Beam Therapeutics (NASDAQ:BEAM) Price Target Raised to $30.00

Beam Therapeutics (NASDAQ:BEAM) had its price objective increased by Wedbush from $28.00 to $30.00 in a report released on Wednesday,Benzinga reports. They currently have an outperform rating on the stock.

Other analysts have also issued reports about the stock. Bank of America restated a “buy” rating and set a $47.00 price objective 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 note on Tuesday, October 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a report on Thursday, October 15th. Canaccord Genuity Group raised their price target on shares of Beam Therapeutics from $78.00 to $79.00 and gave the company a “buy” rating in a research report on Thursday, October 29th. Finally, Wall Street Zen downgraded shares of Beam Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Saturday, October 31st. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.36.

Beam Therapeutics Stock Up 2.1%

Beam Therapeutics stock traded up $0.54 during mid-day trading on Wednesday, hitting $26.41. The company had a trading volume of 1,984,858 shares, compared to its average volume of 1,916,265. Beam Therapeutics has a 12 month low of $20.23 and a 12 month high of $38.26. The company has a market capitalization of $2.73 billion, a PE ratio of -25.39 and a beta of 2.23. The stock’s 50 day moving average price is $25.58 and its two-hundred day moving average price is $28.03. 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 (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported ($1.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.17) by ($0.11). Beam Therapeutics had a negative return on equity of 30.71% and a negative net margin of 54.75%. The firm had revenue of $0.31 million during the quarter, compared to the consensus estimate of $8.75 million. During the same quarter in the previous year, the firm earned ($1.10) EPS. The business’s revenue for the quarter was down 96.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Beam Therapeutics will post -4.65 earnings per share for the current fiscal year.

Insider Activity at Beam Therapeutics

In related news, CEO John Evans sold 25,000 shares of Beam Therapeutics stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $23.57, for a total value of $589,250.00. Following the completion of the sale, the chief executive officer directly owned 1,047,205 shares in the company, valued at approximately $24,682,621.85. This trade represents a 2.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Beam Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Versant Capital Management Inc boosted its holdings in shares of Beam Therapeutics by 123.6% during the 3rd quarter. Versant Capital Management Inc now owns 1,239 shares of the company’s stock valued at $30,000 after acquiring an additional 685 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Beam Therapeutics during the second quarter valued at approximately $43,000. Hollencrest Capital Management purchased a new position in shares of Beam Therapeutics during the first quarter valued at approximately $43,000. Fulcrum Asset Management LLP purchased a new position in shares of Beam Therapeutics during the third quarter valued at approximately $51,000. Finally, Nykredit A S bought a new position in Beam Therapeutics during the second quarter valued at approximately $75,000. Institutional investors own 99.68% of the company’s stock.

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.