Beam Therapeutics (NASDAQ:BEAM) Stock Price Target Cut by Guggenheim

Beam Therapeutics (NASDAQ:BEAM) had its price target cut by investment analysts at Guggenheim from $55.00 to $51.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim‘s price target suggests a potential upside of 93.11% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on the company. Wedbush lifted their target price on Beam Therapeutics from $28.00 to $30.00 and gave the stock an “outperform” rating in a report on Wednesday. HC Wainwright reaffirmed a “buy” rating on shares of Beam Therapeutics in a research report on Tuesday, October 27th. Bank of America reiterated a “buy” rating and issued a $47.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, July 8th. Canaccord Genuity Group cut their price objective on shares of Beam Therapeutics from $79.00 to $78.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.36.

Beam Therapeutics Stock Performance

Shares of NASDAQ:BEAM traded up $0.54 during trading on Thursday, reaching $26.41. 1,984,858 shares of the stock were exchanged, compared to its average volume of 1,916,265. Beam Therapeutics has a 12 month low of $20.23 and a 12 month high of $38.26. The stock has a 50-day moving average price of $25.58 and a 200-day moving average price of $28.03. The company has a current ratio of 14.57, a quick ratio of 14.57 and a debt-to-equity ratio of 0.09. The firm has a market cap of $2.73 billion, a PE ratio of -25.39 and a beta of 2.23.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Tuesday, November 3rd. The company reported ($1.28) earnings per share for the quarter, missing the consensus estimate of ($1.17) by ($0.11). The firm had revenue of $0.31 million for the quarter, compared to analyst estimates of $8.75 million. Beam Therapeutics had a negative return on equity of 30.71% and a negative net margin of 54.75%. The business’s revenue for the quarter was down 96.8% on a year-over-year basis. During the same period in the previous year, the business posted ($1.10) earnings per share. Research analysts expect that Beam Therapeutics will post -4.65 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO John Evans sold 25,000 shares of the company’s stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $23.57, for a total transaction of $589,250.00. Following the completion of the sale, the chief executive officer owned 1,047,205 shares of the company’s stock, valued at $24,682,621.85. This represents a 2.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 3.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Beam Therapeutics

A number of large investors have recently bought and sold shares of the company. SBI Securities Co. Ltd. raised its position in shares of Beam Therapeutics by 15.6% in the 3rd quarter. SBI Securities Co. Ltd. now owns 4,572 shares of the company’s stock valued at $112,000 after buying an additional 618 shares in the last quarter. Versant Capital Management Inc increased its stake in Beam Therapeutics by 123.6% in the third quarter. Versant Capital Management Inc now owns 1,239 shares of the company’s stock valued at $30,000 after acquiring an additional 685 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in Beam Therapeutics by 4.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 20,350 shares of the company’s stock valued at $496,000 after purchasing an additional 815 shares in the last quarter. Swiss National Bank raised its position in Beam Therapeutics by 0.6% during the first quarter. Swiss National Bank now owns 180,600 shares of the company’s stock valued at $4,304,000 after purchasing an additional 1,100 shares in the last quarter. Finally, Royal Bank of Canada lifted its stake in Beam Therapeutics by 7.3% during the first quarter. Royal Bank of Canada now owns 16,825 shares of the company’s stock worth $401,000 after purchasing an additional 1,144 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Beam Therapeutics Company Profile

Beam Therapeutics Inc is a biotechnology company developing precision genetic medicines for patients with serious diseases. The company’s platform uses base editing, a form of gene editing designed to make targeted changes to individual DNA letters without creating double-strand breaks. Beam is also advancing related editing technologies and delivery systems intended to improve the precision and effectiveness of genetic treatments.

Beam’s pipeline includes investigational programs for diseases such as sickle cell disease, beta thalassemia, alpha-1 antitrypsin deficiency and glycogen storage disease type Ia.