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

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have earned a consensus recommendation of “Moderate Buy” from the twelve analysts that are presently covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $47.67.

BEAM has been the subject of several research reports. Sanford C. Bernstein raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Cantor Fitzgerald upgraded Beam Therapeutics to a “hold” rating in a research report on Tuesday, December 10th. Scotiabank started coverage on shares of Beam Therapeutics in a research note on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 target price on the stock. HC Wainwright reissued a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research note on Monday, December 9th. Finally, 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 report on Wednesday, November 6th.

Insiders Place Their Bets

In related news, insider Christine Bellon sold 1,241 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total transaction of $30,627.88. Following the completion of the sale, the insider now directly owns 102,968 shares of the company’s stock, valued at approximately $2,541,250.24. This represents a 1.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Giuseppe Ciaramella sold 51,110 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $26.36, for a total transaction of $1,347,259.60. Following the sale, the president now owns 109,150 shares in the company, valued at $2,877,194. This trade represents a 31.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Farallon Capital Management LLC grew its stake in shares of Beam Therapeutics by 75.4% during the 2nd quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock worth $185,404,000 after acquiring an additional 3,401,370 shares in the last quarter. ARCH Venture Management LLC acquired a new position in Beam Therapeutics during the second quarter worth $127,530,000. State Street Corp grew its position in Beam Therapeutics by 12.5% in the third quarter. State Street Corp now owns 3,929,557 shares of the company’s stock valued at $96,274,000 after purchasing an additional 437,402 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in Beam Therapeutics by 59.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock valued at $87,044,000 after buying an additional 1,328,414 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Beam Therapeutics by 4.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock worth $44,297,000 after buying an additional 78,102 shares in the last quarter. 99.68% of the stock is owned by institutional investors and hedge funds.

Beam Therapeutics Price Performance

Shares of NASDAQ:BEAM opened at $23.44 on Friday. The stock has a market capitalization of $1.94 billion, a price-to-earnings ratio of -13.32 and a beta of 1.92. The business’s fifty day moving average price is $26.53 and its two-hundred day moving average price is $25.70. Beam Therapeutics has a fifty-two week low of $20.84 and a fifty-two week high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share 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 in the previous year, the company posted ($1.22) EPS. Research analysts expect that Beam Therapeutics will post -4.64 EPS for the current fiscal year.

Beam Therapeutics Company Profile

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.