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

Beam Therapeutics (NASDAQ:BEAM - Get Free Report)'s stock had its "outperform" rating restated by equities researchers at Wedbush in a research note issued to investors on Monday,RTT News reports. They currently have a $57.00 price target on the stock. Wedbush's price objective would indicate a potential upside of 123.18% from the stock's current price.

A number of other research analysts have also recently commented on BEAM. Leerink Partnrs upgraded Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Wednesday, November 6th. Royal Bank of Canada decreased their price objective on Beam Therapeutics from $27.00 to $24.00 and set a "sector perform" rating on the stock in a report on Wednesday, November 6th. Sanford C. Bernstein upgraded Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 7th. Scotiabank began coverage on Beam Therapeutics in a research note on Wednesday, October 16th. They set a "sector outperform" rating and a $24.00 price target on the stock. Finally, Cantor Fitzgerald upgraded Beam Therapeutics to a "hold" rating in a research note on Tuesday, December 10th. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $47.67.

Beam Therapeutics Stock Performance

Shares of Beam Therapeutics stock traded down $0.85 on Monday, hitting $25.54. The company's stock had a trading volume of 1,076,215 shares, compared to its average volume of 1,328,088. Beam Therapeutics has a 1 year low of $20.84 and a 1 year high of $49.50. The firm has a fifty day moving average price of $26.71 and a 200-day moving average price of $25.69. The company 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 - Get Free Report) last posted its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing the consensus estimate of ($1.16) by ($0.01). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The firm had revenue of $14.30 million for the quarter, compared to analysts' expectations of $14.52 million. During the same quarter last year, the firm posted ($1.22) earnings per share. Beam Therapeutics's quarterly revenue was down 16.9% on a year-over-year basis. As a group, analysts forecast that Beam Therapeutics will post -4.66 EPS for the current year.

Insider Activity

In related news, insider Christine Bellon sold 1,241 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total value of $30,627.88. Following the completion of the sale, the insider now directly owns 102,968 shares of the company's stock, valued at approximately $2,541,250.24. This represents a 1.19 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Giuseppe Ciaramella sold 51,110 shares of the stock in a transaction dated 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 approximately $2,877,194. This represents a 31.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.20% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Rhumbline Advisers increased its holdings in shares of Beam Therapeutics by 21.6% during the 2nd quarter. Rhumbline Advisers now owns 132,569 shares of the company's stock valued at $3,106,000 after acquiring an additional 23,565 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Beam Therapeutics by 10.9% in the 2nd quarter. Victory Capital Management Inc. now owns 9,921 shares of the company's stock worth $232,000 after acquiring an additional 973 shares during the period. Arizona State Retirement System lifted its position in shares of Beam Therapeutics by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 19,431 shares of the company's stock worth $455,000 after acquiring an additional 392 shares during the period. Quest Partners LLC lifted its position in shares of Beam Therapeutics by 43.0% in the 2nd quarter. Quest Partners LLC now owns 7,085 shares of the company's stock worth $166,000 after acquiring an additional 2,132 shares during the period. Finally, American Century Companies Inc. lifted its position in shares of Beam Therapeutics by 33.2% in the 2nd quarter. American Century Companies Inc. now owns 95,578 shares of the company's stock worth $2,239,000 after acquiring an additional 23,837 shares during the period. 99.68% of the stock is owned by institutional investors and hedge funds.

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.

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