Beam Therapeutics (NASDAQ:BEAM) Price Target Raised to $65.00

Beam Therapeutics (NASDAQ:BEAM) had its price target hoisted by Wedbush from $57.00 to $65.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Wedbush currently has an outperform rating on the stock.

Several other research firms have also commented on BEAM. Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Wednesday, January 21st. Wall Street Zen downgraded Beam Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday, February 8th. Benchmark reiterated a “speculative buy” rating on shares of Beam Therapeutics in a report on Monday, November 17th. UBS Group started coverage on Beam Therapeutics in a research note on Wednesday, January 7th. They issued a “neutral” rating and a $28.00 price objective for the company. Finally, Evercore assumed coverage on Beam Therapeutics in a research note on Monday, November 24th. They set an “outperform” rating and a $35.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.19.

Beam Therapeutics Trading Down 1.6%

NASDAQ BEAM opened at $28.46 on Wednesday. The firm has a market capitalization of $2.90 billion, a P/E ratio of -28.18 and a beta of 2.12. The business has a fifty day simple moving average of $28.91 and a 200 day simple moving average of $25.13. Beam Therapeutics has a 12 month low of $13.52 and a 12 month high of $36.44.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, February 24th. The company reported $2.33 EPS for the quarter, beating the consensus estimate of ($1.13) by $3.46. Beam Therapeutics had a negative net margin of 57.24% and a negative return on equity of 30.65%. The company had revenue of $114.11 million during the quarter, compared to the consensus estimate of $13.22 million. During the same quarter in the prior year, the company posted ($1.09) earnings per share. The firm’s revenue for the quarter was up 280.3% on a year-over-year basis. As a group, sell-side analysts predict that Beam Therapeutics will post -4.57 EPS for the current fiscal year.

Insider Activity

In other news, insider Christine Bellon sold 1,371 shares of the company’s stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $34.00, for a total transaction of $46,614.00. Following the transaction, the insider owned 95,667 shares of the company’s stock, valued at $3,252,678. This represents a 1.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 3.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Beam Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BEAM. ARK Investment Management LLC raised its stake in Beam Therapeutics by 24.8% in the 3rd quarter. ARK Investment Management LLC now owns 11,038,834 shares of the company’s stock valued at $267,913,000 after acquiring an additional 2,190,993 shares during the period. Contrarius Group Holdings Ltd purchased a new position in shares of Beam Therapeutics in the third quarter worth about $37,212,000. MWG Caph Ltd bought a new stake in shares of Beam Therapeutics in the fourth quarter valued at approximately $35,119,000. State Street Corp lifted its stake in shares of Beam Therapeutics by 30.4% during the 4th quarter. State Street Corp now owns 5,228,529 shares of the company’s stock valued at $144,935,000 after buying an additional 1,219,871 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Beam Therapeutics by 237.5% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,665,385 shares of the company’s stock worth $40,419,000 after buying an additional 1,171,977 shares during the period. 99.68% of the stock is currently owned by institutional investors.

Beam Therapeutics Company Profile

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.