Beam Therapeutics (NASDAQ:BEAM) Stock Price Target Lowered at Wedbush

Beam Therapeutics (NASDAQ:BEAM) had its target price dropped by equities researchers at Wedbush from $65.00 to $28.00 in a report issued on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Wedbush‘s price target would suggest a potential upside of 5.37% from the company’s previous close.

A number of other research firms also recently commented on BEAM. William Blair upgraded Beam Therapeutics to a “strong-buy” rating in a report on Wednesday, September 23rd. Bank of America reaffirmed a “buy” rating and issued a $47.00 price target on shares of Beam Therapeutics in a research note on Wednesday, July 8th. HC Wainwright reiterated a “buy” rating on shares of Beam Therapeutics in a research report on Tuesday. Wall Street Zen raised shares of Beam Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Saturday, October 3rd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $46.40.

Beam Therapeutics Trading Up 6.7%

Shares of BEAM traded up $1.67 on Wednesday, reaching $26.57. 344,939 shares of the company’s stock were exchanged, compared to its average volume of 2,019,526. The business has a 50 day moving average price of $25.91 and a two-hundred day moving average price of $28.21. Beam Therapeutics has a 12 month low of $20.23 and a 12 month high of $38.26.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.07). The business had revenue of $0.49 million for the quarter, compared to analysts’ expectations of $16.37 million. The business’s 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. On average, sell-side analysts anticipate that Beam Therapeutics will post -4.49 earnings per share for the current year.

Insider Transactions at Beam Therapeutics

In other Beam Therapeutics news, CEO John Evans sold 25,000 shares of the company’s stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $23.57, for a total value of $589,250.00. Following the transaction, the chief executive officer directly owned 1,047,205 shares of the company’s stock, valued at $24,682,621.85. This represents a 2.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 3.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Beam Therapeutics

A number of hedge funds have recently bought and sold shares of the business. Alphabet Inc. acquired a new position in Beam Therapeutics during the second quarter worth about $11,037,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Beam Therapeutics in the second quarter worth about $1,309,000. Canal Insurance CO bought a new position in shares of Beam Therapeutics in the first quarter worth about $953,000. Legal & General Group Plc acquired a new stake in shares of Beam Therapeutics in the 2nd quarter valued at approximately $2,717,000. Finally, Jupiter Topco LLC acquired a new stake in shares of Beam Therapeutics in the 2nd quarter valued at approximately $3,259,000. 99.68% of the stock is owned by institutional investors.

Beam Therapeutics Company Profile

Beam Therapeutics Inc is a biotechnology company developing precision genetic medicines for patients with serious diseases. The company’s platform uses base editing, a form of gene editing designed to make targeted changes to individual DNA letters without creating double-strand breaks. Beam is also advancing related editing technologies and delivery systems intended to improve the precision and effectiveness of genetic treatments.

Beam’s pipeline includes investigational programs for diseases such as sickle cell disease, beta thalassemia, alpha-1 antitrypsin deficiency and glycogen storage disease type Ia.