Beam Therapeutics (NASDAQ:BEAM) Receives Outperform Rating from Wedbush

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “outperform” rating reaffirmed by analysts at Wedbush in a note issued to investors on Tuesday, RTT News reports. They currently have a $48.00 price target on the stock. Wedbush’s price target would suggest a potential upside of 128.14% from the stock’s current price.

A number of other analysts have also recently commented on BEAM. Barclays dropped their price target on shares of Beam Therapeutics from $41.00 to $35.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 8th. SVB Leerink lowered Beam Therapeutics from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $75.00 to $20.00 in a report on Friday, October 20th. William Blair reiterated an “outperform” rating on shares of Beam Therapeutics in a research note on Tuesday. Cantor Fitzgerald downgraded Beam Therapeutics from an “overweight” rating to a “neutral” rating in a research note on Friday, October 20th. Finally, Citigroup decreased their price target on Beam Therapeutics from $60.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, August 9th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $53.64.

Beam Therapeutics Trading Down 0.5 %

Shares of NASDAQ BEAM opened at $21.04 on Tuesday. The stock has a fifty day simple moving average of $22.67 and a two-hundred day simple moving average of $28.17. Beam Therapeutics has a 1-year low of $16.95 and a 1-year high of $54.30. The firm has a market cap of $1.67 billion, a price-to-earnings ratio of -4.67 and a beta of 1.57.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, August 8th. The company reported ($1.08) EPS for the quarter, beating analysts’ consensus estimates of ($1.42) by $0.34. Beam Therapeutics had a negative return on equity of 43.32% and a negative net margin of 408.13%. The firm had revenue of $20.12 million for the quarter, compared to analysts’ expectations of $17.32 million. During the same quarter in the prior year, the firm earned ($1.02) EPS. The business’s revenue for the quarter was up 20.8% compared to the same quarter last year. Analysts forecast that Beam Therapeutics will post -5.1 EPS for the current year.

Insider Transactions at Beam Therapeutics

In related news, insider Amy Simon sold 3,448 shares of the firm’s stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $18.70, for a total value of $64,477.60. Following the sale, the insider now directly owns 65,469 shares of the company’s stock, valued at $1,224,270.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 4.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Beam Therapeutics

Institutional investors have recently made changes to their positions in the stock. Point72 Middle East FZE bought a new stake in shares of Beam Therapeutics during the 4th quarter worth $35,000. TFC Financial Management Inc. raised its position in Beam Therapeutics by 384.4% during the first quarter. TFC Financial Management Inc. now owns 1,027 shares of the company’s stock valued at $31,000 after purchasing an additional 815 shares in the last quarter. Allworth Financial LP lifted its stake in Beam Therapeutics by 163.7% during the third quarter. Allworth Financial LP now owns 1,105 shares of the company’s stock worth $27,000 after purchasing an additional 686 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of Beam Therapeutics in the 1st quarter worth about $86,000. Finally, Penserra Capital Management LLC purchased a new position in shares of Beam Therapeutics in the 1st quarter worth about $97,000. Institutional investors own 80.64% 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 and BEAM-102 for the treatment of sickle cell disease beta thalassemia; BEAM-201, an allogeneic chimeric antigen receptor T cell for the treatment of refractory T-cell acute lymphoblastic leukemia/T cell lymphoblastic lymphoma; BEAM-301, a liver-targeting LNP formulation for the treatment of glycogen storage disease 1a; and BEAM-302, a liver-targeting LNP formulation to treat severe alpha-1 antitrypsin deficiency.