Wedbush Reiterates Outperform Rating for Beam Therapeutics (NASDAQ:BEAM)

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “outperform” rating restated by investment analysts at Wedbush in a report issued on Tuesday, RTT News reports. They presently have a $57.00 price objective on the stock. Wedbush’s price target indicates a potential upside of 123.35% from the stock’s previous close.

A number of other analysts have also commented on BEAM. Barclays cut their price objective on shares of Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 8th. HC Wainwright initiated coverage on shares of Beam Therapeutics in a research report on Tuesday, July 23rd. They set a “buy” rating and a $80.00 price target on the stock. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $43.50.

Beam Therapeutics Price Performance

Shares of Beam Therapeutics stock traded down $0.09 on Tuesday, hitting $25.52. The company had a trading volume of 1,205,116 shares, compared to its average volume of 1,392,347. The stock has a 50-day moving average of $25.61 and a 200-day moving average of $27.81. The firm has a market capitalization of $2.10 billion, a P/E ratio of -14.34 and a beta of 1.87. Beam Therapeutics has a twelve month low of $16.95 and a twelve month high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($1.21) EPS for the quarter, topping analysts’ consensus estimates of ($1.42) by $0.21. The business had revenue of $7.40 million for the quarter, compared to analyst estimates of $17.09 million. Beam Therapeutics had a negative net margin of 37.33% and a negative return on equity of 15.46%. The firm’s revenue for the quarter was down 69.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.33) earnings per share. Equities analysts predict that Beam Therapeutics will post -4.68 EPS for the current year.

Insider Activity

In related news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $24.50, for a total value of $1,470,000.00. Following the transaction, the chief executive officer now directly owns 998,343 shares in the company, valued at $24,459,403.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

Large investors have recently bought and sold shares of the company. Riverview Trust Co acquired a new stake in shares of Beam Therapeutics in the 1st quarter valued at approximately $26,000. First Horizon Advisors Inc. boosted its stake in shares of Beam Therapeutics by 125.9% in the 4th quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock valued at $27,000 after purchasing an additional 554 shares in the last quarter. Blue Trust Inc. boosted its stake in shares of Beam Therapeutics by 2,648.4% in the 2nd quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock valued at $40,000 after purchasing an additional 1,642 shares in the last quarter. National Bank of Canada FI increased its holdings 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 in the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Beam Therapeutics by 144.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock valued at $43,000 after acquiring an additional 923 shares in the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Beam Therapeutics Company Profile

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.