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

Beam Therapeutics Inc. (NASDAQ:BEAM) has earned an average recommendation of “Hold” from the thirteen brokerages that are currently covering the company, Marketbeat Ratings reports. Seven research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $44.18.

BEAM has been the topic of a number of research reports. Wedbush restated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Tuesday, August 6th. JPMorgan Chase & Co. boosted their price target on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Stifel Nicolaus increased their price objective 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 target price on 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 restated a “sector perform” rating and issued a $27.00 price target on shares of Beam Therapeutics in a research report on Thursday, September 19th.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the transaction, the chief executive officer now owns 938,659 shares of the company’s stock, valued at approximately $23,091,011.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 60,674 shares of company stock valued at $1,491,826 over the last ninety days. Insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in BEAM. ARCH Venture Management LLC acquired a new position in Beam Therapeutics in the 2nd quarter valued at about $127,530,000. Farallon Capital Management LLC grew its position in Beam Therapeutics by 75.4% in the 2nd quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock valued at $185,404,000 after buying an additional 3,401,370 shares during the last quarter. Darwin Global Management Ltd. acquired a new position in Beam Therapeutics in the 1st quarter valued at $70,032,000. Price T Rowe Associates Inc. MD raised its position in 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 buying an additional 1,207,699 shares during the last quarter. Finally, Bellevue Group AG raised its position in 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 buying an additional 498,300 shares during the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

Beam Therapeutics Stock Performance

NASDAQ BEAM opened at $24.72 on Friday. The company has a market cap of $2.03 billion, a PE ratio of -13.89 and a beta of 1.85. The firm’s 50 day moving average price is $24.76 and its 200-day moving average price is $25.24. Beam Therapeutics has a 52-week low of $16.95 and a 52-week high of $49.50.

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

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.