Beam Therapeutics Inc. (NASDAQ:BEAM) Receives $44.18 Average PT from Analysts

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have earned a consensus rating of “Hold” from the thirteen analysts that are covering the stock, MarketBeat.com reports. Seven equities research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $44.18.

Several research firms have commented on BEAM. JPMorgan Chase & Co. upped their price target on shares of Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Wedbush reaffirmed an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a report on Tuesday, August 6th. Stifel Nicolaus upped their price target on shares of Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Barclays lowered their price target on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 7th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $27.00 target price on shares of Beam Therapeutics in a research note on Wednesday, August 7th.

Beam Therapeutics Trading Down 0.3 %

Shares of BEAM stock opened at $25.51 on Monday. The business’s fifty day simple moving average is $26.32 and its 200-day simple moving average is $26.62. The company has a market cap of $2.10 billion, a PE ratio of -14.33 and a beta of 1.86. Beam Therapeutics has a 12-month low of $16.95 and a 12-month high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($1.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.13) by $0.02. The firm had revenue of $11.80 million for the quarter, compared to analyst estimates of $14.18 million. Beam Therapeutics had a negative net margin of 40.56% and a negative return on equity of 16.22%. The business’s quarterly revenue was down 41.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.08) earnings per share. On average, equities analysts forecast that Beam Therapeutics will post -4.6 earnings per share for the current year.

Insider Buying and Selling at Beam Therapeutics

In other news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $24.50, for a total transaction of $1,470,000.00. Following the completion of the sale, the chief executive officer now owns 998,343 shares in the company, valued at approximately $24,459,403.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 4.20% of the stock is owned by insiders.

Institutional Trading of Beam Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. ARCH Venture Management LLC purchased a new position in shares of Beam Therapeutics during the 2nd quarter worth approximately $127,530,000. Farallon Capital Management LLC boosted its position in shares of Beam Therapeutics by 75.4% during the 2nd quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock worth $185,404,000 after purchasing an additional 3,401,370 shares during the period. Darwin Global Management Ltd. purchased a new position in shares of Beam Therapeutics during the 1st quarter worth approximately $70,032,000. Price T Rowe Associates Inc. MD boosted its position in shares of Beam Therapeutics by 3,137.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,246,189 shares of the company’s stock worth $41,175,000 after purchasing an additional 1,207,699 shares during the period. Finally, Bellevue Group AG boosted its position in shares of Beam Therapeutics by 71.7% during the 1st quarter. Bellevue Group AG now owns 1,193,121 shares of the company’s stock worth $39,421,000 after purchasing an additional 498,300 shares during the period. Institutional investors and hedge funds own 99.68% of the company’s stock.

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.