Beam Therapeutics (NASDAQ:BEAM) PT Lowered to $31.00

Beam Therapeutics (NASDAQ:BEAM) had its price target reduced by Barclays from $33.00 to $31.00 in a report released on Wednesday, Benzinga reports. Barclays currently has an equal weight rating on the stock.

Several other equities analysts also recently commented on the company. Royal Bank of Canada restated a sector perform rating and set a $27.00 target price on shares of Beam Therapeutics in a research report on Wednesday. HC Wainwright began coverage on Beam Therapeutics in a research report on Tuesday, July 23rd. They issued a buy rating and a $80.00 price objective for the company. Finally, Wedbush restated an outperform rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Tuesday. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $43.33.

Beam Therapeutics Stock Performance

Shares of NASDAQ:BEAM traded up $0.35 during trading on Wednesday, hitting $24.81. 269,140 shares of the stock were exchanged, compared to its average volume of 1,383,498. Beam Therapeutics has a 1-year low of $16.95 and a 1-year high of $49.50. The company has a market capitalization of $2.04 billion, a price-to-earnings ratio of -13.74 and a beta of 1.87. The company’s fifty day simple moving average is $25.68 and its 200-day simple moving average is $27.81.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($1.11) earnings per share for the quarter, topping the consensus estimate of ($1.13) by $0.02. Beam Therapeutics had a negative return on equity of 15.46% and a negative net margin of 37.33%. The company had revenue of $11.80 million for the quarter, compared to analyst estimates of $14.18 million. During the same quarter last year, the firm earned ($1.08) EPS. Beam Therapeutics’s revenue for the quarter was down 41.3% compared to the same quarter last year. On average, research analysts forecast that Beam Therapeutics will post -4.68 earnings per share for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $24.50, for a total value of $1,470,000.00. Following the completion of the transaction, the chief executive officer now directly owns 998,343 shares of the company’s stock, valued at $24,459,403.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 4.20% of the company’s stock.

Institutional Trading of Beam Therapeutics

A number of institutional investors have recently modified their holdings of BEAM. Arizona State Retirement System raised its holdings in Beam Therapeutics by 2.1% during the second quarter. Arizona State Retirement System now owns 19,431 shares of the company’s stock worth $455,000 after acquiring an additional 392 shares in the last quarter. First Horizon Advisors Inc. raised its holdings in Beam Therapeutics by 125.9% during the fourth quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock worth $27,000 after acquiring an additional 554 shares in the last quarter. E Fund Management Co. Ltd. raised its holdings in Beam Therapeutics by 4.0% during the fourth quarter. E Fund Management Co. Ltd. now owns 18,174 shares of the company’s stock worth $495,000 after acquiring an additional 704 shares in the last quarter. American International Group Inc. raised its holdings in Beam Therapeutics by 2.0% during the first quarter. American International Group Inc. now owns 36,760 shares of the company’s stock worth $1,215,000 after acquiring an additional 732 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Beam Therapeutics by 4.5% during the first quarter. Principal Financial Group Inc. now owns 18,418 shares of the company’s stock worth $609,000 after acquiring an additional 789 shares in the last quarter. 99.68% of the stock is currently owned by institutional investors.

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.