Beam Therapeutics (NASDAQ:BEAM) Receives Outperform Rating from Wedbush

Wedbush reaffirmed their outperform rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a research report released on Tuesday, Benzinga reports. They currently have a $57.00 price target on the stock.

Several other analysts have also issued reports on BEAM. JPMorgan Chase & Co. raised Beam Therapeutics from a neutral rating to an overweight rating and upped their target price for the stock from $38.00 to $40.00 in a research note on Monday, January 29th. Royal Bank of Canada upped their target price 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. TheStreet raised Beam Therapeutics from a d rating to a c- rating in a research note on Monday, March 11th. BMO Capital Markets reissued an outperform rating and set a $57.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, March 27th. Finally, Barclays increased their price objective on Beam Therapeutics from $26.00 to $42.00 and gave the company an equal weight rating in a research note on Wednesday, February 28th. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Beam Therapeutics currently has a consensus rating of Hold and an average target price of $41.00.

Beam Therapeutics Trading Down 1.0 %

Shares of NASDAQ BEAM opened at $21.38 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 $1.76 billion, a price-to-earnings ratio of -11.25 and a beta of 1.77. The business has a 50-day moving average of $32.04 and a 200-day moving average of $28.04.

Beam Therapeutics (NASDAQ:BEAM) last issued its 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. The business had revenue of $316.20 million during the quarter, compared to analyst estimates of $34.16 million. Beam Therapeutics had a negative return on equity of 15.90% and a negative net margin of 35.09%. Beam Therapeutics’s revenue for the quarter was up 1481.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.54) earnings per share. On average, analysts predict that Beam Therapeutics will post -5.53 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Amy Simon sold 7,157 shares of the firm’s stock in a transaction 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 completion of the sale, the insider now owns 86,590 shares of the company’s stock, valued at $2,782,136.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $33.86, for a total transaction of $2,031,600.00. Following the completion of the transaction, the chief executive officer now owns 998,262 shares of the company’s stock, valued at $33,801,151.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Amy Simon sold 7,157 shares of the firm’s 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 transaction, the insider now directly 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. Insiders sold 156,804 shares of company stock valued at $4,731,669 over the last quarter. 4.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Beam Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. ARK Investment Management LLC lifted 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 buying an additional 609,998 shares during the period. Vanguard Group Inc. lifted 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 buying an additional 349,906 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted 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 buying an additional 715,911 shares during the period. Nikko Asset Management Americas Inc. lifted 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 buying an additional 715,911 shares during the period. Finally, Baillie Gifford & Co. lifted 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 buying an additional 352,014 shares during the period. Hedge funds and other institutional investors own 99.68% of the company’s stock.

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.