Beam Therapeutics (NASDAQ:BEAM) Stock Rating Reaffirmed by Wedbush

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

Other research analysts have also recently issued reports about the company. JPMorgan Chase & Co. upgraded Beam Therapeutics from a neutral rating to an overweight rating and raised their price objective for the stock from $38.00 to $40.00 in a research note on Monday, January 29th. Royal Bank of Canada raised their price target on shares of 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 upped their price objective on shares of Beam Therapeutics from $26.00 to $42.00 and gave the company an equal weight rating in a report on Wednesday, February 28th. 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. Finally, TheStreet raised shares of Beam Therapeutics from a d rating to a c- rating in a report on Monday, March 11th. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $41.00.

Beam Therapeutics Trading Down 1.1 %

Shares of Beam Therapeutics stock opened at $22.53 on Tuesday. The firm’s 50 day simple moving average is $30.27 and its two-hundred day simple moving average is $28.20. The firm has a market capitalization of $1.85 billion, a price-to-earnings ratio of -11.86 and a beta of 1.88. Beam Therapeutics has a 12-month low of $16.95 and a 12-month high of $49.50.

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

Insider Activity

In related news, President Giuseppe Ciaramella sold 4,534 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $32.12, for a total value of $145,632.08. Following the completion of the transaction, the president now owns 169,616 shares of the company’s stock, valued at approximately $5,448,065.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Beam Therapeutics news, CEO John M. Evans sold 18,102 shares of the stock in a transaction on Monday, April 1st. The shares were sold at an average price of $32.13, for a total transaction of $581,617.26. Following the transaction, the chief executive officer now directly owns 1,058,343 shares of the company’s stock, valued at $34,004,560.59. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, President Giuseppe Ciaramella sold 4,534 shares of Beam Therapeutics stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $32.12, for a total transaction of $145,632.08. Following the completion of the sale, the president now owns 169,616 shares in the company, valued at approximately $5,448,065.92. The disclosure for this sale can be found here. Insiders have sold 96,804 shares of company stock worth $3,211,869 in the last ninety days. Company insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BEAM. ARK Investment Management LLC raised its holdings in shares of Beam Therapeutics by 6.9% during the fourth quarter. ARK Investment Management LLC now owns 9,393,889 shares of the company’s stock valued at $255,702,000 after acquiring an additional 609,998 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Beam Therapeutics by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 7,164,876 shares of the company’s stock worth $195,028,000 after purchasing an additional 349,906 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Beam Therapeutics by 43.6% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,358,091 shares of the company’s stock valued at $64,187,000 after purchasing an additional 715,911 shares during the last quarter. Nikko Asset Management Americas Inc. lifted its holdings in Beam Therapeutics by 43.6% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 2,358,091 shares of the company’s stock valued at $64,093,000 after purchasing an additional 715,911 shares in the last quarter. Finally, Baillie Gifford & Co. boosted its stake in Beam Therapeutics by 67.2% during the 3rd quarter. Baillie Gifford & Co. now owns 875,747 shares of the company’s stock worth $21,062,000 after purchasing an additional 352,014 shares during 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.