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

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have been given a consensus recommendation of “Hold” by the thirteen research firms that are presently covering the stock, MarketBeat reports. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $44.18.

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. lifted their price objective on Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Stifel Nicolaus raised their target price on Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Barclays decreased their price target on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 7th. Royal Bank of Canada restated a “sector perform” rating and issued a $27.00 price objective on shares of Beam Therapeutics in a research report on Wednesday, August 7th. Finally, Wedbush reaffirmed an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a report on Tuesday, August 6th.

Beam Therapeutics Stock Performance

NASDAQ:BEAM opened at $26.30 on Monday. The firm has a 50-day moving average price of $26.22 and a two-hundred day moving average price of $26.83. The firm has a market cap of $2.16 billion, a price-to-earnings ratio of -14.78 and a beta of 1.86. Beam Therapeutics has a 52 week low of $16.95 and a 52 week high of $49.50.

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

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the stock in a transaction on Thursday, June 27th. The stock was 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 filing with the SEC, which is available through the SEC website. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in BEAM. Riverview Trust Co purchased a new position in Beam Therapeutics in the 1st quarter worth approximately $26,000. Fairfield Financial Advisors LTD bought a new position in shares of Beam Therapeutics during the second quarter valued at $26,000. Blue Trust Inc. boosted 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 valued at $40,000 after buying an additional 1,642 shares during the last quarter. National Bank of Canada FI increased its holdings in Beam Therapeutics by 200.0% in the 4th quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $41,000 after buying an additional 1,000 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its position in Beam Therapeutics by 144.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock worth $43,000 after buying an additional 923 shares during the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

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.