Shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) were down 5.6% on Tuesday . The stock traded as low as $20.30 and last traded at $19.98. Approximately 320,537 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 1,557,343 shares. The stock had previously closed at $21.17.
Analysts Set New Price Targets
Several analysts have commented on BEAM shares. Barclays dropped their target price on shares of Beam Therapeutics from $31.00 to $25.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 7th. Bank of America upgraded shares of Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 target price for the company in a research report on Friday, March 28th. Wells Fargo & Company dropped their target price on shares of Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. Guggenheim decreased their price target on shares of Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Finally, HC Wainwright reissued a "buy" rating and issued a $80.00 price target on shares of Beam Therapeutics in a report on Monday, April 7th. Two equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $48.75.
Check Out Our Latest Analysis on BEAM
Beam Therapeutics Trading Down 6.2%
The stock's 50 day moving average price is $17.73 and its 200 day moving average price is $21.67. The company has a market capitalization of $2.00 billion, a price-to-earnings ratio of -4.31 and a beta of 2.07.
Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($1.24) EPS for the quarter, missing analysts' consensus estimates of ($1.11) by ($0.13). Beam Therapeutics had a negative return on equity of 44.24% and a negative net margin of 609.24%. The business had revenue of $7.47 million for the quarter, compared to analyst estimates of $14.69 million. During the same quarter in the prior year, the company earned ($1.21) earnings per share. The company's quarterly revenue was up 1.4% on a year-over-year basis. On average, research analysts expect that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.
Hedge Funds Weigh In On Beam Therapeutics
A number of large investors have recently modified their holdings of BEAM. Wealthfront Advisers LLC bought a new stake in shares of Beam Therapeutics in the 4th quarter valued at about $41,000. GF Fund Management CO. LTD. bought a new stake in shares of Beam Therapeutics in the 4th quarter valued at about $43,000. CWM LLC raised its holdings in shares of Beam Therapeutics by 79.8% in the 1st 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 period. Sterling Capital Management LLC raised its holdings in shares of Beam Therapeutics by 816.0% in the 4th 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 period. Finally, Amalgamated Bank raised its holdings in Beam Therapeutics by 20.4% in the 1st quarter. Amalgamated Bank now owns 3,153 shares of the company's stock valued at $62,000 after acquiring an additional 534 shares during the period. 99.68% of the stock is currently owned by institutional investors and hedge funds.
About Beam Therapeutics
(
Get Free Report)
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.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Beam Therapeutics, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Beam Therapeutics wasn't on the list.
While Beam Therapeutics currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering where to start (or end) with AI stocks? These 10 simple stocks can help investors build long-term wealth as artificial intelligence continues to grow into the future.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
