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

Wedbush reissued their outperform rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a research report report published on Tuesday, Benzinga reports. Wedbush currently has a $57.00 price objective on the stock.

Other equities research analysts also recently issued research reports about the company. BMO Capital Markets reissued an outperform rating and set a $57.00 target price on shares of Beam Therapeutics in a report on Wednesday, March 27th. TheStreet raised Beam Therapeutics from a d rating to a c- rating in a report on Monday, March 11th. Royal Bank of Canada raised their price target on Beam Therapeutics from $27.00 to $35.00 and gave the stock a sector perform rating in a research report on Wednesday, February 28th. Barclays raised their price target on Beam Therapeutics from $26.00 to $42.00 and gave the stock an equal weight rating in a research report on Wednesday, February 28th. Finally, JPMorgan Chase & Co. upgraded Beam Therapeutics from a neutral rating to an overweight rating and raised their price target for the stock from $38.00 to $40.00 in a research report on Monday, January 29th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Hold and an average target price of $41.00.

Beam Therapeutics Price Performance

Shares of Beam Therapeutics stock opened at $23.47 on Tuesday. The business has a fifty day simple moving average of $32.67 and a two-hundred day simple moving average of $28.13. Beam Therapeutics has a 1 year low of $16.95 and a 1 year high of $49.50. The company has a market capitalization of $1.92 billion, a price-to-earnings ratio of -12.35 and a beta of 1.77.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $1.73 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.69) by $2.42. Beam Therapeutics had a negative return on equity of 15.90% and a negative net margin of 35.09%. The business had revenue of $316.20 million during the quarter, compared to the consensus estimate of $34.16 million. During the same quarter last year, the firm posted ($0.54) EPS. The company’s quarterly revenue was up 1481.0% on a year-over-year basis. As a group, equities analysts anticipate that Beam Therapeutics will post -5.53 earnings per share for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $25.33, for a total transaction of $1,519,800.00. Following the transaction, the chief executive officer now owns 1,058,262 shares of the company’s stock, valued at approximately $26,805,776.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Amy Simon sold 7,157 shares of the stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $32.13, for a total transaction of $229,954.41. Following the sale, the insider now owns 86,590 shares of the company’s stock, valued at approximately $2,782,136.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO John M. Evans sold 60,000 shares of the stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $25.33, for a total value of $1,519,800.00. Following the sale, the chief executive officer now directly owns 1,058,262 shares in the company, valued at approximately $26,805,776.46. The disclosure for this sale can be found here. Insiders sold 156,804 shares of company stock worth $4,731,669 in the last quarter. 4.40% of the stock is currently owned by company insiders.

Institutional Trading of Beam Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the business. State Board of Administration of Florida Retirement System raised its holdings in shares of Beam Therapeutics by 2.6% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 19,910 shares of the company’s stock valued at $479,000 after acquiring an additional 510 shares in the last quarter. First Horizon Advisors Inc. increased its position in shares of Beam Therapeutics by 125.9% during the 4th quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock valued at $27,000 after purchasing an additional 554 shares during the last quarter. Allworth Financial LP increased its position in shares of Beam Therapeutics by 163.7% during the 3rd quarter. Allworth Financial LP now owns 1,105 shares of the company’s stock valued at $27,000 after purchasing an additional 686 shares during the last quarter. E Fund Management Co. Ltd. increased its position in shares of Beam Therapeutics by 4.0% during the 4th quarter. E Fund Management Co. Ltd. now owns 18,174 shares of the company’s stock valued at $495,000 after purchasing an additional 704 shares during the last quarter. Finally, Riverview Trust Co bought a new position in shares of Beam Therapeutics during the 1st quarter valued at about $26,000. 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.