Beam Therapeutics (NASDAQ:BEAM) Price Target Cut to $21.00 by Analysts 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 - Free Report) had its price target reduced by Barclays from $25.00 to $21.00 in a research note published on Wednesday,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other research analysts have also issued reports on BEAM. Wells Fargo & Company dropped their price target 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. Cantor Fitzgerald upgraded shares of Beam Therapeutics to a "strong-buy" rating in a research report on Monday, July 21st. Finally, Guggenheim lowered their target price on shares of Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $48.45.

Beam Therapeutics Trading Down 1.3%

NASDAQ BEAM traded down $0.24 during trading on Wednesday, reaching $17.62. The company's stock had a trading volume of 1,793,674 shares, compared to its average volume of 2,299,999. Beam Therapeutics has a twelve month low of $13.52 and a twelve month high of $35.25. The business's fifty day moving average price is $18.84 and its 200-day moving average price is $20.94.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported ($1.00) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.04) by $0.04. Beam Therapeutics had a negative net margin of 661.31% and a negative return on equity of 43.15%. The business had revenue of $8.47 million for the quarter, compared to analyst estimates of $13.29 million. During the same period in the previous year, the business posted ($1.11) earnings per share. The business's revenue was down 28.0% compared to the same quarter last year. Analysts expect that Beam Therapeutics will post -4.57 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Fmr Llc sold 48,374 shares of the business's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $20.50, for a total value of $991,667.00. Following the completion of the transaction, the insider owned 2,073,665 shares of the company's stock, valued at approximately $42,510,132.50. The trade was 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 three months, insiders have sold 49,624 shares of company stock valued at $1,015,628. Insiders own 3.50% of the company's stock.

Hedge Funds Weigh In On Beam Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. GF Fund Management CO. LTD. purchased a new position in shares of Beam Therapeutics during the fourth quarter valued at approximately $43,000. Sterling Capital Management LLC lifted its stake in shares of Beam Therapeutics by 816.0% during the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company's stock valued at $60,000 after buying an additional 2,146 shares during the period. Allworth Financial LP lifted its stake in shares of Beam Therapeutics by 7,080.0% during the second quarter. Allworth Financial LP now owns 2,513 shares of the company's stock valued at $43,000 after buying an additional 2,478 shares during the period. CWM LLC lifted its stake in shares of Beam Therapeutics by 79.8% during the first quarter. CWM LLC now owns 2,684 shares of the company's stock valued at $52,000 after buying an additional 1,191 shares during the period. Finally, Amalgamated Bank lifted its stake in shares of Beam Therapeutics by 20.4% during the first 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 period. Hedge funds and other institutional investors 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.