Barclays Trims Beam Therapeutics (NASDAQ:BEAM) Target Price to $33.00

Beam Therapeutics (NASDAQ:BEAM) had its price objective reduced by investment analysts at Barclays from $42.00 to $33.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s price target suggests a potential upside of 49.93% from the company’s current price.

Several other equities research analysts have also issued reports on the stock. Wedbush reissued an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a report on Tuesday. Royal Bank of Canada upped their target price on shares of Beam Therapeutics from $27.00 to $35.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 28th. TheStreet upgraded shares of Beam Therapeutics from a “d” rating to a “c-” rating in a research note on Monday, March 11th. JPMorgan Chase & Co. upgraded Beam Therapeutics from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $38.00 to $40.00 in a research note on Monday, January 29th. Finally, BMO Capital Markets restated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Wednesday, March 27th. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Beam Therapeutics has a consensus rating of “Hold” and a consensus price target of $40.18.

Beam Therapeutics Trading Down 2.3 %

BEAM stock traded down $0.52 during trading on Wednesday, reaching $22.01. 409,690 shares of the stock were exchanged, compared to its average volume of 1,419,280. Beam Therapeutics has a twelve month low of $16.95 and a twelve month high of $49.50. The company has a market capitalization of $1.81 billion, a P/E ratio of -11.53 and a beta of 1.88. The stock has a 50 day simple moving average of $30.27 and a 200-day simple moving average of $28.20.

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

Insiders Place Their Bets

In other news, President Giuseppe Ciaramella sold 4,534 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $32.12, for a total transaction of $145,632.08. Following the transaction, the president now directly owns 169,616 shares in the company, valued at $5,448,065.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $33.86, for a total transaction of $2,031,600.00. Following the completion of 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 legal filing with the SEC, which is available at this link. Also, President Giuseppe Ciaramella sold 4,534 shares of the firm’s stock in a transaction that occurred on 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 transaction, the president now directly owns 169,616 shares in the company, valued at $5,448,065.92. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 96,804 shares of company stock valued at $3,211,869. 4.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. State Board of Administration of Florida Retirement System lifted its stake in Beam Therapeutics by 2.6% in the third quarter. State Board of Administration of Florida Retirement System now owns 19,910 shares of the company’s stock valued at $479,000 after buying an additional 510 shares during the period. First Horizon Advisors Inc. raised its stake in Beam Therapeutics by 125.9% in the fourth quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock valued at $27,000 after buying an additional 554 shares during the period. Allworth Financial LP boosted its holdings 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 worth $27,000 after buying an additional 686 shares during the period. E Fund Management Co. Ltd. boosted its position in shares of Beam Therapeutics by 4.0% in the fourth quarter. E Fund Management Co. Ltd. now owns 18,174 shares of the company’s stock valued at $495,000 after acquiring an additional 704 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in Beam Therapeutics by 4.5% in the 1st quarter. Principal Financial Group Inc. now owns 18,418 shares of the company’s stock valued at $609,000 after acquiring an additional 789 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

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.