Wells Fargo & Company Issues Pessimistic Forecast for Beam Therapeutics (NASDAQ:BEAM) Stock Price

Beam Therapeutics (NASDAQ:BEAM) had its target price lowered by investment analysts at Wells Fargo & Company from $75.00 to $70.00 in a report released on Wednesday, MarketBeat.com reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 305.82% from the company’s current price.

A number of other research analysts also recently weighed in on the company. Wedbush reissued an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research note on Monday, March 10th. Sanford C. Bernstein upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Barclays reduced their target price on Beam Therapeutics from $31.00 to $25.00 and set an “equal weight” rating on the stock in a report on Wednesday. Guggenheim restated a “buy” rating and set a $78.00 target price on shares of Beam Therapeutics in a research report on Thursday, February 27th. Finally, Royal Bank of Canada increased their price target on shares of Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 26th. Two analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $48.75.

Beam Therapeutics Trading Up 6.3 %

Shares of NASDAQ:BEAM opened at $17.25 on Wednesday. Beam Therapeutics has a 1-year low of $13.53 and a 1-year high of $35.25. The stock has a market capitalization of $1.73 billion, a P/E ratio of -9.80 and a beta of 2.35. The business has a 50-day moving average price of $20.25 and a two-hundred day moving average price of $24.36.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($1.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.13). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The business had revenue of $7.47 million for the quarter, compared to the consensus estimate of $14.69 million. During the same period last year, the firm earned ($1.21) earnings per share. The company’s quarterly revenue was up 1.4% on a year-over-year basis. As a group, equities analysts predict that Beam Therapeutics will post -4.57 EPS for the current year.

Insider Buying and Selling at Beam Therapeutics

In other news, CEO John M. Evans sold 30,663 shares of the business’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $562,666.05. Following the sale, the chief executive officer now directly owns 986,249 shares in the company, valued at $18,097,669.15. The trade was a 3.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Giuseppe Ciaramella sold 7,434 shares of Beam Therapeutics stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $136,413.90. Following the completion of the sale, the president now owns 190,216 shares in the company, valued at $3,490,463.60. The trade was a 3.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,771 shares of company stock valued at $803,198. 4.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Beam Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of BEAM. ARK Investment Management LLC lifted its stake in shares of Beam Therapeutics by 20.0% during the 1st quarter. ARK Investment Management LLC now owns 8,480,089 shares of the company’s stock worth $165,616,000 after buying an additional 1,412,060 shares during the last quarter. Farallon Capital Management LLC raised its holdings in Beam Therapeutics by 0.4% in the 4th quarter. Farallon Capital Management LLC now owns 8,239,123 shares of the company’s stock valued at $204,330,000 after acquiring an additional 31,000 shares during the period. Nikko Asset Management Americas Inc. lifted its holdings in Beam Therapeutics by 7.9% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 4,270,020 shares of the company’s stock worth $83,265,000 after purchasing an additional 312,409 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Beam Therapeutics by 7.8% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,266,871 shares of the company’s stock valued at $83,332,000 after acquiring an additional 309,260 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Beam Therapeutics by 18.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,753,142 shares of the company’s stock worth $43,479,000 after purchasing an additional 266,834 shares during the period. Institutional investors own 99.68% of the company’s stock.

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.