Beam Therapeutics’ (BEAM) Outperform Rating Reaffirmed at Wedbush

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “outperform” rating restated by research analysts at Wedbush in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $65.00 price objective on the stock. Wedbush’s price target points to a potential upside of 142.27% from the stock’s previous close.

Several other brokerages have also recently commented on BEAM. Tudor Pickering set a $39.00 price target on shares of Beam Therapeutics in a research report on Wednesday, May 13th. Bank of America reaffirmed a “buy” rating and set a $47.00 target price on shares of Beam Therapeutics in a report on Wednesday, July 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a report on Friday, July 17th. Sanford C. Bernstein dropped their price target on Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 13th. Finally, Wall Street Zen upgraded Beam Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Saturday. Ten research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Beam Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $49.00.

Beam Therapeutics Trading Down 9.5%

NASDAQ BEAM opened at $26.83 on Wednesday. Beam Therapeutics has a 12 month low of $19.35 and a 12 month high of $38.26. The company has a debt-to-equity ratio of 0.09, a current ratio of 14.57 and a quick ratio of 14.57. The company has a market capitalization of $2.77 billion, a price-to-earnings ratio of -31.20 and a beta of 2.22. The company’s fifty day moving average price is $29.09 and its two-hundred day moving average price is $28.96.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($1.18) earnings per share for the quarter, missing the consensus estimate of ($1.11) by ($0.07). The company had revenue of $0.49 million for the quarter, compared to analyst estimates of $16.37 million. Beam Therapeutics had a negative return on equity of 30.71% and a negative net margin of 54.75%.Beam Therapeutics’s revenue was down 94.2% on a year-over-year basis. During the same period in the prior year, the business earned ($1.00) earnings per share. As a group, research analysts predict that Beam Therapeutics will post -4.49 earnings per share for the current fiscal year.

Insider Activity

In other Beam Therapeutics news, insider Amy Simon sold 16,667 shares of the firm’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $25.74, for a total value of $429,008.58. Following the transaction, the insider owned 85,696 shares of the company’s stock, valued at $2,205,815.04. This trade represents a 16.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Fmr Llc sold 251,488 shares of Beam Therapeutics stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $35.26, for a total value of $8,867,466.88. Following the completion of the transaction, the insider owned 854,583 shares of the company’s stock, valued at approximately $30,132,596.58. The trade was a 22.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 301,527 shares of company stock worth $10,468,500. 3.80% of the stock is owned by company insiders.

Institutional Trading of Beam Therapeutics

Several hedge funds have recently made changes to their positions in BEAM. Hollencrest Capital Management acquired a new position in Beam Therapeutics during the 1st quarter valued at approximately $43,000. Northwestern Mutual Wealth Management Co. acquired a new stake in Beam Therapeutics in the second quarter worth $43,000. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in Beam Therapeutics in the fourth quarter worth $47,000. Larson Financial Group LLC lifted 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 valued at $48,000 after buying an additional 1,923 shares during the last quarter. Finally, Van ECK Associates Corp lifted its stake in Beam Therapeutics by 48.7% in the third quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock valued at $52,000 after buying an additional 707 shares during the last quarter. Institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Company Profile

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.