Beam Therapeutics Inc. (NASDAQ:BEAM) Stock Has Average Price Target of $46.90

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have been given an average recommendation of “Moderate Buy” by the twelve brokerages that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, eight have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $46.90.

BEAM has been the subject of several recent analyst reports. Bank of America reissued a “buy” rating and set a $47.00 price objective on shares of Beam Therapeutics in a report on Wednesday, July 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Thursday, October 15th. Wall Street Zen downgraded shares of Beam Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Saturday. William Blair upgraded shares of Beam Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 23rd. Finally, HC Wainwright reiterated a “buy” rating on shares of Beam Therapeutics in a research report on Tuesday, October 27th.

Insider Buying and Selling at Beam Therapeutics

In other news, CEO John Evans sold 25,000 shares of the firm’s stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $23.57, for a total transaction of $589,250.00. Following the sale, the chief executive officer owned 1,047,205 shares in the company, valued at approximately $24,682,621.85. This trade represents a 2.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC boosted its stake in shares of Beam Therapeutics by 32.2% in the 3rd quarter. Commonwealth Equity Services LLC now owns 11,132 shares of the company’s stock valued at $272,000 after purchasing an additional 2,712 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Beam Therapeutics in the third quarter worth $129,000. Profund Advisors LLC lifted its stake in Beam Therapeutics by 10.0% in the third quarter. Profund Advisors LLC now owns 52,359 shares of the company’s stock worth $1,280,000 after purchasing an additional 4,775 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its position in Beam Therapeutics by 15.1% during the third quarter. China Universal Asset Management Co. Ltd. now owns 18,846 shares of the company’s stock valued at $462,000 after buying an additional 2,473 shares during the period. Finally, D.A. Davidson & CO. boosted its position in Beam Therapeutics by 5.0% during the third quarter. D.A. Davidson & CO. now owns 105,697 shares of the company’s stock valued at $2,584,000 after buying an additional 5,069 shares during the period. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Beam Therapeutics Stock Down 5.0%

Beam Therapeutics stock opened at $25.87 on Friday. Beam Therapeutics has a 52 week low of $20.23 and a 52 week high of $38.26. The business has a 50-day simple moving average of $25.85 and a 200 day simple moving average of $28.14. The company has a debt-to-equity ratio of 0.09, a quick ratio of 14.57 and a current ratio of 14.57.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, August 4th. The company reported ($1.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.07). Beam Therapeutics had a negative return on equity of 30.71% and a negative net margin of 54.75%. The business had revenue of $0.49 million during the quarter, compared to the consensus estimate of $16.37 million. During the same quarter in the prior year, the company earned ($1.00) earnings per share. Beam Therapeutics’s revenue was down 94.2% compared to the same quarter last year. As a group, sell-side analysts predict that Beam Therapeutics will post -4.49 EPS for the current fiscal year.

About Beam Therapeutics

Beam Therapeutics Inc is a biotechnology company developing precision genetic medicines for patients with serious diseases. The company’s platform uses base editing, a form of gene editing designed to make targeted changes to individual DNA letters without creating double-strand breaks. Beam is also advancing related editing technologies and delivery systems intended to improve the precision and effectiveness of genetic treatments.

Beam’s pipeline includes investigational programs for diseases such as sickle cell disease, beta thalassemia, alpha-1 antitrypsin deficiency and glycogen storage disease type Ia.