Beam Therapeutics (NASDAQ:BEAM) Given New $33.00 Price Target at Barclays

Beam Therapeutics (NASDAQ:BEAM) had its target price cut by research analysts at Barclays from $42.00 to $33.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s price target points to a potential upside of 46.41% from the stock’s current price.

BEAM has been the subject of a number of other research reports. Wedbush reissued an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research report on Tuesday. JPMorgan Chase & Co. raised Beam Therapeutics from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $38.00 to $40.00 in a research report on Monday, January 29th. Royal Bank of Canada boosted 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. BMO Capital Markets reaffirmed an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research report on Wednesday, March 27th. Finally, TheStreet raised Beam Therapeutics from a “d” rating to a “c-” rating in a research report on Monday, March 11th. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $40.18.

Beam Therapeutics Stock Up 1.3 %

Shares of Beam Therapeutics stock opened at $22.54 on Wednesday. The stock has a market cap of $1.86 billion, a PE ratio of -12.66 and a beta of 1.88. Beam Therapeutics has a 12 month low of $16.95 and a 12 month high of $49.50. The business has a fifty day simple moving average of $29.50 and a 200-day simple moving average of $28.12.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data on Tuesday, May 7th. The company reported ($1.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.42) by $0.21. The firm had revenue of $7.40 million during the quarter, compared to analysts’ expectations of $17.09 million. Beam Therapeutics had a negative return on equity of 15.90% and a negative net margin of 35.09%. The business’s revenue for the quarter was down 69.4% on a year-over-year basis. During the same quarter last year, the firm earned ($1.33) earnings per share. Analysts expect that Beam Therapeutics will post -5.53 EPS for the current fiscal year.

Insider Activity at Beam Therapeutics

In related news, insider Fmr Llc sold 1,565 shares of the business’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $30.76, for a total transaction of $48,139.40. Following the transaction, the insider now directly owns 2,771,913 shares in the company, valued at $85,264,043.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $33.86, for a total transaction of $2,031,600.00. Following the sale, the chief executive officer now directly owns 998,262 shares of the company’s stock, valued at $33,801,151.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Fmr Llc sold 1,565 shares of Beam Therapeutics stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $30.76, for a total value of $48,139.40. Following the sale, the insider now directly owns 2,771,913 shares in the company, valued at $85,264,043.88. The disclosure for this sale can be found here. Insiders have sold 96,804 shares of company stock worth $3,211,869 over the last three months. Company insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. ARK Investment Management LLC boosted its holdings in 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 purchasing an additional 609,998 shares in the last quarter. Vestmark Advisory Solutions Inc. acquired a new position in shares of Beam Therapeutics in the 4th quarter worth approximately $2,673,000. Swiss National Bank boosted its holdings in shares of Beam Therapeutics by 12.9% in the 3rd quarter. Swiss National Bank now owns 142,400 shares of the company’s stock worth $3,425,000 after acquiring an additional 16,300 shares in the last quarter. Citigroup Inc. boosted its holdings in shares of Beam Therapeutics by 21.5% in the 3rd quarter. Citigroup Inc. now owns 197,597 shares of the company’s stock worth $4,752,000 after acquiring an additional 34,943 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D boosted its holdings in shares of Beam Therapeutics by 41.5% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 106,269 shares of the company’s stock worth $2,556,000 after acquiring an additional 31,165 shares in the last quarter. 99.68% of the stock is owned by institutional investors and hedge funds.

About Beam Therapeutics

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.