Guggenheim Cuts Beam Therapeutics (NASDAQ:BEAM) Price Target to $55.00

Beam Therapeutics (NASDAQ:BEAM) had its price target trimmed by Guggenheim from $78.00 to $55.00 in a report released on Wednesday, Marketbeat Ratings reports. The firm currently has a buy rating on the stock.

BEAM has been the topic of several other reports. Sanford C. Bernstein raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Barclays lowered their price objective on Beam Therapeutics from $31.00 to $25.00 and set an “equal weight” rating for the company in a research note on Wednesday. HC Wainwright restated a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research note on Monday, April 7th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Beam Therapeutics in a report on Wednesday, March 12th. Finally, Royal Bank of Canada raised their price target on shares of Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 26th. Two equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Beam Therapeutics has an average rating of “Buy” and an average price target of $48.75.

Beam Therapeutics Trading Up 1.0 %

Shares of Beam Therapeutics stock opened at $17.42 on Wednesday. The firm has a market capitalization of $1.75 billion, a PE ratio of -9.90 and a beta of 2.35. Beam Therapeutics has a 12 month low of $13.53 and a 12 month high of $35.25. The business’s 50-day moving average price is $20.07 and its 200-day moving average price is $24.32.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results 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 16.22% and a negative net margin of 41.07%. The business had revenue of $7.47 million during the quarter, compared to analysts’ expectations of $14.69 million. During the same quarter in the previous year, the business earned ($1.21) EPS. Beam Therapeutics’s revenue for the quarter was up 1.4% compared to the same quarter last year. As a group, analysts predict that Beam Therapeutics will post -4.57 earnings per share for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, President Giuseppe Ciaramella sold 7,434 shares of the business’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 completion of the sale, the president now owns 190,216 shares of the company’s stock, valued at approximately $3,490,463.60. The trade was a 3.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO John M. Evans sold 30,663 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total transaction of $562,666.05. Following the completion of the sale, the chief executive officer now directly owns 986,249 shares of the company’s stock, valued at $18,097,669.15. This represents a 3.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,771 shares of company stock worth $803,198 in the last three months. 4.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Horizon Kinetics Asset Management LLC boosted its stake in Beam Therapeutics by 4.4% during the fourth quarter. Horizon Kinetics Asset Management LLC now owns 9,597 shares of the company’s stock valued at $238,000 after buying an additional 403 shares during the last quarter. Summit Investment Advisors Inc. raised its holdings in shares of Beam Therapeutics by 6.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 7,999 shares of the company’s stock worth $198,000 after acquiring an additional 496 shares in the last quarter. Amalgamated Bank boosted its position in shares of Beam Therapeutics by 20.4% during 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 last quarter. Avanza Fonder AB grew its holdings in shares of Beam Therapeutics by 1.6% in the first quarter. Avanza Fonder AB now owns 51,077 shares of the company’s stock valued at $944,000 after purchasing an additional 792 shares in the last quarter. Finally, Martingale Asset Management L P increased its position in Beam Therapeutics by 8.6% in the fourth quarter. Martingale Asset Management L P now owns 11,438 shares of the company’s stock worth $284,000 after purchasing an additional 909 shares during the last quarter. Institutional investors own 99.68% of the company’s stock.

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.