Beam Therapeutics (NASDAQ:BEAM) Stock Rating Reaffirmed by Wedbush

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “outperform” rating restated by research analysts at Wedbush in a note issued to investors on Tuesday, Benzinga reports. They currently have a $57.00 target price on the stock. Wedbush’s price objective would indicate a potential upside of 133.42% from the stock’s previous close.

A number of other brokerages have also issued reports on BEAM. Barclays upped their target price on Beam Therapeutics from $26.00 to $42.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 28th. TheStreet raised shares of Beam Therapeutics from a “d” rating to a “c-” rating in a research report on Monday, March 11th. BMO Capital Markets reaffirmed an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a research report on Wednesday, March 27th. Royal Bank of Canada boosted their price objective on Beam Therapeutics from $27.00 to $35.00 and gave the company a “sector perform” rating in a report on Wednesday, February 28th. Finally, JPMorgan Chase & Co. upgraded Beam Therapeutics from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $38.00 to $40.00 in a research report on Monday, January 29th. Eight research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $41.00.

Beam Therapeutics Trading Up 1.3 %

NASDAQ:BEAM traded up $0.32 during mid-day trading on Tuesday, hitting $24.42. The company had a trading volume of 466,605 shares, compared to its average volume of 1,441,748. Beam Therapeutics has a 1 year low of $16.95 and a 1 year high of $49.50. The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of -12.85 and a beta of 1.77. The business has a fifty day simple moving average of $32.80 and a 200-day simple moving average of $28.11.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Tuesday, February 27th. The company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $2.42. Beam Therapeutics had a negative net margin of 35.09% and a negative return on equity of 15.90%. The firm 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 firm posted ($0.54) EPS. The firm’s quarterly revenue was up 1481.0% on a year-over-year basis. As a group, research analysts anticipate that Beam Therapeutics will post -5.53 earnings per share for the current year.

Insider Transactions at Beam Therapeutics

In related news, insider Amy Simon sold 7,157 shares of Beam Therapeutics stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $32.13, for a total transaction of $229,954.41. Following the sale, the insider now directly owns 86,590 shares in the company, valued at $2,782,136.70. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Fmr Llc sold 1,565 shares of Beam Therapeutics stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $30.76, for a total transaction of $48,139.40. Following the transaction, the insider now directly 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 is available through this hyperlink. Also, insider Amy Simon sold 7,157 shares of the stock in a transaction on Monday, April 1st. The shares were sold at an average price of $32.13, for a total value of $229,954.41. Following the completion of the transaction, 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. Over the last quarter, insiders sold 156,804 shares of company stock valued at $4,731,669. 4.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Beam Therapeutics

A number of large investors have recently made changes to their positions in the company. SG Americas Securities LLC acquired a new stake in Beam Therapeutics during the 3rd quarter valued at $363,000. ARK Investment Management LLC boosted its holdings in Beam Therapeutics by 4.8% during the third quarter. ARK Investment Management LLC now owns 8,783,891 shares of the company’s stock valued at $211,253,000 after acquiring an additional 401,296 shares during the period. Harbor Capital Advisors Inc. grew its holdings in Beam Therapeutics by 18.4% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 30,913 shares of the company’s stock valued at $743,000 after buying an additional 4,794 shares during the last quarter. Commonwealth Equity Services LLC increased its position in Beam Therapeutics by 11.7% during the third quarter. Commonwealth Equity Services LLC now owns 9,812 shares of the company’s stock worth $236,000 after acquiring an additional 1,030 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of Beam Therapeutics by 2.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 493,916 shares of the company’s stock worth $11,879,000 after acquiring an additional 12,060 shares during the period. Institutional investors and hedge funds 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.