94.2% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.00) earnings per share. On average, research analysts predict that Beam Therapeutics will post -4.49 earnings per share for the current year.

Insider Buying and Selling

In other Beam Therapeutics news, insider Amy Simon sold 16,667 shares of the company’s 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 sale, the insider owned 85,696 shares of the company’s stock, valued at approximately $2,205,815.04. This represents a 16.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

Large investors have recently added to or reduced their stakes in the business. Versant Capital Management Inc raised its position in Beam Therapeutics by 123.6% during the third quarter. Versant Capital Management Inc now owns 1,239 shares of the company’s stock worth $30,000 after acquiring an additional 685 shares during the last quarter. Nykredit A S purchased a new position in Beam Therapeutics during the second quarter worth $75,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Beam Therapeutics in the second quarter valued at $1,309,000. Concurrent Investment Advisors LLC raised its stake in Beam Therapeutics by 448.7% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 63,879 shares of the company’s stock valued at $2,192,000 after purchasing an additional 52,238 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of Beam Therapeutics during the 2nd quarter worth about $535,000. 99.68% of the stock is owned by institutional investors and hedge funds.

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.