Wedbush reiterated their outperform rating on shares of Beam Therapeutics (NASDAQ:BEAM – Free Report) in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has a $65.00 target price on the stock.
BEAM has been the topic of several other research reports. Wall Street Zen raised shares of Beam Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Saturday, October 3rd. William Blair raised shares of Beam Therapeutics to a “strong-buy” rating in a report on Wednesday, September 23rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Friday, July 17th. HC Wainwright reiterated a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research note on Tuesday, August 25th. Finally, Bank of America reissued a “buy” rating and set a $47.00 target price on shares of Beam Therapeutics in a report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Beam Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $50.10.
Read Our Latest Stock Report on Beam Therapeutics
Beam Therapeutics Trading Down 5.1%
Shares of Beam Therapeutics stock opened at $23.47 on Wednesday. The stock has a market capitalization of $2.42 billion, a P/E ratio of -27.29 and a beta of 2.20. Beam Therapeutics has a 52-week low of $20.23 and a 52-week high of $38.26. The company has a debt-to-equity ratio of 0.09, a quick ratio of 14.57 and a current ratio of 14.57. The stock’s 50-day simple moving average is $26.30 and its 200 day simple moving average is $28.58.
Beam Therapeutics (NASDAQ:BEAM – Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported ($1.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.07). The business had revenue of $0.49 million for the quarter, compared to the consensus estimate of $16.37 million. Beam Therapeutics had a negative return on equity of 30.71% and a negative net margin of 54.75%. Beam Therapeutics’s revenue for the quarter was down 94.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($1.00) EPS. As a group, research analysts anticipate that Beam Therapeutics will post -4.49 EPS for the current year.
Insider Transactions at Beam Therapeutics
In other Beam Therapeutics news, CEO John Evans sold 25,000 shares of Beam Therapeutics stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $23.57, for a total transaction of $589,250.00. Following the completion of the transaction, the chief executive officer owned 1,047,205 shares of the company’s stock, valued at $24,682,621.85. The trade was a 2.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Amy Simon sold 16,667 shares of the company’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $25.74, for a total value of $429,008.58. Following the sale, the insider owned 85,696 shares in the company, valued at approximately $2,205,815.04. This represents a 16.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 3.80% of the company’s stock.
Institutional Investors Weigh In On Beam Therapeutics
Institutional investors and hedge funds have recently modified their holdings of the company. Alphabet Inc. bought a new stake in Beam Therapeutics during the 2nd quarter worth approximately $11,037,000. Canal Insurance CO purchased a new stake in Beam Therapeutics in the 1st quarter worth approximately $953,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Beam Therapeutics in the 2nd quarter worth approximately $1,309,000. Legal & General Group Plc bought a new position in Beam Therapeutics in the 2nd quarter valued at $2,717,000. Finally, Jupiter Topco LLC bought a new position in Beam Therapeutics in the 2nd quarter valued at $3,259,000. 99.68% of the stock is owned by hedge funds and other institutional investors.
Beam Therapeutics Company Profile
Beam Therapeutics Inc is a biotechnology company developing precision genetic medicines using base editing, a technology designed to make targeted changes to DNA without cutting both strands of the DNA double helix. The company’s platform is intended to address diseases caused by specific genetic mutations and to support the development of potentially durable treatments.
Beam’s research and development activities focus on areas including hematology, liver diseases and genetic disorders.
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