Beam Therapeutics Inc. (NASDAQ:BEAM) Given Average Recommendation of “Buy” by Brokerages

Beam Therapeutics Inc. (NASDAQ:BEAM) has earned an average recommendation of “Buy” from the fourteen ratings firms that are currently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating on the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $50.82.

BEAM has been the subject of several research analyst reports. Guggenheim restated a “buy” rating and set a $78.00 price target on shares of Beam Therapeutics in a research report on Thursday, February 27th. Cantor Fitzgerald restated an “overweight” rating on shares of Beam Therapeutics in a research report on Wednesday, March 12th. Sanford C. Bernstein upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Wedbush restated an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a research report on Monday, March 10th. Finally, HC Wainwright restated a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research report on Monday, March 10th.

Insider Buying and Selling at Beam Therapeutics

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

Institutional Trading of Beam Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Farallon Capital Management LLC raised its stake in Beam Therapeutics by 0.4% in the fourth quarter. Farallon Capital Management LLC now owns 8,239,123 shares of the company’s stock valued at $204,330,000 after buying an additional 31,000 shares in the last quarter. ARK Investment Management LLC increased its position in shares of Beam Therapeutics by 8.2% during the fourth quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company’s stock worth $175,287,000 after purchasing an additional 536,930 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Beam Therapeutics by 11.4% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock worth $98,149,000 after purchasing an additional 404,782 shares in the last quarter. Nikko Asset Management Americas Inc. increased its position in shares of Beam Therapeutics by 11.4% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company’s stock worth $98,109,000 after purchasing an additional 404,782 shares in the last quarter. Finally, State Street Corp increased its position in shares of Beam Therapeutics by 12.5% during the third quarter. State Street Corp now owns 3,929,557 shares of the company’s stock worth $96,274,000 after purchasing an additional 437,402 shares in the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Beam Therapeutics Stock Performance

Shares of Beam Therapeutics stock opened at $24.23 on Monday. The firm has a market capitalization of $2.42 billion, a price-to-earnings ratio of -13.77 and a beta of 1.91. Beam Therapeutics has a fifty-two week low of $20.84 and a fifty-two week high of $36.75. The stock has a 50 day moving average of $27.09 and a 200 day moving average of $26.01.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings data on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, topping the consensus estimate of ($1.25) by $0.16. The company had revenue of $30.00 million during the quarter, compared to analyst estimates of $16.47 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The firm’s revenue for the quarter was down 90.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.73 earnings per share. Analysts forecast 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.