Beam Therapeutics’ (BEAM) Outperform Rating Reaffirmed at Wedbush

Wedbush reissued their outperform rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a report released on Monday morning,RTT News reports. They currently have a $57.00 target price on the stock.

Several other equities research analysts have also recently weighed in on the company. Leerink Partnrs upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Scotiabank assumed coverage on Beam Therapeutics in a report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 price target for the company. Leerink Partners raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $27.00 to $39.00 in a research note on Wednesday, November 6th. Royal Bank of Canada lowered their target price on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 6th. Finally, Sanford C. Bernstein upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Three analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Beam Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $47.67.

Beam Therapeutics Stock Performance

BEAM opened at $23.39 on Monday. Beam Therapeutics has a 52-week low of $20.84 and a 52-week high of $49.50. The firm has a market cap of $1.94 billion, a P/E ratio of -13.29 and a beta of 1.92. The business’s fifty day moving average is $26.66 and its 200-day moving average is $25.69.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). The firm had revenue of $14.30 million for the quarter, compared to analyst estimates of $14.52 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company’s quarterly revenue was down 16.9% on a year-over-year basis. During the same quarter in the previous year, the company earned ($1.22) earnings per share. On average, research analysts predict that Beam Therapeutics will post -4.66 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Christine Bellon sold 1,241 shares of the firm’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total transaction of $30,627.88. Following the completion of the transaction, the insider now owns 102,968 shares of the company’s stock, valued at approximately $2,541,250.24. This trade represents a 1.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Giuseppe Ciaramella sold 51,110 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $26.36, for a total transaction of $1,347,259.60. Following the completion of the sale, the president now directly owns 109,150 shares in the company, valued at approximately $2,877,194. This represents a 31.89 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Beam Therapeutics

A number of hedge funds have recently made changes to their positions in BEAM. Arizona State Retirement System boosted its holdings in Beam Therapeutics by 2.1% in the second quarter. Arizona State Retirement System now owns 19,431 shares of the company’s stock valued at $455,000 after acquiring an additional 392 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Beam Therapeutics by 2.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,396 shares of the company’s stock valued at $524,000 after purchasing an additional 516 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Beam Therapeutics by 21.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock valued at $75,000 after purchasing an additional 524 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Beam Therapeutics by 13.3% during the third quarter. GAMMA Investing LLC now owns 4,620 shares of the company’s stock worth $113,000 after buying an additional 544 shares during the period. Finally, Green Alpha Advisors LLC raised its stake in Beam Therapeutics by 5.9% during the third quarter. Green Alpha Advisors LLC now owns 12,475 shares of the company’s stock worth $306,000 after buying an additional 698 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors.

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.