Brokerages Set Beam Therapeutics Inc. (NASDAQ:BEAM) PT at $44.91

Beam Therapeutics Inc. (NASDAQ:BEAM) has been assigned a consensus recommendation of “Moderate Buy” from the twelve ratings firms that are covering the company, MarketBeat.com reports. Four investment analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $44.91.

A number of brokerages recently issued reports on BEAM. Scotiabank started coverage on shares of Beam Therapeutics in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 target price on the stock. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $27.00 to $39.00 in a report on Wednesday, November 6th. Royal Bank of Canada reduced their target price on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 6th. HC Wainwright restated a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research note on Thursday, November 7th. Finally, Leerink Partnrs upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 6th.

Beam Therapeutics Trading Up 3.4 %

Shares of Beam Therapeutics stock opened at $28.30 on Friday. The firm has a fifty day simple moving average of $24.70 and a 200-day simple moving average of $25.11. The stock has a market capitalization of $2.34 billion, a price-to-earnings ratio of -16.08 and a beta of 1.86. Beam Therapeutics has a 1-year low of $20.84 and a 1-year high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). The firm 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%. The firm’s revenue was down 16.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.22) EPS. As a group, research analysts predict that Beam Therapeutics will post -4.66 earnings per share for the current year.

Insiders Place Their Bets

In other Beam Therapeutics news, President Giuseppe Ciaramella sold 51,110 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $26.27, for a total transaction of $1,342,659.70. Following the sale, the president now directly owns 160,260 shares of the company’s stock, valued at approximately $4,210,030.20. This represents a 24.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the sale, the chief executive officer now directly owns 938,659 shares of the company’s stock, valued at approximately $23,091,011.40. The trade was a 6.01 % decrease in their position. 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. 4.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Beam Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Bank of Montreal Can acquired a new position in shares of Beam Therapeutics during the second quarter worth approximately $3,683,000. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Beam Therapeutics by 59.7% during the 3rd 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 acquired a new position in Beam Therapeutics during the 3rd quarter worth $15,760,000. Algert Global LLC boosted its position in Beam Therapeutics by 282.0% in the 3rd quarter. Algert Global LLC now owns 43,523 shares of the company’s stock valued at $1,066,000 after buying an additional 32,130 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Beam Therapeutics by 33.2% in the 2nd quarter. American Century Companies Inc. now owns 95,578 shares of the company’s stock valued at $2,239,000 after buying an additional 23,837 shares during the period. Institutional investors and hedge funds 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.