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

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “outperform” rating reaffirmed by research analysts at Wedbush in a research report issued to clients and investors on Monday,RTT News reports. They currently have a $57.00 price objective on the stock. Wedbush’s price objective indicates a potential upside of 107.16% from the company’s previous close.

BEAM has been the topic of several other reports. Scotiabank began coverage on Beam Therapeutics in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 price target on the stock. Royal Bank of Canada reduced their target price on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. Stifel Nicolaus raised their price target on shares of Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $27.00 to $39.00 in a report on Wednesday, November 6th. Finally, HC Wainwright reissued a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research report on Monday. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Beam Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $46.40.

Beam Therapeutics Price Performance

BEAM stock traded up $0.80 on Monday, hitting $27.52. 1,417,294 shares of the company were exchanged, compared to its average volume of 1,220,214. The stock has a market capitalization of $2.28 billion, a price-to-earnings ratio of -15.63 and a beta of 1.90. Beam Therapeutics has a twelve month low of $20.84 and a twelve month high of $49.50. The business’s fifty day moving average is $24.79 and its two-hundred day moving average is $25.15.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The firm had revenue of $14.30 million for the quarter, compared to analysts’ expectations of $14.52 million. During the same period last year, the firm posted ($1.22) EPS. Beam Therapeutics’s revenue was down 16.9% on a year-over-year basis. Equities research analysts expect that Beam Therapeutics will post -4.62 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $24.60, for a total value of $1,476,000.00. Following the sale, the chief executive officer now owns 938,659 shares of the company’s stock, valued at approximately $23,091,011.40. The trade was a 6.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Giuseppe Ciaramella sold 51,110 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $26.36, for a total value of $1,347,259.60. Following the transaction, the president now directly owns 109,150 shares of the company’s stock, valued at $2,877,194. This represents a 31.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 162,894 shares of company stock valued at $4,181,745 over the last 90 days. 4.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Beam Therapeutics

Hedge funds have recently modified their holdings of the stock. Fairfield Financial Advisors LTD purchased a new stake in shares of Beam Therapeutics in the 2nd quarter valued at approximately $26,000. Blue Trust Inc. lifted its holdings in shares of Beam Therapeutics by 2,648.4% in the second quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock valued at $40,000 after purchasing an additional 1,642 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Beam Therapeutics by 21.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock worth $75,000 after buying an additional 524 shares during the period. National Bank of Canada FI grew its holdings in shares of Beam Therapeutics by 200.0% during the second quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock valued at $69,000 after buying an additional 2,000 shares in the last quarter. Finally, Quarry LP grew its holdings in shares of Beam Therapeutics by 350.0% during the second quarter. Quarry LP now owns 3,600 shares of the company’s stock valued at $84,000 after buying an additional 2,800 shares in the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

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.