Beam Therapeutics (NASDAQ:BEAM) Stock Price Expected to Rise, Wedbush Analyst Says

Beam Therapeutics (NASDAQ:BEAMGet Free Report) had its target price increased by investment analysts at Wedbush from $57.00 to $65.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s target price suggests a potential upside of 101.30% from the stock’s current price.

A number of other equities research analysts have also issued reports on the stock. Evercore assumed coverage on shares of Beam Therapeutics in a report on Monday, November 24th. They set an “outperform” rating and a $35.00 price objective for the company. Sanford C. Bernstein upped their target price on shares of Beam Therapeutics from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. Canaccord Genuity Group initiated coverage on shares of Beam Therapeutics in a report on Friday. They issued a “buy” rating and a $74.00 price target on the stock. Benchmark reiterated a “speculative buy” rating on shares of Beam Therapeutics in a research note on Monday, November 17th. Finally, UBS Group started coverage on shares of Beam Therapeutics in a report on Wednesday, January 7th. They set a “neutral” rating and a $28.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Beam Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $46.19.

View Our Latest Analysis on Beam Therapeutics

Beam Therapeutics Stock Up 14.0%

NASDAQ:BEAM opened at $32.29 on Wednesday. The business’s 50-day simple moving average is $28.74 and its two-hundred day simple moving average is $24.99. Beam Therapeutics has a 52 week low of $13.52 and a 52 week high of $36.44. The stock has a market cap of $3.28 billion, a PE ratio of -7.29 and a beta of 2.12.

Beam Therapeutics (NASDAQ:BEAMGet Free Report) last released its earnings results on Tuesday, February 24th. The company reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.13) by $3.46. The firm had revenue of $114.11 million during the quarter, compared to analysts’ expectations of $13.22 million. Beam Therapeutics had a negative return on equity of 42.86% and a negative net margin of 744.41%.The firm’s revenue was up 280.3% on a year-over-year basis. During the same quarter last year, the business posted ($1.09) earnings per share. Sell-side analysts anticipate that Beam Therapeutics will post -4.57 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Beam Therapeutics news, insider Christine Bellon sold 18,629 shares of the stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $34.61, for a total transaction of $644,749.69. Following the completion of the transaction, the insider owned 97,038 shares in the company, valued at $3,358,485.18. This trade represents a 16.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.50% of the stock is owned by company insiders.

Institutional Trading of Beam Therapeutics

Hedge funds have recently made changes to their positions in the business. CWM LLC grew its position in Beam Therapeutics by 15.4% in the fourth quarter. CWM LLC now owns 2,466 shares of the company’s stock worth $68,000 after acquiring an additional 329 shares in the last quarter. Wealth Effects LLC lifted its stake in shares of Beam Therapeutics by 4.3% in the 4th quarter. Wealth Effects LLC now owns 9,600 shares of the company’s stock valued at $266,000 after purchasing an additional 400 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Beam Therapeutics by 2.6% in the 4th quarter. Franklin Resources Inc. now owns 21,948 shares of the company’s stock worth $608,000 after purchasing an additional 566 shares during the period. Arizona State Retirement System boosted its holdings in shares of Beam Therapeutics by 2.2% in the 3rd quarter. Arizona State Retirement System now owns 26,771 shares of the company’s stock worth $650,000 after purchasing an additional 580 shares during the period. Finally, Van ECK Associates Corp increased its position in shares of Beam Therapeutics by 48.7% during the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock valued at $52,000 after purchasing an additional 707 shares during the last quarter. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Key Headlines Impacting Beam Therapeutics

Here are the key news stories impacting Beam Therapeutics this week:

About Beam Therapeutics

(Get Free Report)

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.

Further Reading

Analyst Recommendations for Beam Therapeutics (NASDAQ:BEAM)

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