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

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “outperform” rating reissued by Wedbush in a research note issued on Tuesday, RTT News reports. They currently have a $57.00 price objective on the stock. Wedbush’s price target points to a potential upside of 123.35% from the company’s current price.

Several other equities analysts have also issued reports on BEAM. Barclays dropped their price objective on Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 8th. HC Wainwright started coverage on Beam Therapeutics in a report on Tuesday, July 23rd. They set a “buy” rating and a $80.00 price objective on the stock. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Beam Therapeutics currently has a consensus rating of “Hold” and a consensus price target of $43.50.

Beam Therapeutics Stock Performance

Shares of BEAM stock traded down $0.09 during mid-day trading on Tuesday, hitting $25.52. 1,205,116 shares of the stock were exchanged, compared to its average volume of 1,392,347. The stock’s fifty day simple moving average is $25.61 and its two-hundred day simple moving average is $27.81. The stock has a market capitalization of $2.10 billion, a price-to-earnings ratio of -14.34 and a beta of 1.87. Beam Therapeutics has a 12-month low of $16.95 and a 12-month high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($1.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.42) by $0.21. The company had revenue of $7.40 million for the quarter, compared to analyst estimates of $17.09 million. Beam Therapeutics had a negative return on equity of 15.46% and a negative net margin of 37.33%. The business’s quarterly revenue was down 69.4% compared to the same quarter last year. During the same quarter last year, the company posted ($1.33) earnings per share. On average, research analysts expect that Beam Therapeutics will post -4.68 earnings per share for the current fiscal year.

Insider Activity at Beam Therapeutics

In related news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $24.50, for a total value of $1,470,000.00. Following the completion of the sale, the chief executive officer now owns 998,343 shares in the company, valued at $24,459,403.50. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BEAM. Darwin Global Management Ltd. purchased a new position in Beam Therapeutics in the first quarter valued at about $70,032,000. Price T Rowe Associates Inc. MD increased its holdings in Beam Therapeutics by 3,137.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,246,189 shares of the company’s stock valued at $41,175,000 after buying an additional 1,207,699 shares in the last quarter. Nikko Asset Management Americas Inc. increased its holdings in Beam Therapeutics by 43.6% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 2,358,091 shares of the company’s stock valued at $64,093,000 after buying an additional 715,911 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Beam Therapeutics by 43.6% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,358,091 shares of the company’s stock valued at $64,187,000 after buying an additional 715,911 shares in the last quarter. Finally, Bellevue Group AG increased its holdings in Beam Therapeutics by 71.7% in the first quarter. Bellevue Group AG now owns 1,193,121 shares of the company’s stock valued at $39,421,000 after buying an additional 498,300 shares in the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

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.