Beam Therapeutics (NASDAQ:BEAM) Price Target Lowered to $21.00 at Barclays

Key Points

• Barclays has reduced its price target for Beam Therapeutics from $25.00 to $21.00, maintaining an "equal weight" rating, which suggests a potential upside of 16.93% from the current stock price.
• Beam Therapeutics stock was down 4.0% in mid-day trading, reaching $17.96, with a market capitalization of $1.81 billion.
• The company's recent earnings report showed a loss of $1.00 EPS, exceeding estimates, but revenue was down by 28% year-on-year at $8.47 million.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) had its price objective reduced by research analysts at Barclays from $25.00 to $21.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Barclays's price objective would indicate a potential upside of 16.93% from the company's current price.

A number of other equities research analysts have also recently weighed in on the stock. Cantor Fitzgerald upgraded shares of Beam Therapeutics to a "strong-buy" rating in a research note on Monday, July 21st. Wells Fargo & Company cut their price objective on shares of Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 7th. Finally, Guggenheim cut their price objective on shares of Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $48.42.

Beam Therapeutics Stock Down 4.0%

BEAM stock traded down $0.74 during mid-day trading on Wednesday, reaching $17.96. The company had a trading volume of 467,566 shares, compared to its average volume of 2,045,400. The stock has a market capitalization of $1.81 billion, a P/E ratio of -3.89 and a beta of 2.22. Beam Therapeutics has a one year low of $13.52 and a one year high of $35.25. The stock's 50-day simple moving average is $18.74 and its two-hundred day simple moving average is $21.12.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported ($1.00) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.04) by $0.04. Beam Therapeutics had a negative return on equity of 44.24% and a negative net margin of 609.24%. The company had revenue of $8.47 million for the quarter, compared to analysts' expectations of $13.29 million. During the same period last year, the business posted ($1.11) earnings per share. The firm's quarterly revenue was down 28.0% compared to the same quarter last year. On average, research analysts forecast that Beam Therapeutics will post -4.57 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Fmr Llc sold 48,374 shares of Beam Therapeutics stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total value of $991,667.00. Following the transaction, the insider owned 2,073,665 shares of the company's stock, valued at approximately $42,510,132.50. This trade represents a 2.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders sold 49,624 shares of company stock valued at $1,015,628. Company insiders own 3.50% of the company's stock.

Hedge Funds Weigh In On Beam Therapeutics

A number of large investors have recently made changes to their positions in BEAM. Summit Investment Advisors Inc. lifted its holdings in shares of Beam Therapeutics by 6.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 7,999 shares of the company's stock valued at $198,000 after buying an additional 496 shares during the last quarter. Amalgamated Bank lifted its holdings in shares of Beam Therapeutics by 20.4% during the 1st quarter. Amalgamated Bank now owns 3,153 shares of the company's stock valued at $62,000 after buying an additional 534 shares during the last quarter. Martingale Asset Management L P lifted its holdings in shares of Beam Therapeutics by 5.2% during the 1st quarter. Martingale Asset Management L P now owns 12,038 shares of the company's stock valued at $235,000 after buying an additional 600 shares during the last quarter. Avanza Fonder AB lifted its holdings in shares of Beam Therapeutics by 1.6% during the 1st quarter. Avanza Fonder AB now owns 51,077 shares of the company's stock valued at $944,000 after buying an additional 792 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Beam Therapeutics by 9.1% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 10,492 shares of the company's stock valued at $205,000 after buying an additional 879 shares during the last quarter. Institutional investors and hedge funds own 99.68% of the company's stock.

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.

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