Wedbush Reaffirms Outperform Rating for Beam Therapeutics (NASDAQ:BEAM)

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “outperform” rating reiterated by stock analysts at Wedbush in a report released on Tuesday, RTT News reports. They currently have a $57.00 price target on the stock. Wedbush’s target price points to a potential upside of 153.00% from the company’s current price.

A number of other brokerages also recently commented on BEAM. Barclays upped their target price on shares of Beam Therapeutics from $26.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 28th. Royal Bank of Canada raised their price target on Beam Therapeutics from $27.00 to $35.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 28th. TheStreet raised shares of Beam Therapeutics from a “d” rating to a “c-” rating in a research note on Monday, March 11th. BMO Capital Markets reiterated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a report on Wednesday, March 27th. Finally, JPMorgan Chase & Co. raised shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $38.00 to $40.00 in a research note on Monday, January 29th. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $41.00.

Beam Therapeutics Trading Down 1.1 %

Shares of NASDAQ BEAM traded down $0.25 during midday trading on Tuesday, hitting $22.53. The company’s stock had a trading volume of 1,249,182 shares, compared to its average volume of 1,430,534. The business’s 50 day moving average is $30.72 and its two-hundred day moving average is $28.17. Beam Therapeutics has a 12-month low of $16.95 and a 12-month high of $49.50. The firm has a market cap of $1.85 billion, a P/E ratio of -11.86 and a beta of 1.88.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, February 27th. The company reported $1.73 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.69) by $2.42. The business had revenue of $316.20 million for the quarter, compared to analyst estimates of $34.16 million. Beam Therapeutics had a negative return on equity of 15.90% and a negative net margin of 35.09%. The business’s revenue was up 1481.0% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.54) earnings per share. On average, analysts predict that Beam Therapeutics will post -5.53 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Beam Therapeutics news, insider Fmr Llc sold 1,565 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $30.76, for a total value of $48,139.40. Following the sale, the insider now owns 2,771,913 shares in the company, valued at approximately $85,264,043.88. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Beam Therapeutics news, insider Fmr Llc sold 1,565 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $30.76, for a total value of $48,139.40. Following the sale, the insider now directly owns 2,771,913 shares of the company’s stock, valued at $85,264,043.88. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $33.86, for a total value of $2,031,600.00. Following the transaction, the chief executive officer now directly owns 998,262 shares of the company’s stock, valued at $33,801,151.32. The disclosure for this sale can be found here. In the last quarter, insiders have sold 96,804 shares of company stock worth $3,211,869. 4.20% of the stock is owned by company insiders.

Institutional Trading of Beam Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Riverview Trust Co purchased a new position in Beam Therapeutics in the 1st quarter valued at about $26,000. Allworth Financial LP lifted its position in shares of Beam Therapeutics by 163.7% in the third quarter. Allworth Financial LP now owns 1,105 shares of the company’s stock valued at $27,000 after acquiring an additional 686 shares in the last quarter. First Horizon Advisors Inc. lifted its position in shares of Beam Therapeutics by 125.9% in the fourth quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock valued at $27,000 after acquiring an additional 554 shares in the last quarter. National Bank of Canada FI boosted its stake in shares of Beam Therapeutics by 200.0% in the fourth quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $41,000 after acquiring an additional 1,000 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its position in shares of Beam Therapeutics by 144.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock worth $43,000 after purchasing an additional 923 shares in the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Company Profile

Beam Therapeutics Inc, a biotechnology company, engages in the development of precision genetic medicines for patients suffering from serious diseases in the United States. It develops BEAM-101 for the treatment of sickle cell disease or beta-thalassemia; and BEAM-302, a liver-targeting LNP formulation to treat severe alpha-1 antitrypsin deficiency; BEAM-201, an anti-CD7 CAR-T product candidate, which is in Phase 1/2 clinical trials for the treatment of refractory T-cell acute lymphoblastic leukemia/T cell lymphoblastic lymphoma; and BEAM-301, a liver-targeting LNP formulation for the treatment of glycogen storage disease 1a.