Beam Therapeutics’ (BEAM) Outperform Rating Reiterated at Wedbush

by · The Cerbat Gem

Wedbush reaffirmed their outperform rating on shares of Beam Therapeutics (NASDAQ:BEAM – Free Report) in a research report released on Monday morning,RTT News reports. They currently have a $57.00 target price on the stock.

Several other equities research analysts also recently commented on the company. Leerink Partnrs raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 6th. HC Wainwright reissued a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research report on Monday. Stifel Nicolaus raised their price objective on Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Scotiabank began coverage on Beam Therapeutics in a research note on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price target on the stock. Finally, Royal Bank of Canada decreased their price objective on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. Four research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Beam Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $46.40.

Get Our Latest Analysis on BEAM

Beam Therapeutics Stock Down 4.3 %

BEAM stock opened at $28.90 on Monday. Beam Therapeutics has a twelve month low of $20.84 and a twelve month high of $49.50. The company has a market cap of $2.39 billion, a P/E ratio of -16.42 and a beta of 1.90. The business’s fifty day moving average is $25.10 and its 200-day moving average is $25.24.

Beam Therapeutics (NASDAQ:BEAM – Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.01). The business had revenue of $14.30 million during 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 firm’s revenue was down 16.9% compared to the same quarter last year. During the same quarter last year, the company earned ($1.22) earnings per share. Research analysts anticipate that Beam Therapeutics will post -4.62 earnings per share for the current fiscal year.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, President Giuseppe Ciaramella sold 51,110 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $26.36, for a total value of $1,347,259.60. Following the completion of the sale, the president now directly owns 109,150 shares of the company’s stock, valued at $2,877,194. This trade represents a 31.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $24.60, for a total value of $1,476,000.00. Following the transaction, the chief executive officer now directly owns 938,659 shares in the company, valued at $23,091,011.40. This represents a 6.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 162,894 shares of company stock valued at $4,181,745 over the last 90 days. Insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC lifted its holdings in shares of Beam Therapeutics by 212.6% in the second quarter. SG Americas Securities LLC now owns 19,142 shares of the company’s stock worth $448,000 after buying an additional 13,018 shares in the last quarter. SteelPeak Wealth LLC boosted its position in Beam Therapeutics by 137.1% during the 2nd quarter. SteelPeak Wealth LLC now owns 17,795 shares of the company’s stock valued at $417,000 after acquiring an additional 10,290 shares in the last quarter. Blue Trust Inc. grew its position in shares of Beam Therapeutics by 2,648.4% in the 2nd quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock worth $40,000 after buying an additional 1,642 shares during the period. Krilogy Financial LLC grew its stake in shares of Beam Therapeutics by 52.8% in the 2nd quarter. Krilogy Financial LLC now owns 51,336 shares of the company’s stock worth $1,203,000 after buying an additional 17,734 shares during the last quarter. Finally, Liontrust Investment Partners LLP bought a new stake in Beam Therapeutics during the 2nd quarter valued at about $1,874,000. 99.68% of the stock is currently owned by institutional investors.

Beam Therapeutics Company Profile

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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.

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