Beam Therapeutics’ (BEAM) Outperform Rating Reaffirmed at Wedbush

Wedbush reaffirmed their outperform rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a report published on Monday,RTT News reports. The firm currently has a $57.00 price target on the stock.

Several other brokerages also recently commented on BEAM. Sanford C. Bernstein upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Cantor Fitzgerald raised Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research report on Wednesday, January 29th. Scotiabank raised Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 target price for the company in a research report on Monday. HC Wainwright reaffirmed a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a report on Friday, February 28th. Finally, Royal Bank of Canada boosted their price objective on shares of Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a report on Wednesday, February 26th. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $50.82.

Beam Therapeutics Price Performance

Shares of Beam Therapeutics stock opened at $25.69 on Monday. Beam Therapeutics has a 1 year low of $20.84 and a 1 year high of $38.37. The firm’s 50-day moving average is $27.02 and its 200 day moving average is $26.03. The stock has a market cap of $2.15 billion, a price-to-earnings ratio of -14.60 and a beta of 1.91.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.25) by $0.16. The firm had revenue of $30.00 million for the quarter, compared to the consensus estimate of $16.47 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business’s revenue was down 90.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.73 earnings per share. On average, equities analysts expect that Beam Therapeutics will post -4.57 EPS for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In related news, CEO John M. Evans sold 30,000 shares of Beam Therapeutics stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total transaction of $802,500.00. Following the transaction, the chief executive officer now directly owns 908,659 shares in the company, valued at approximately $24,306,628.25. The trade was a 3.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Christine Bellon sold 1,241 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total value of $30,627.88. Following the sale, the insider now directly owns 102,968 shares of the company’s stock, valued at $2,541,250.24. This represents a 1.19 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Wealthfront Advisers LLC purchased a new stake in Beam Therapeutics in the 4th quarter worth approximately $41,000. GF Fund Management CO. LTD. purchased a new position in Beam Therapeutics during the fourth quarter valued at approximately $43,000. Sterling Capital Management LLC boosted its position in shares of Beam Therapeutics by 816.0% in the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock worth $60,000 after purchasing an additional 2,146 shares during the period. KBC Group NV increased its stake in shares of Beam Therapeutics by 103.2% in the fourth quarter. KBC Group NV now owns 4,143 shares of the company’s stock worth $103,000 after purchasing an additional 2,104 shares in the last quarter. Finally, Blue Trust Inc. raised its position in shares of Beam Therapeutics by 36.3% during the 4th quarter. Blue Trust Inc. now owns 4,274 shares of the company’s stock valued at $105,000 after purchasing an additional 1,139 shares during the period. 99.68% of the stock is owned by hedge funds and other institutional investors.

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.