Brokerages Set Beam Therapeutics Inc. (NASDAQ:BEAM) PT at $46.85

Beam Therapeutics Inc. (NASDAQ:BEAM) has been given a consensus recommendation of “Moderate Buy” by the fourteen ratings firms that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and ten have given a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $46.8462.

A number of research firms have issued reports on BEAM. Tudor Pickering set a $39.00 target price on shares of Beam Therapeutics in a research note on Wednesday, May 13th. Bank of America restated a “buy” rating and set a $47.00 price target on shares of Beam Therapeutics in a report on Wednesday, July 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Friday, July 17th. Sanford C. Bernstein reduced their price objective on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Finally, HC Wainwright reissued a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a research report on Tuesday, July 7th.

Insider Transactions at Beam Therapeutics

In related news, insider Fmr Llc sold 251,488 shares of the business’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $35.26, for a total value of $8,867,466.88. Following the completion of the sale, the insider directly owned 854,583 shares in the company, valued at approximately $30,132,596.58. The trade was a 22.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Amy Simon sold 16,667 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $25.74, for a total value of $429,008.58. Following the completion of the sale, the insider owned 85,696 shares of the company’s stock, valued at approximately $2,205,815.04. This trade represents a 16.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 301,527 shares of company stock valued at $10,468,500 in the last ninety days. Insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Institutional investors have recently modified their holdings of the company. Jones Financial Companies Lllp lifted its stake 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 worth $655,000 after buying an additional 33,468 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew 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 valued at $8,564,000 after buying an additional 42,609 shares during the last quarter. Prudential Financial Inc. acquired a new position in Beam Therapeutics in the 2nd quarter valued at $201,000. New York State Common Retirement Fund raised its holdings in Beam Therapeutics by 17.7% in the 2nd quarter. New York State Common Retirement Fund now owns 30,629 shares of the company’s stock worth $521,000 after acquiring an additional 4,600 shares during the period. Finally, Invesco Ltd. lifted its position in Beam Therapeutics by 46.0% during the 2nd quarter. Invesco Ltd. now owns 128,874 shares of the company’s stock worth $2,192,000 after acquiring an additional 40,583 shares during the last quarter. Institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Stock Down 1.0%

Shares of Beam Therapeutics stock opened at $26.02 on Thursday. The firm has a market cap of $2.68 billion, a price-to-earnings ratio of -38.26 and a beta of 2.18. The company has a debt-to-equity ratio of 0.09, a current ratio of 16.99 and a quick ratio of 16.99. Beam Therapeutics has a 52-week low of $15.60 and a 52-week high of $38.26. The stock has a 50-day simple moving average of $31.10 and a 200-day simple moving average of $29.22.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.91) EPS for the quarter, beating the consensus estimate of ($1.03) by $0.12. The business had revenue of $31.74 million during the quarter, compared to analysts’ expectations of $10.98 million. Beam Therapeutics had a negative return on equity of 29.00% and a negative net margin of 39.66%.The firm’s quarterly revenue was up 323.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.23) EPS. On average, equities research analysts expect that Beam Therapeutics will post -4.16 earnings per share for the current fiscal year.

Beam Therapeutics Company Profile

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.