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

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have been assigned a consensus recommendation of “Moderate Buy” from the twelve brokerages that are covering the stock, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $44.91.

Several analysts have recently issued reports on the stock. Royal Bank of Canada lowered their price objective 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. Barclays lowered their price objective on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 7th. Stifel Nicolaus boosted their price objective on shares of Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Scotiabank assumed coverage on shares of Beam Therapeutics in a research note on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 price objective for the company. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th.

Insider Buying and Selling at Beam Therapeutics

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 value of $1,342,659.70. Following the completion of the transaction, the president now directly owns 160,260 shares of the company’s stock, valued at $4,210,030.20. This represents a 24.18 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 162,894 shares of company stock valued at $4,181,745 in the last ninety days. Insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Large investors have recently modified their holdings of the stock. Fairfield Financial Advisors LTD bought a new position in shares of Beam Therapeutics during the second quarter worth about $26,000. Blue Trust Inc. lifted its position in shares of Beam Therapeutics by 2,648.4% during the second quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock worth $40,000 after purchasing an additional 1,642 shares during the last quarter. National Bank of Canada FI lifted its position in shares of Beam Therapeutics by 200.0% during the second quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock worth $69,000 after purchasing an additional 2,000 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Beam Therapeutics by 21.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock worth $75,000 after purchasing an additional 524 shares during the last quarter. Finally, Quarry LP lifted its position in shares of Beam Therapeutics by 350.0% during the second quarter. Quarry LP now owns 3,600 shares of the company’s stock worth $84,000 after purchasing an additional 2,800 shares during the last quarter. Institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Stock Performance

BEAM stock opened at $27.37 on Friday. The stock has a market capitalization of $2.27 billion, a P/E ratio of -15.55 and a beta of 1.86. Beam Therapeutics has a one year low of $20.84 and a one year high of $49.50. The company has a 50 day moving average price of $24.63 and a two-hundred day moving average price of $25.07.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, November 5th. The company reported ($1.17) 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 analysts’ expectations 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 previous year, the firm posted ($1.22) earnings per share. Research analysts forecast that Beam Therapeutics will post -4.66 earnings per share 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.