Analysts Set Beam Therapeutics Inc. (NASDAQ:BEAM) Target Price at $51.00

Beam Therapeutics Inc. (NASDAQ:BEAM) has been given an average recommendation of “Buy” by the fourteen research firms that are covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $50.82.

BEAM has been the topic of several analyst reports. Scotiabank upgraded shares of Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 target price on the stock in a research note on Monday. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Beam Therapeutics in a research report on Wednesday. Sanford C. Bernstein upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Guggenheim restated a “buy” rating and issued a $78.00 price target on shares of Beam Therapeutics in a research note on Thursday, February 27th. Finally, Royal Bank of Canada upped their price target on Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a report on Wednesday, February 26th.

Insider Buying and Selling at Beam Therapeutics

In other news, insider Christine Bellon sold 1,241 shares of Beam Therapeutics stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total transaction of $30,627.88. Following the transaction, the insider now owns 102,968 shares in the company, valued at $2,541,250.24. This trade represents a 1.19 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO John M. Evans sold 30,000 shares of the business’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $26.75, for a total transaction of $802,500.00. Following the sale, the chief executive officer now directly owns 908,659 shares of the company’s stock, valued at approximately $24,306,628.25. The trade was a 3.20 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Beam Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of BEAM. Sumitomo Mitsui Trust Group Inc. increased its position in Beam Therapeutics by 59.7% in 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. ARK Investment Management LLC grew its stake in shares of Beam Therapeutics by 8.2% during the 4th quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company’s stock valued at $175,287,000 after acquiring an additional 536,930 shares during the period. Casdin Capital LLC increased its holdings in Beam Therapeutics by 61.3% in the 4th quarter. Casdin Capital LLC now owns 1,250,000 shares of the company’s stock worth $31,000,000 after acquiring an additional 475,000 shares in the last quarter. State Street Corp raised its stake in Beam Therapeutics by 12.5% during the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company’s stock worth $96,274,000 after acquiring an additional 437,402 shares during the period. Finally, Nikko Asset Management Americas Inc. raised its stake in Beam Therapeutics by 11.4% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company’s stock worth $98,109,000 after acquiring an additional 404,782 shares during the period. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Beam Therapeutics Trading Up 3.8 %

Beam Therapeutics stock opened at $27.42 on Monday. Beam Therapeutics has a 12 month low of $20.84 and a 12 month high of $37.49. The company has a market capitalization of $2.29 billion, a price-to-earnings ratio of -15.58 and a beta of 1.91. The business’s fifty day simple moving average is $27.10 and its two-hundred day simple moving average is $26.04.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.25) by $0.16. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The firm had revenue of $30.00 million during the quarter, compared to analyst estimates of $16.47 million. During the same quarter in the previous year, the firm earned $1.73 EPS. Beam Therapeutics’s quarterly revenue was down 90.5% compared to the same quarter last year. On average, equities research analysts predict that Beam Therapeutics will post -4.57 EPS 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.