Wells Fargo & Company Has Lowered Expectations for Beam Therapeutics (NASDAQ:BEAM) Stock Price

Beam Therapeutics (NASDAQ:BEAM - Free Report) had its price objective trimmed by Wells Fargo & Company from $75.00 to $70.00 in a research report released on Wednesday, Marketbeat Ratings reports. The brokerage currently has an overweight rating on the stock.

Several other brokerages have also weighed in on BEAM. Scotiabank upgraded shares of Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 price objective on the stock in a report on Monday, March 10th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Beam Therapeutics in a report on Wednesday, March 12th. Guggenheim reiterated a "buy" rating and issued a $78.00 target price on shares of Beam Therapeutics in a report on Thursday, February 27th. HC Wainwright reiterated a "buy" rating and issued a $80.00 target price on shares of Beam Therapeutics in a report on Monday, April 7th. Finally, Royal Bank of Canada increased their target price on shares of Beam Therapeutics from $24.00 to $26.00 and gave the stock a "sector perform" rating in a report on Wednesday, February 26th. Two investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, Beam Therapeutics currently has a consensus rating of "Buy" and a consensus price target of $48.75.

Beam Therapeutics Trading Up 5.8%

NASDAQ BEAM traded up $1.01 on Wednesday, reaching $18.42. The company's stock had a trading volume of 945,668 shares, compared to its average volume of 1,431,040. The firm has a market cap of $1.85 billion, a PE ratio of -10.46 and a beta of 2.35. The business has a 50-day moving average price of $20.07 and a 200 day moving average price of $24.36. Beam Therapeutics has a 52 week low of $13.53 and a 52 week high of $35.25.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported ($1.24) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $7.47 million for the quarter, compared to the consensus estimate of $14.69 million. During the same period in the prior year, the company posted ($1.21) earnings per share. Beam Therapeutics's quarterly revenue was up 1.4% compared to the same quarter last year. Analysts anticipate that Beam Therapeutics will post -4.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO John M. Evans sold 30,663 shares of the business's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $562,666.05. Following the sale, the chief executive officer now owns 986,249 shares in the company, valued at approximately $18,097,669.15. The trade was a 3.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Christine Bellon sold 5,674 shares of the business's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $104,117.90. Following the sale, the insider now owns 117,294 shares in the company, valued at approximately $2,152,344.90. This trade represents a 4.61% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 43,771 shares of company stock valued at $803,198. 4.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Beam Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wealthfront Advisers LLC bought a new position in shares of Beam Therapeutics during the 4th quarter valued at approximately $41,000. GF Fund Management CO. LTD. purchased a new position in shares of Beam Therapeutics during the fourth quarter valued at $43,000. CWM LLC grew its stake in Beam Therapeutics by 79.8% in the first quarter. CWM LLC now owns 2,684 shares of the company's stock valued at $52,000 after purchasing an additional 1,191 shares during the last quarter. Sterling Capital Management LLC grew its stake in Beam Therapeutics by 816.0% in the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company's stock valued at $60,000 after purchasing an additional 2,146 shares during the last quarter. Finally, Amalgamated Bank grew its stake in Beam Therapeutics by 20.4% in the first quarter. Amalgamated Bank now owns 3,153 shares of the company's stock valued at $62,000 after purchasing an additional 534 shares during the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

About Beam Therapeutics

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.