Beam Therapeutics (NASDAQ:BEAM) Given “Outperform” Rating at Wedbush

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “outperform” rating restated by analysts at Wedbush in a research note issued on Tuesday, Benzinga reports. They presently have a $57.00 price target on the stock. Wedbush’s target price suggests a potential upside of 150.66% from the stock’s current price.

BEAM has been the subject of several other research reports. Royal Bank of Canada upped their price target on Beam Therapeutics from $27.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 28th. Barclays upped their price target on Beam Therapeutics from $26.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 28th. TheStreet upgraded 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 target for the stock from $38.00 to $40.00 in a research note on Monday, January 29th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a research note on Wednesday, March 27th. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Beam Therapeutics presently has an average rating of “Hold” and a consensus price target of $41.00.

Beam Therapeutics Stock Down 3.1 %

Shares of Beam Therapeutics stock opened at $22.74 on Tuesday. Beam Therapeutics has a 12-month low of $16.95 and a 12-month high of $49.50. The firm has a market capitalization of $1.87 billion, a PE ratio of -11.97 and a beta of 1.77. The stock’s fifty day moving average is $32.50 and its 200-day moving average is $28.09.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $1.73 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.69) by $2.42. Beam Therapeutics had a negative return on equity of 15.90% and a negative net margin of 35.09%. The business had revenue of $316.20 million for the quarter, compared to the consensus estimate of $34.16 million. During the same quarter in the previous year, the company posted ($0.54) earnings per share. Beam Therapeutics’s revenue for the quarter was up 1481.0% compared to the same quarter last year. Analysts expect that Beam Therapeutics will post -5.53 EPS for the current year.

Insider Buying and Selling at Beam Therapeutics

In other news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $25.33, for a total value of $1,519,800.00. Following the completion of the transaction, the chief executive officer now owns 1,058,262 shares in the company, valued at approximately $26,805,776.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $25.33, for a total transaction of $1,519,800.00. Following the completion of the transaction, the chief executive officer now owns 1,058,262 shares in the company, valued at $26,805,776.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Amy Simon sold 7,157 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $32.13, for a total value of $229,954.41. Following the sale, the insider now owns 86,590 shares of the company’s stock, valued at approximately $2,782,136.70. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 156,804 shares of company stock worth $4,731,669. Insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. ARK Investment Management LLC boosted its position in Beam Therapeutics by 6.9% during the fourth quarter. ARK Investment Management LLC now owns 9,393,889 shares of the company’s stock valued at $255,702,000 after acquiring an additional 609,998 shares during the last quarter. Vanguard Group Inc. boosted its position in Beam Therapeutics by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 7,164,876 shares of the company’s stock valued at $195,028,000 after acquiring an additional 349,906 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Beam Therapeutics by 43.6% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,358,091 shares of the company’s stock valued at $64,187,000 after acquiring an additional 715,911 shares during the last quarter. Nikko Asset Management Americas Inc. boosted its position in Beam Therapeutics by 43.6% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 2,358,091 shares of the company’s stock valued at $64,093,000 after acquiring an additional 715,911 shares during the last quarter. Finally, Baillie Gifford & Co. boosted its position in Beam Therapeutics by 67.2% during the third quarter. Baillie Gifford & Co. now owns 875,747 shares of the company’s stock valued at $21,062,000 after acquiring an additional 352,014 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

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.