Beam Therapeutics’ (BEAM) “Outperform” Rating Reiterated at Wedbush

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “outperform” rating reiterated by stock analysts at Wedbush in a research note issued on Wednesday, Benzinga reports. They currently have a $65.00 price objective on the stock. Wedbush’s target price points to a potential upside of 177.42% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a report on Tuesday, August 25th. Wall Street Zen upgraded shares of Beam Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Saturday, October 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a report on Friday, July 17th. Bank of America reiterated a “buy” rating and issued a $47.00 price objective on shares of Beam Therapeutics in a research report on Wednesday, July 8th. Finally, William Blair raised shares of Beam Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 23rd. 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 assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $50.10.

Beam Therapeutics Trading Down 4.1%

BEAM traded down $1.00 during trading on Wednesday, hitting $23.43. 752,574 shares of the stock were exchanged, compared to its average volume of 2,042,998. Beam Therapeutics has a 1 year low of $20.23 and a 1 year high of $38.26. 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 firm has a 50 day simple moving average of $26.50 and a 200 day simple moving average of $28.59. The firm has a market cap of $2.42 billion, a price-to-earnings ratio of -27.30 and a beta of 2.20.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, August 4th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $16.37 million. During the same quarter in the previous year, the company earned ($1.00) earnings per share. The firm’s revenue was down 94.2% on a year-over-year basis. As a group, equities analysts expect that Beam Therapeutics will post -4.49 EPS for the current year.

Insider Transactions at Beam Therapeutics

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

Hedge Funds Weigh In On Beam Therapeutics

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

Beam Therapeutics Company Profile

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.