Beam Therapeutics Inc. (NASDAQ:BEAM) Receives $45.80 Consensus Target Price from Brokerages

Beam Therapeutics Inc. (NASDAQ:BEAM) has received an average recommendation of “Moderate Buy” from the twelve brokerages that are covering the firm, MarketBeat.com reports. Four analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $44.91.

Several research firms have issued reports on BEAM. Leerink Partnrs upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. Leerink Partners raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $27.00 to $39.00 in a report on Wednesday. Stifel Nicolaus lifted their target price on Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Scotiabank assumed coverage on Beam Therapeutics in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 price target on the stock. Finally, Barclays cut their price objective on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 7th.

Insider Buying and Selling at Beam Therapeutics

In related news, CEO John M. Evans sold 60,000 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $24.60, for a total value of $1,476,000.00. Following the transaction, the chief executive officer now owns 938,659 shares of the company’s stock, valued at $23,091,011.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $24.60, for a total value of $1,476,000.00. Following the completion of the sale, the chief executive officer now owns 938,659 shares in the company, valued at $23,091,011.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Giuseppe Ciaramella sold 51,110 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $26.27, for a total value of $1,342,659.70. Following the completion of the sale, the president now directly owns 160,260 shares of the company’s stock, valued at approximately $4,210,030.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 162,894 shares of company stock worth $4,181,745 over the last three months. 4.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Beam Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the business. ARCH Venture Management LLC purchased a new stake in Beam Therapeutics during the second quarter valued at about $127,530,000. Farallon Capital Management LLC boosted its holdings in Beam Therapeutics by 75.4% during the 2nd quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock valued at $185,404,000 after acquiring an additional 3,401,370 shares during the period. Darwin Global Management Ltd. bought a new position in Beam Therapeutics during the 1st quarter worth approximately $70,032,000. Sumitomo Mitsui Trust Group Inc. increased its stake in Beam Therapeutics by 59.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock worth $87,044,000 after purchasing an additional 1,328,414 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its position in Beam Therapeutics by 3,137.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,246,189 shares of the company’s stock valued at $41,175,000 after purchasing an additional 1,207,699 shares during the last quarter. Institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Stock Performance

Shares of Beam Therapeutics stock opened at $27.06 on Tuesday. The stock has a market capitalization of $2.24 billion, a P/E ratio of -15.38 and a beta of 1.86. Beam Therapeutics has a 52-week low of $18.85 and a 52-week high of $49.50. The stock’s 50-day simple moving average is $24.23 and its 200 day simple moving average is $24.67.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.01). The business had revenue of $14.30 million during the quarter, compared to the consensus estimate of $14.52 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business’s revenue for the quarter was down 16.9% on a year-over-year basis. During the same period last year, the firm earned ($1.22) EPS. Equities research analysts forecast that Beam Therapeutics will post -4.64 EPS for the current fiscal 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.