Beam Therapeutics Inc. (NASDAQ:BEAM) Receives $46.40 Consensus Price Target from Brokerages

Beam Therapeutics Inc. (NASDAQ:BEAM) has been given an average recommendation of “Buy” by the thirteen ratings firms that are currently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and three have issued a strong buy recommendation on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $46.40.

A number of research firms have issued reports on BEAM. Cantor Fitzgerald upgraded Beam Therapeutics to a “strong-buy” rating in a research note on Monday, July 21st. Wall Street Zen cut Beam Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, September 14th. HC Wainwright reiterated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research note on Monday, September 15th. Finally, Barclays cut their price objective on shares of Beam Therapeutics from $25.00 to $21.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 6th.

Beam Therapeutics Stock Performance

BEAM stock opened at $25.59 on Friday. The stock has a market capitalization of $2.59 billion, a price-to-earnings ratio of -5.69 and a beta of 2.25. Beam Therapeutics has a 1 year low of $13.52 and a 1 year high of $35.25. The stock’s fifty day moving average is $19.80 and its two-hundred day moving average is $18.94.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, August 5th. The company reported ($1.00) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.04) by $0.04. The company had revenue of $8.47 million for the quarter, compared to analysts’ expectations of $13.29 million. Beam Therapeutics had a negative return on equity of 43.15% and a negative net margin of 661.31%.The firm’s quarterly revenue was down 28.0% compared to the same quarter last year. During the same period last year, the business posted ($1.11) earnings per share. As a group, analysts predict that Beam Therapeutics will post -4.57 EPS for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In related news, insider Fmr Llc sold 48,374 shares of Beam Therapeutics stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $20.50, for a total transaction of $991,667.00. Following the sale, the insider directly owned 2,073,665 shares in the company, valued at $42,510,132.50. The trade was a 2.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Beam Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Beam Therapeutics by 16.4% during the first quarter. Vanguard Group Inc. now owns 8,871,292 shares of the company’s stock valued at $173,256,000 after purchasing an additional 1,249,303 shares in the last quarter. ARK Investment Management LLC grew its holdings in Beam Therapeutics by 4.3% during the second quarter. ARK Investment Management LLC now owns 8,847,841 shares of the company’s stock worth $150,502,000 after acquiring an additional 367,752 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its holdings in Beam Therapeutics by 10.8% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,729,444 shares of the company’s stock worth $80,448,000 after acquiring an additional 462,573 shares during the period. Nikko Asset Management Americas Inc. grew its holdings in Beam Therapeutics by 10.7% during the second quarter. Nikko Asset Management Americas Inc. now owns 4,726,799 shares of the company’s stock worth $80,403,000 after acquiring an additional 456,779 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its holdings in Beam Therapeutics by 72.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,026,701 shares of the company’s stock worth $59,112,000 after acquiring an additional 1,273,559 shares during the period. 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.