Beam Therapeutics (NASDAQ:BEAM) Earns “Outperform” Rating from Wedbush

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

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

Beam Therapeutics Trading Up 3.8 %

Shares of Beam Therapeutics stock opened at $27.42 on Monday. The stock has a 50-day moving average price of $27.10 and a 200 day moving average price of $26.04. The company has a market cap of $2.29 billion, a P/E ratio of -15.58 and a beta of 1.91. Beam Therapeutics has a 1 year low of $20.84 and a 1 year high of $37.49.

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

Insider Buying and Selling at Beam Therapeutics

In related news, insider Christine Bellon sold 1,241 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total transaction of $30,627.88. Following the sale, the insider now owns 102,968 shares of the company’s stock, valued at $2,541,250.24. This represents a 1.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO John M. Evans sold 30,000 shares of the company’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total value of $802,500.00. Following the sale, the chief executive officer now owns 908,659 shares of the company’s stock, valued at $24,306,628.25. The trade was a 3.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BEAM. Sumitomo Mitsui Trust Group Inc. grew its holdings in Beam Therapeutics by 59.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock worth $87,044,000 after acquiring an additional 1,328,414 shares during the period. ARK Investment Management LLC grew its holdings in Beam Therapeutics by 8.2% during the 4th quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company’s stock worth $175,287,000 after acquiring an additional 536,930 shares during the period. Casdin Capital LLC grew its holdings in Beam Therapeutics by 61.3% during the 4th quarter. Casdin Capital LLC now owns 1,250,000 shares of the company’s stock worth $31,000,000 after acquiring an additional 475,000 shares during the period. State Street Corp grew its holdings in Beam Therapeutics by 12.5% during the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company’s stock worth $96,274,000 after acquiring an additional 437,402 shares during the period. Finally, Nikko Asset Management Americas Inc. grew its holdings in Beam Therapeutics by 11.4% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company’s stock worth $98,109,000 after acquiring an additional 404,782 shares during the period. 99.68% of the stock is owned by 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.