Beam Therapeutics' (BEAM) Outperform Rating Reiterated at Wedbush

Key Points

• Wedbush reiterated an “outperform” rating on Beam Therapeutics with a $65 price target, implying 173.67% potential upside. Analysts’ consensus view is “Moderate Buy,” with an average target of $50.10.
• Beam’s latest quarter fell short of expectations, reporting a loss of $1.18 per share versus the $1.11 consensus estimate and revenue of $0.49 million versus $16.37 million expected. Revenue declined 94.2% year over year.
• The stock opened at $23.75, near the lower end of its 52-week range of $20.23 to $38.26, while institutional investors own a substantial 99.68% of outstanding shares.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report)'s stock had its "outperform" rating reiterated by investment analysts at Wedbush in a research note issued to investors on Wednesday, Benzinga reports. They presently have a $65.00 price objective on the stock. Wedbush's target price points to a potential upside of 173.67% from the stock's current price.

Other analysts have also recently issued research reports about the stock. HC Wainwright reissued a "buy" rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research note on Tuesday, August 25th. Wall Street Zen raised Beam Therapeutics from a "strong sell" rating to a "sell" rating in a research report on Saturday, October 3rd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Beam Therapeutics in a report on Friday, July 17th. William Blair raised Beam Therapeutics to a "strong-buy" rating in a report on Wednesday, September 23rd. Finally, Bank of America reaffirmed a "buy" rating and set a $47.00 target price on shares of Beam Therapeutics in a report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $50.10.

Beam Therapeutics Stock Performance

Beam Therapeutics stock opened at $23.75 on Wednesday. The business has a 50 day moving average of $26.50 and a 200-day moving average of $28.59. The company has a market capitalization of $2.45 billion, a P/E ratio of -27.61 and a beta of 2.20. Beam Therapeutics has a 1 year low of $20.23 and a 1 year high of $38.26. The company has a debt-to-equity ratio of 0.09, a current ratio of 14.57 and a quick ratio of 14.57.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($1.11) by ($0.07). Beam Therapeutics had a negative return on equity of 30.71% and a negative net margin of 54.75%. The business had revenue of $0.49 million for the quarter, compared to analyst estimates of $16.37 million. During the same quarter in the prior year, the business earned ($1.00) earnings per share. The firm's quarterly revenue was down 94.2% on a year-over-year basis. On average, equities research analysts predict that Beam Therapeutics will post -4.49 earnings per share for the current year.

Insider Activity at Beam Therapeutics

In related news, insider Amy Simon sold 16,667 shares of the firm's stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $25.74, for a total transaction of $429,008.58. Following the completion of the sale, the insider owned 85,696 shares of the company's stock, valued at $2,205,815.04. This trade represents a 16.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 3.80% of the stock is currently owned by insiders.

Institutional Trading of Beam Therapeutics

Several hedge funds have recently modified their holdings of the stock. Versant Capital Management Inc increased its holdings in Beam Therapeutics by 123.6% during the 3rd quarter. Versant Capital Management Inc now owns 1,239 shares of the company's stock worth $30,000 after purchasing an additional 685 shares in the last quarter. Nykredit A S purchased a new position in Beam Therapeutics in the second quarter valued at about $75,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Beam Therapeutics during the second quarter valued at $1,309,000. Concurrent Investment Advisors LLC lifted its holdings in Beam Therapeutics by 448.7% during the second quarter. Concurrent Investment Advisors LLC now owns 63,879 shares of the company's stock valued at $2,192,000 after purchasing an additional 52,238 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in Beam Therapeutics in the 2nd quarter worth approximately $535,000. Institutional investors own 99.68% of the company's stock.

About Beam Therapeutics

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.