Beam Therapeutics Inc. (NASDAQ:BEAM) Receives Average Rating of “Buy” from Analysts

Beam Therapeutics Inc. (NASDAQ:BEAM) has been assigned a consensus rating of “Buy” from the fifteen analysts that are presently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation, eleven have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month target price among brokers that have covered the stock in the last year is $48.75.

Several equities research analysts recently commented on the stock. Jones Trading upgraded shares of Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a research note on Monday, March 10th. Guggenheim cut their price target on shares of Beam Therapeutics from $78.00 to $55.00 and set a “buy” rating on the stock in a research note on Wednesday, May 7th. HC Wainwright reiterated a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research note on Monday, April 7th. Wedbush reissued an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research report on Monday, March 10th. Finally, Bank of America raised shares of Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 price objective on the stock in a research report on Friday, March 28th.

Insider Activity

In other news, President Giuseppe Ciaramella sold 7,434 shares of Beam Therapeutics stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $136,413.90. Following the sale, the president now owns 190,216 shares of the company’s stock, valued at $3,490,463.60. The trade was a 3.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christine Bellon sold 5,674 shares of Beam Therapeutics stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $104,117.90. Following the completion of the sale, the insider now directly owns 117,294 shares in the company, valued at approximately $2,152,344.90. The trade was a 4.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,771 shares of company stock valued at $803,198 over the last quarter. Corporate insiders own 4.20% of the company’s stock.

Institutional Trading of Beam Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Northern Trust Corp lifted its stake in shares of Beam Therapeutics by 7.2% in the fourth quarter. Northern Trust Corp now owns 740,506 shares of the company’s stock valued at $18,365,000 after purchasing an additional 49,415 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in shares of Beam Therapeutics in the fourth quarter valued at about $330,000. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Beam Therapeutics by 11.4% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock valued at $98,149,000 after purchasing an additional 404,782 shares during the period. Teacher Retirement System of Texas lifted its stake in shares of Beam Therapeutics by 18.4% in the fourth quarter. Teacher Retirement System of Texas now owns 20,767 shares of the company’s stock valued at $515,000 after purchasing an additional 3,222 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Beam Therapeutics by 3.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 648,945 shares of the company’s stock valued at $16,094,000 after purchasing an additional 19,453 shares during the period. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Price Performance

Shares of NASDAQ:BEAM opened at $15.74 on Friday. The company’s fifty day moving average price is $17.74 and its 200 day moving average price is $23.60. Beam Therapeutics has a 12 month low of $13.53 and a 12 month high of $35.25. The firm has a market capitalization of $1.58 billion, a P/E ratio of -8.94 and a beta of 2.35.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($1.24) EPS for the quarter, missing the consensus estimate 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 company had revenue of $7.47 million for the quarter, compared to analyst estimates of $14.69 million. During the same quarter in the prior year, the business earned ($1.21) earnings per share. Beam Therapeutics’s revenue was up 1.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Beam Therapeutics will post -4.57 EPS for the current year.

Beam Therapeutics Company Profile

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.