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

Beam Therapeutics Inc. (NASDAQ:BEAM) has been given an average rating of “Moderate Buy” by the ten research firms that are presently covering the firm, Marketbeat reports. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $45.80.

BEAM has been the topic of several analyst reports. Stifel Nicolaus raised their target price on Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $27.00 target price on shares of Beam Therapeutics in a report on Thursday, September 19th. Wedbush reissued an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a report on Tuesday, August 6th. Scotiabank began coverage on shares of Beam Therapeutics in a report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price objective for the company. Finally, HC Wainwright reiterated a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research report on Thursday, August 22nd.

Insider Transactions at Beam Therapeutics

In related 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 value of $1,342,659.70. Following the completion of the sale, the president now owns 160,260 shares of the company’s stock, valued at approximately $4,210,030.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Beam Therapeutics news, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction on Monday, October 14th. The stock was sold at an average price of $26.27, for a total value of $1,342,659.70. Following the sale, the president now owns 160,260 shares in the company, valued at $4,210,030.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction on Monday, September 30th. The shares were 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 directly owns 938,659 shares in the company, valued at approximately $23,091,011.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 111,784 shares of company stock worth $2,834,485 in the last quarter. Company insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. ARCH Venture Management LLC acquired a new stake in shares of Beam Therapeutics in the second quarter valued at $127,530,000. Farallon Capital Management LLC grew its position in Beam Therapeutics by 75.4% in the 2nd quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock valued at $185,404,000 after acquiring an additional 3,401,370 shares in the last quarter. Darwin Global Management Ltd. purchased a new stake in Beam Therapeutics during the first quarter worth about $70,032,000. Price T Rowe Associates Inc. MD lifted its position in shares of Beam Therapeutics by 3,137.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,246,189 shares of the company’s stock worth $41,175,000 after purchasing an additional 1,207,699 shares in the last quarter. Finally, Bellevue Group AG lifted its position in shares of Beam Therapeutics by 71.7% during the first quarter. Bellevue Group AG now owns 1,193,121 shares of the company’s stock worth $39,421,000 after purchasing an additional 498,300 shares in the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Beam Therapeutics Trading Up 6.2 %

BEAM opened at $24.36 on Tuesday. Beam Therapeutics has a 12-month low of $18.85 and a 12-month high of $49.50. The firm has a 50 day moving average of $24.27 and a two-hundred day moving average of $24.62. The firm has a market capitalization of $2.01 billion, a PE ratio of -13.46 and a beta of 1.87.

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