Beam Therapeutics Inc. (NASDAQ:BEAM) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Beam Therapeutics Inc. (NASDAQ:BEAM) has received an average recommendation of “Moderate Buy” from the twelve brokerages that are covering the stock, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $44.91.

Several research firms recently weighed in on BEAM. Royal Bank of Canada dropped their price objective on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 6th. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and raised their price target for the company from $27.00 to $39.00 in a research note on Wednesday, November 6th. Leerink Partnrs upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. HC Wainwright restated a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Thursday, November 7th. Finally, JPMorgan Chase & Co. raised their price target on shares of Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th.

Insider Activity

In related news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the completion of the sale, the chief executive officer now directly owns 938,659 shares in the company, valued at approximately $23,091,011.40. This trade represents a 6.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Giuseppe Ciaramella sold 51,110 shares of the firm’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 transaction of $1,342,659.70. Following the sale, the president now owns 160,260 shares of the company’s stock, valued at $4,210,030.20. The trade was a 24.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 162,894 shares of company stock worth $4,181,745 over the last three months. Corporate insiders own 4.20% of the company’s stock.

Institutional Trading of Beam Therapeutics

Large investors have recently added to or reduced their stakes in the business. Bank of Montreal Can bought a new stake in Beam Therapeutics during the second quarter worth approximately $3,683,000. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Beam Therapeutics by 59.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock worth $87,044,000 after buying an additional 1,328,414 shares in the last quarter. International Assets Investment Management LLC bought a new stake in Beam Therapeutics during the third quarter worth approximately $15,760,000. American Century Companies Inc. boosted its holdings in Beam Therapeutics by 33.2% during the second quarter. American Century Companies Inc. now owns 95,578 shares of the company’s stock worth $2,239,000 after buying an additional 23,837 shares in the last quarter. Finally, Liontrust Investment Partners LLP bought a new stake in Beam Therapeutics during the second quarter worth approximately $1,874,000. 99.68% of the stock is currently owned by institutional investors.

Beam Therapeutics Stock Up 0.6 %

BEAM opened at $27.37 on Friday. The firm has a market cap of $2.27 billion, a price-to-earnings ratio of -15.55 and a beta of 1.86. Beam Therapeutics has a fifty-two week low of $20.84 and a fifty-two week high of $49.50. The company’s 50-day moving average price is $24.63 and its 200 day moving average price is $25.07.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.01). The business had revenue of $14.30 million for the quarter, compared to analyst estimates of $14.52 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. Beam Therapeutics’s revenue was down 16.9% compared to the same quarter last year. During the same quarter last year, the company earned ($1.22) EPS. Research analysts anticipate that Beam Therapeutics will post -4.66 earnings per share for the current 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.