Brokerages Set Beam Therapeutics Inc. (NASDAQ:BEAM) Target Price at $43.80

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have received a consensus recommendation of “Moderate Buy” from the seventeen ratings firms that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, twelve have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $43.80.

A number of research firms recently weighed in on BEAM. Tudor Pickering set a $41.00 target price on shares of Beam Therapeutics in a report on Wednesday, January 21st. Benchmark reissued a “speculative buy” rating on shares of Beam Therapeutics in a report on Monday, November 17th. HC Wainwright restated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a report on Friday, October 10th. Sanford C. Bernstein lifted their target price on Beam Therapeutics from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Tuesday, January 20th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Wednesday, January 21st.

Beam Therapeutics Trading Down 5.7%

BEAM stock opened at $27.62 on Thursday. The firm has a market cap of $2.80 billion, a PE ratio of -6.23 and a beta of 2.07. The stock has a 50-day moving average price of $28.24 and a 200-day moving average price of $24.06. Beam Therapeutics has a 1-year low of $13.52 and a 1-year high of $36.44.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Tuesday, November 4th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.98) by ($0.12). Beam Therapeutics had a negative return on equity of 42.86% and a negative net margin of 744.41%.The business had revenue of $9.70 million for the quarter, compared to the consensus estimate of $12.83 million. During the same quarter in the previous year, the company posted ($1.17) earnings per share. Beam Therapeutics’s quarterly revenue was down 32.2% on a year-over-year basis. On average, analysts forecast that Beam Therapeutics will post -4.57 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Christine Bellon sold 18,629 shares of Beam Therapeutics stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $34.61, for a total transaction of $644,749.69. Following the sale, the insider directly owned 97,038 shares in the company, valued at $3,358,485.18. The trade was a 16.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Large investors have recently modified their holdings of the business. Jones Financial Companies Lllp grew its position in shares of Beam Therapeutics by 55,780.0% in the first quarter. Jones Financial Companies Lllp now owns 33,528 shares of the company’s stock valued at $655,000 after purchasing an additional 33,468 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Beam Therapeutics by 10.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 438,529 shares of the company’s stock worth $8,564,000 after purchasing an additional 42,609 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in Beam Therapeutics by 43.4% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,884 shares of the company’s stock valued at $66,000 after buying an additional 1,175 shares in the last quarter. SteelPeak Wealth LLC purchased a new position in Beam Therapeutics during the 2nd quarter valued at about $391,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Beam Therapeutics during the second quarter valued at about $710,000. Hedge funds and other institutional investors own 99.68% of the company’s stock.

About Beam Therapeutics

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.