Beam Therapeutics (NASDAQ:BEAM) Receives Outperform Rating from Wedbush

Wedbush restated their outperform rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a research note issued to investors on Tuesday morning,RTT News reports. The brokerage currently has a $57.00 target price on the stock. Wedbush also issued estimates for Beam Therapeutics’ Q4 2024 earnings at ($1.21) EPS, FY2024 earnings at ($4.69) EPS, Q1 2025 earnings at ($1.16) EPS, Q2 2025 earnings at ($1.19) EPS, Q3 2025 earnings at ($1.09) EPS, Q4 2025 earnings at ($1.07) EPS, FY2025 earnings at ($4.50) EPS, FY2026 earnings at ($4.73) EPS, FY2027 earnings at ($4.24) EPS and FY2028 earnings at ($1.93) EPS.

Other research analysts have also recently issued research reports about the company. Stifel Nicolaus boosted their price target on Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. JPMorgan Chase & Co. boosted their target price on Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. HC Wainwright reaffirmed a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a report on Thursday, August 22nd. Barclays decreased their price objective on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a report on Wednesday, August 7th. Finally, Scotiabank initiated coverage on shares of Beam Therapeutics in a report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 target price on the stock. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $44.91.

Beam Therapeutics Price Performance

Shares of Beam Therapeutics stock opened at $26.10 on Tuesday. The stock has a market cap of $2.15 billion, a price-to-earnings ratio of -14.42 and a beta of 1.86. Beam Therapeutics has a 1 year low of $18.85 and a 1 year high of $49.50. The firm’s 50-day moving average is $24.22 and its 200 day moving average is $24.65.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). Beam Therapeutics had a negative net margin of 40.56% and a negative return on equity of 16.22%. The firm had revenue of $14.30 million for the quarter, compared to analysts’ expectations of $14.52 million. During the same quarter in the previous year, the company earned ($1.22) EPS. The company’s quarterly revenue was down 16.9% compared to the same quarter last year. On average, equities analysts expect that Beam Therapeutics will post -4.6 EPS for the current fiscal year.

Insider Buying and Selling

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $24.60, for a total value of $1,476,000.00. Following the completion of the sale, the chief executive officer now owns 938,659 shares in the company, valued at $23,091,011.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, President Giuseppe Ciaramella sold 51,110 shares of the company’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $26.27, for a total value of $1,342,659.70. Following the completion of the transaction, the president now owns 160,260 shares of the company’s stock, valued at approximately $4,210,030.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $24.60, for a total value of $1,476,000.00. Following the sale, the chief executive officer now directly owns 938,659 shares in the company, valued at approximately $23,091,011.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 111,784 shares of company stock valued at $2,834,485. 4.20% of the stock is owned by company insiders.

Institutional Trading of Beam Therapeutics

Institutional investors have recently made changes to their positions in the business. Fairfield Financial Advisors LTD bought a new position in Beam Therapeutics in the 2nd quarter worth approximately $26,000. Blue Trust Inc. lifted its holdings in shares of Beam Therapeutics by 2,648.4% in the second quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock worth $40,000 after buying an additional 1,642 shares in the last quarter. National Bank of Canada FI boosted its position in shares of Beam Therapeutics by 200.0% during the second quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock worth $69,000 after acquiring an additional 2,000 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Beam Therapeutics by 21.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock valued at $75,000 after acquiring an additional 524 shares in the last quarter. Finally, Quarry LP increased its holdings in Beam Therapeutics by 350.0% in the 2nd quarter. Quarry LP now owns 3,600 shares of the company’s stock valued at $84,000 after acquiring an additional 2,800 shares during the last quarter. Hedge funds and other institutional investors 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.