Beam Therapeutics Inc. (NASDAQ:BEAM) Receives $47.67 Average PT from Analysts

Beam Therapeutics Inc. (NASDAQ:BEAM) has earned a consensus rating of “Moderate Buy” from the eleven analysts that are covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokers that have covered the stock in the last year is $47.67.

Several brokerages have issued reports on BEAM. Royal Bank of Canada lowered their target price 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. Scotiabank assumed coverage on shares of 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. Wedbush reiterated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Monday, December 9th. Cantor Fitzgerald upgraded Beam Therapeutics to a “hold” rating in a report on Tuesday, December 10th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a report on Monday, December 9th.

Insider Buying and Selling at Beam Therapeutics

In related news, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $26.36, for a total value of $1,347,259.60. Following the completion of the transaction, the president now owns 109,150 shares in the company, valued at approximately $2,877,194. The trade was a 31.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO John M. Evans sold 60,000 shares of the company’s 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 sale, the chief executive officer now directly owns 938,659 shares in the company, valued at $23,091,011.40. This represents a 6.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 162,894 shares of company stock valued at $4,181,745 over the last 90 days. 4.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Fairfield Financial Advisors LTD acquired a new stake in Beam Therapeutics during the 2nd quarter worth $26,000. National Bank of Canada FI grew its holdings in Beam Therapeutics by 200.0% during the second quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock worth $69,000 after acquiring an additional 2,000 shares during the period. Blue Trust Inc. grew its stake in shares of Beam Therapeutics by 84.0% during the 3rd quarter. Blue Trust Inc. now owns 3,135 shares of the company’s stock worth $73,000 after purchasing an additional 1,431 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in Beam Therapeutics by 21.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock valued at $75,000 after buying an additional 524 shares in the last quarter. Finally, Quarry LP raised its holdings in Beam Therapeutics by 350.0% during the second quarter. Quarry LP now owns 3,600 shares of the company’s stock worth $84,000 after purchasing an additional 2,800 shares during the last quarter. 99.68% of the stock is owned by institutional investors and hedge funds.

Beam Therapeutics Trading Down 7.4 %

NASDAQ BEAM opened at $26.59 on Wednesday. The stock has a 50-day moving average of $25.95 and a 200 day moving average of $25.55. Beam Therapeutics has a twelve month low of $20.84 and a twelve month high of $49.50. The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of -15.11 and a beta of 1.90.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings data 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 firm had revenue of $14.30 million during 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%. The company’s quarterly revenue was down 16.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.22) earnings per share. Equities analysts predict that Beam Therapeutics will post -4.66 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.