Beam Therapeutics (NASDAQ:BEAM) Given Outperform Rating at Wedbush

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “outperform” rating reaffirmed by analysts at Wedbush in a report issued on Tuesday, Benzinga reports. They presently have a $57.00 target price on the stock. Wedbush’s price objective indicates a potential upside of 133.42% from the stock’s previous close.

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

Beam Therapeutics Stock Up 1.3 %

Shares of BEAM stock traded up $0.32 during trading on Tuesday, reaching $24.42. 466,605 shares of the company’s stock were exchanged, compared to its average volume of 1,441,748. Beam Therapeutics has a twelve month low of $16.95 and a twelve month high of $49.50. The stock has a market capitalization of $1.99 billion, a PE ratio of -12.85 and a beta of 1.77. The firm’s fifty day moving average price is $32.80 and its 200-day moving average price is $28.11.

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

Insider Activity at Beam Therapeutics

In other news, CEO John M. Evans sold 60,000 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 1,058,262 shares of the company’s stock, valued at $26,805,776.46. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO John M. Evans sold 60,000 shares of the firm’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 completion of the sale, the chief executive officer now directly 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 SEC, which is available at the SEC website. Also, CEO John M. Evans sold 18,102 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $32.13, for a total value of $581,617.26. Following the completion of the sale, the chief executive officer now owns 1,058,343 shares in the company, valued at $34,004,560.59. The disclosure for this sale can be found here. In the last quarter, insiders have sold 156,804 shares of company stock valued at $4,731,669. 4.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Beam Therapeutics

A number of large investors have recently modified their holdings of BEAM. SteelPeak Wealth LLC purchased a new stake in Beam Therapeutics in the 1st quarter worth approximately $248,000. Thrive Wealth Management LLC bought a new stake in Beam Therapeutics during the first quarter worth about $229,000. DLK Investment Management LLC purchased a new position in shares of Beam Therapeutics in the 1st quarter worth about $239,000. Riverview Trust Co purchased a new position in shares of Beam Therapeutics during the 1st quarter valued at about $26,000. Finally, PNC Financial Services Group Inc. grew its position in Beam Therapeutics by 144.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock valued at $43,000 after acquiring an additional 923 shares during the last quarter. 99.68% of the stock is currently owned by 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.