Beam Therapeutics (NASDAQ:BEAM) Price Target Lowered to $33.00 at Barclays

Beam Therapeutics (NASDAQ:BEAM) had its price objective reduced by Barclays from $42.00 to $33.00 in a research note released on Wednesday morning, Benzinga reports. Barclays currently has an equal weight rating on the stock.

A number of other research analysts have also recently weighed in on the stock. BMO Capital Markets restated an outperform rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Wednesday, March 27th. Royal Bank of Canada upped their price objective on Beam Therapeutics from $27.00 to $35.00 and gave the stock a sector perform rating in a research report on Wednesday, February 28th. TheStreet upgraded Beam Therapeutics from a d rating to a c- rating in a report 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 report on Monday, January 29th. Finally, Wedbush reiterated an outperform rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research note on Tuesday. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Beam Therapeutics currently has a consensus rating of Hold and a consensus price target of $40.18.

Beam Therapeutics Stock Performance

Shares of BEAM stock opened at $22.24 on Wednesday. Beam Therapeutics has a one year low of $16.95 and a one year high of $49.50. The firm’s 50 day moving average price is $29.84 and its 200-day moving average price is $28.16. The firm has a market cap of $1.83 billion, a P/E ratio of -11.71 and a beta of 1.88.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($1.21) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.42) by $0.21. Beam Therapeutics had a negative return on equity of 15.90% and a negative net margin of 35.09%. The business had revenue of $7.40 million during the quarter, compared to analysts’ expectations of $17.09 million. During the same period in the previous year, the firm posted ($1.33) earnings per share. The company’s revenue was down 69.4% on a year-over-year basis. As a group, research analysts predict that Beam Therapeutics will post -5.53 EPS for the current fiscal year.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, insider Fmr Llc sold 1,565 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $30.76, for a total transaction of $48,139.40. Following the sale, the insider now owns 2,771,913 shares of the company’s stock, valued at $85,264,043.88. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Beam Therapeutics news, insider Fmr Llc sold 1,565 shares of the company’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $30.76, for a total value of $48,139.40. Following the completion of the transaction, the insider now owns 2,771,913 shares in the company, valued at $85,264,043.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Amy Simon sold 7,157 shares of Beam Therapeutics stock in a transaction dated 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 in the company, valued at approximately $2,782,136.70. The disclosure for this sale can be found here. Insiders sold 96,804 shares of company stock valued at $3,211,869 over the last three months. 4.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Beam Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BEAM. Riverview Trust Co purchased a new position in shares of Beam Therapeutics during the first quarter worth approximately $26,000. First Horizon Advisors Inc. increased its stake in Beam Therapeutics by 125.9% in the fourth quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock valued at $27,000 after purchasing an additional 554 shares during the period. Allworth Financial LP raised its holdings in shares of Beam Therapeutics by 163.7% in the third quarter. Allworth Financial LP now owns 1,105 shares of the company’s stock valued at $27,000 after buying an additional 686 shares during the last quarter. National Bank of Canada FI boosted its stake in shares of Beam Therapeutics by 200.0% during the fourth quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $41,000 after buying an additional 1,000 shares during the period. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Beam Therapeutics by 144.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock worth $43,000 after buying an additional 923 shares during the period. 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.