Beam Therapeutics Inc. (NASDAQ:BEAM) Receives Consensus Rating of “Hold” from Brokerages

Beam Therapeutics Inc. (NASDAQ:BEAM) has been given a consensus rating of “Hold” by the thirteen research firms that are currently covering the firm, MarketBeat.com reports. Eight investment analysts have rated the stock with a hold rating and five have assigned 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 $40.18.

BEAM has been the topic of a number of research reports. BMO Capital Markets reiterated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a report on Wednesday, March 27th. Barclays cut their price target on Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 8th. Wedbush reiterated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research note on Tuesday, May 7th. Finally, TheStreet upgraded shares of Beam Therapeutics from a “d” rating to a “c-” rating in a research note on Monday, March 11th.

Insider Buying and Selling

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $24.50, for a total value of $1,470,000.00. Following the completion of the transaction, the chief executive officer now owns 998,343 shares in the company, valued at $24,459,403.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Beam Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Riverview Trust Co purchased a new position in shares of Beam Therapeutics during the first quarter worth approximately $26,000. First Horizon Advisors Inc. grew its position in Beam Therapeutics by 125.9% during the 4th quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock worth $27,000 after purchasing an additional 554 shares during the last quarter. National Bank of Canada FI grew its position in Beam Therapeutics by 200.0% during the 4th quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $41,000 after purchasing an additional 1,000 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in Beam Therapeutics by 144.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock valued at $43,000 after purchasing an additional 923 shares during the period. Finally, GAMMA Investing LLC raised its holdings in shares of Beam Therapeutics by 958.7% in the second quarter. GAMMA Investing LLC now owns 4,076 shares of the company’s stock valued at $96,000 after buying an additional 3,691 shares during the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Price Performance

Shares of BEAM opened at $22.57 on Wednesday. The firm has a 50-day simple moving average of $23.61 and a two-hundred day simple moving average of $27.79. The stock has a market cap of $1.86 billion, a PE ratio of -12.68 and a beta of 1.88. Beam Therapeutics has a 1-year low of $16.95 and a 1-year high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($1.21) EPS for the quarter, topping analysts’ consensus estimates of ($1.42) by $0.21. Beam Therapeutics had a negative return on equity of 15.46% and a negative net margin of 37.33%. The company had revenue of $7.40 million for the quarter, compared to analysts’ expectations of $17.09 million. During the same period in the prior year, the firm earned ($1.33) earnings per share. The firm’s revenue was down 69.4% compared to the same quarter last year. As a group, sell-side analysts expect that Beam Therapeutics will post -4.68 earnings per share for the current fiscal 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.