Wells Fargo & Company Lowers Beam Therapeutics (NASDAQ:BEAM) Price Target to $70.00

Beam Therapeutics (NASDAQ:BEAM) had its target price decreased by investment analysts at Wells Fargo & Company from $75.00 to $70.00 in a report released on Wednesday, Marketbeat reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 305.82% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. Cantor Fitzgerald reissued an “overweight” rating on shares of Beam Therapeutics in a report on Wednesday, March 12th. HC Wainwright reissued a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research note on Monday, April 7th. Jones Trading raised Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research note on Monday, March 10th. Barclays dropped their price objective on shares of Beam Therapeutics from $31.00 to $25.00 and set an “equal weight” rating for the company in a report on Wednesday. Finally, Sanford C. Bernstein raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Two equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $48.75.

Beam Therapeutics Trading Up 6.3 %

Shares of NASDAQ BEAM opened at $17.25 on Wednesday. The stock has a 50-day moving average price of $20.25 and a two-hundred day moving average price of $24.36. Beam Therapeutics has a 12 month low of $13.53 and a 12 month high of $35.25. The company has a market cap of $1.73 billion, a price-to-earnings ratio of -9.80 and a beta of 2.35.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data on Tuesday, May 6th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.13). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company 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. Beam Therapeutics’s revenue for the quarter was up 1.4% compared to the same quarter last year. On average, sell-side analysts predict that Beam Therapeutics will post -4.57 earnings per share for the current year.

Insider Activity at Beam Therapeutics

In related news, President Giuseppe Ciaramella sold 7,434 shares of the company’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total transaction of $136,413.90. Following the sale, the president now owns 190,216 shares in the company, valued at $3,490,463.60. This represents a 3.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John M. Evans sold 30,663 shares of Beam Therapeutics stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $562,666.05. Following the completion of the sale, the chief executive officer now owns 986,249 shares of the company’s stock, valued at approximately $18,097,669.15. The trade was a 3.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 43,771 shares of company stock worth $803,198 over the last quarter. Company insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of BEAM. ARK Investment Management LLC increased its stake in shares of Beam Therapeutics by 20.0% in the 1st quarter. ARK Investment Management LLC now owns 8,480,089 shares of the company’s stock valued at $165,616,000 after acquiring an additional 1,412,060 shares in the last quarter. Farallon Capital Management LLC boosted its stake in Beam Therapeutics by 0.4% during the fourth quarter. Farallon Capital Management LLC now owns 8,239,123 shares of the company’s stock worth $204,330,000 after acquiring an additional 31,000 shares in the last quarter. Nikko Asset Management Americas Inc. grew its holdings in Beam Therapeutics by 7.9% in the first quarter. Nikko Asset Management Americas Inc. now owns 4,270,020 shares of the company’s stock worth $83,265,000 after purchasing an additional 312,409 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its stake in Beam Therapeutics by 7.8% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,266,871 shares of the company’s stock valued at $83,332,000 after purchasing an additional 309,260 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Beam Therapeutics by 18.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,753,142 shares of the company’s stock valued at $43,479,000 after purchasing an additional 266,834 shares during the period. 99.68% of the stock is currently owned by institutional investors.

Beam Therapeutics Company Profile

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.