Analysts Set Beam Therapeutics Inc. (NASDAQ:BEAM) Price Target at $44.18

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have been assigned an average recommendation of “Hold” from the thirteen research firms that are covering the company, Marketbeat reports. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $44.18.

BEAM has been the subject of a number of analyst reports. JPMorgan Chase & Co. increased their target price on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Wedbush reiterated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research report on Tuesday, August 6th. HC Wainwright restated a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a report on Thursday, August 22nd. Barclays cut their price target on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 7th. Finally, Stifel Nicolaus upped their price objective on shares of Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th.

Beam Therapeutics Price Performance

Shares of Beam Therapeutics stock opened at $25.65 on Monday. The stock has a market capitalization of $2.11 billion, a P/E ratio of -14.41 and a beta of 1.86. Beam Therapeutics has a one year low of $16.95 and a one year high of $49.50. The business’s 50 day simple moving average is $26.30 and its two-hundred day simple moving average is $26.36.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($1.11) earnings per share for the quarter, beating the consensus estimate of ($1.13) by $0.02. Beam Therapeutics had a negative net margin of 40.56% and a negative return on equity of 16.22%. The business had revenue of $11.80 million during the quarter, compared to analysts’ expectations of $14.18 million. During the same quarter in the prior year, the company posted ($1.08) EPS. The firm’s revenue for the quarter was down 41.3% compared to the same quarter last year. Sell-side analysts expect that Beam Therapeutics will post -4.6 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $24.50, for a total transaction of $1,470,000.00. Following the completion of the transaction, the chief executive officer now directly owns 998,343 shares in the company, valued at $24,459,403.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Hedge funds have recently bought and sold shares of the company. Farallon Capital Management LLC raised its holdings in Beam Therapeutics by 75.4% in the second quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock worth $185,404,000 after buying an additional 3,401,370 shares during the last quarter. Vanguard Group Inc. raised its holdings in Beam Therapeutics by 5.8% in the 1st quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company’s stock worth $250,402,000 after acquiring an additional 413,892 shares during the last quarter. ARCH Venture Management LLC bought a new position in Beam Therapeutics in the 2nd quarter valued at approximately $127,530,000. Darwin Global Management Ltd. purchased a new stake in Beam Therapeutics during the 1st quarter valued at $70,032,000. Finally, Redmile Group LLC boosted its stake in Beam Therapeutics by 31.5% during the 1st quarter. Redmile Group LLC now owns 1,879,617 shares of the company’s stock valued at $62,103,000 after purchasing an additional 449,834 shares during the last quarter. Institutional investors own 99.68% of the company’s stock.

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.