Beam Therapeutics (NASDAQ:BEAM) Given Outperform Rating at Wedbush

Beam Therapeutics (NASDAQ:BEAM)‘s stock had its “outperform” rating reissued by research analysts at Wedbush in a research report issued to clients and investors on Monday,RTT News reports. They presently have a $57.00 price objective on the stock. Wedbush’s price objective indicates a potential upside of 123.18% from the company’s previous close.

Other analysts also recently issued reports about the stock. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $27.00 to $39.00 in a report on Wednesday, November 6th. Leerink Partnrs upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Scotiabank began coverage on shares of Beam Therapeutics in a research note on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 price objective for the company. HC Wainwright restated a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a report on Monday, December 9th. Finally, Sanford C. Bernstein upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $47.67.

Beam Therapeutics Stock Down 3.2 %

Shares of Beam Therapeutics stock traded down $0.85 during trading on Monday, reaching $25.54. 1,076,215 shares of the company were exchanged, compared to its average volume of 1,328,088. Beam Therapeutics has a twelve month low of $20.84 and a twelve month high of $49.50. The business has a 50-day moving average price of $26.71 and a 200-day moving average price of $25.69. The firm has a market capitalization of $2.11 billion, a price-to-earnings ratio of -14.51 and a beta of 1.92.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.01). The business had revenue of $14.30 million for the quarter, compared to the consensus estimate of $14.52 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The business’s revenue was down 16.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.22) earnings per share. On average, equities research analysts forecast that Beam Therapeutics will post -4.66 EPS for the current fiscal year.

Insider Buying and Selling

In related news, 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 transaction of $30,627.88. Following the transaction, the insider now directly owns 102,968 shares in the company, valued at approximately $2,541,250.24. The trade was a 1.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Giuseppe Ciaramella sold 51,110 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $26.36, for a total transaction of $1,347,259.60. Following the transaction, the president now owns 109,150 shares in the company, valued at approximately $2,877,194. This trade represents a 31.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BEAM. Arizona State Retirement System boosted its stake in Beam Therapeutics by 2.1% in the second quarter. Arizona State Retirement System now owns 19,431 shares of the company’s stock valued at $455,000 after acquiring an additional 392 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Beam Therapeutics by 2.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,396 shares of the company’s stock valued at $524,000 after acquiring an additional 516 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Beam Therapeutics by 21.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock valued at $75,000 after acquiring an additional 524 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Beam Therapeutics by 13.3% during the 3rd quarter. GAMMA Investing LLC now owns 4,620 shares of the company’s stock valued at $113,000 after buying an additional 544 shares in the last quarter. Finally, Green Alpha Advisors LLC lifted its stake in shares of Beam Therapeutics by 5.9% during the 3rd quarter. Green Alpha Advisors LLC now owns 12,475 shares of the company’s stock valued at $306,000 after buying an additional 698 shares in the last quarter. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

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.