Wedbush Issues Positive Forecast for Beam Therapeutics (NASDAQ:BEAM) Stock Price

Beam Therapeutics (NASDAQ:BEAMGet Free Report) had its price objective increased by Wedbush from $57.00 to $65.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Wedbush’s target price would indicate a potential upside of 101.30% from the company’s current price.

BEAM has been the subject of a number of other reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Wednesday, January 21st. Sanford C. Bernstein increased their target price on Beam Therapeutics from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 20th. Benchmark reissued a “speculative buy” rating on shares of Beam Therapeutics in a research note on Monday, November 17th. Evercore started coverage on shares of Beam Therapeutics in a research note on Monday, November 24th. They issued an “outperform” rating and a $35.00 price target on the stock. Finally, Canaccord Genuity Group began coverage on shares of Beam Therapeutics in a research report on Friday. They issued a “buy” rating and a $74.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Beam Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $46.19.

Check Out Our Latest Stock Report on BEAM

Beam Therapeutics Trading Up 14.0%

BEAM stock opened at $32.29 on Wednesday. The stock has a market cap of $3.28 billion, a PE ratio of -7.29 and a beta of 2.12. Beam Therapeutics has a 12 month low of $13.52 and a 12 month high of $36.44. The company has a 50-day moving average price of $28.74 and a 200 day moving average price of $24.99.

Beam Therapeutics (NASDAQ:BEAMGet Free Report) last announced its quarterly earnings data on Tuesday, February 24th. The company reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.13) by $3.46. Beam Therapeutics had a negative net margin of 744.41% and a negative return on equity of 42.86%. The business had revenue of $114.11 million during the quarter, compared to the consensus estimate of $13.22 million. During the same quarter last year, the firm earned ($1.09) earnings per share. The firm’s quarterly revenue was up 280.3% compared to the same quarter last year. Sell-side analysts forecast that Beam Therapeutics will post -4.57 EPS for the current year.

Insiders Place Their Bets

In related news, insider Christine Bellon sold 1,371 shares of the company’s stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $34.00, for a total value of $46,614.00. Following the completion of the sale, the insider directly owned 95,667 shares of the company’s stock, valued at $3,252,678. This represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Beam Therapeutics

Several large investors have recently modified their holdings of the business. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in shares of Beam Therapeutics in the 4th quarter worth approximately $47,000. Larson Financial Group LLC raised its stake in Beam Therapeutics by 4,370.5% in the third quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock worth $48,000 after buying an additional 1,923 shares in the last quarter. Kestra Advisory Services LLC purchased a new stake in Beam Therapeutics during the fourth quarter worth $59,000. Van ECK Associates Corp lifted its holdings in Beam Therapeutics by 48.7% during the third quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after buying an additional 707 shares during the period. Finally, Leonteq Securities AG bought a new stake in Beam Therapeutics during the 4th quarter valued at $66,000. Institutional investors own 99.68% of the company’s stock.

More Beam Therapeutics News

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About Beam Therapeutics

(Get Free Report)

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.

Further Reading

Analyst Recommendations for Beam Therapeutics (NASDAQ:BEAM)

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