Beam Therapeutics Inc. (NASDAQ:BEAM) Receives $47.67 Consensus Target Price from Brokerages

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have been assigned an average recommendation of “Moderate Buy” from the eleven analysts that are covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $47.67.

Several analysts recently weighed in on the company. Royal Bank of Canada decreased their price objective on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $27.00 to $39.00 in a research note on Wednesday, November 6th. Wedbush reissued an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research note on Monday, December 9th. HC Wainwright reaffirmed a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a research report on Monday, December 9th. Finally, Scotiabank assumed coverage on Beam Therapeutics in a research report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price target for the company.

Beam Therapeutics Trading Down 7.4 %

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

Beam Therapeutics (NASDAQ:BEAM) last announced 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 the consensus estimate 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 for the quarter was down 16.9% compared to the same quarter last year. During the same period last year, the company earned ($1.22) EPS. As a group, equities research analysts predict that Beam Therapeutics will post -4.66 EPS for the current fiscal year.

Insider Transactions at Beam Therapeutics

In other Beam Therapeutics news, President Giuseppe Ciaramella sold 51,110 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $26.27, for a total transaction of $1,342,659.70. Following the sale, the president now owns 160,260 shares in the company, valued at approximately $4,210,030.20. The trade was a 24.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now 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 ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 162,894 shares of company stock worth $4,181,745. Insiders own 4.20% of the company’s stock.

Institutional Trading of Beam Therapeutics

Several large investors have recently made changes to their positions in BEAM. IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new stake in Beam Therapeutics in the second quarter valued at $218,000. Rhumbline Advisers grew its holdings in Beam Therapeutics by 21.6% during the second quarter. Rhumbline Advisers now owns 132,569 shares of the company’s stock worth $3,106,000 after acquiring an additional 23,565 shares during the period. TD Asset Management Inc lifted its holdings in Beam Therapeutics by 8.1% in the second quarter. TD Asset Management Inc now owns 175,892 shares of the company’s stock valued at $4,121,000 after acquiring an additional 13,200 shares during the period. National Bank of Canada FI lifted its holdings in Beam Therapeutics by 200.0% in the second quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock valued at $69,000 after acquiring an additional 2,000 shares during the period. Finally, Victory Capital Management Inc. grew its stake in shares of Beam Therapeutics by 10.9% during the 2nd quarter. Victory Capital Management Inc. now owns 9,921 shares of the company’s stock worth $232,000 after purchasing an additional 973 shares during the period. 99.68% of the stock is owned by hedge funds and other institutional investors.

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.