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

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have received an average rating of “Hold” from the thirteen ratings firms that are covering the stock, Marketbeat reports. Seven analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $44.18.

Several equities research analysts have recently weighed in on BEAM shares. Wedbush reissued an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research note on Tuesday, August 6th. Stifel Nicolaus raised their price objective on shares of Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. JPMorgan Chase & Co. upped their target price on Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Barclays dropped their price objective on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a report on Wednesday, August 7th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $27.00 target price on shares of Beam Therapeutics in a research note on Thursday, September 19th.

Beam Therapeutics Trading Down 1.7 %

Shares of Beam Therapeutics stock opened at $23.03 on Friday. Beam Therapeutics has a 12 month low of $16.95 and a 12 month high of $49.50. The stock has a 50 day moving average of $24.81 and a 200 day moving average of $25.36. The firm has a market cap of $1.90 billion, a PE ratio of -12.94 and a beta of 1.85.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly 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. Beam Therapeutics had a negative net margin of 40.56% and a negative return on equity of 16.22%. The company had revenue of $11.80 million for the quarter, compared to the consensus estimate of $14.18 million. During the same quarter in the prior year, the firm earned ($1.08) earnings per share. Beam Therapeutics’s revenue was down 41.3% on a year-over-year basis. As a group, equities research analysts forecast that Beam Therapeutics will post -4.6 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics 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 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 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders have sold 60,674 shares of company stock valued at $1,491,826. 4.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Beam Therapeutics

Large investors have recently made changes to their positions in the stock. Riverview Trust Co purchased a new stake in shares of Beam Therapeutics during the first quarter valued at $26,000. Fairfield Financial Advisors LTD acquired a new position in Beam Therapeutics during the second quarter valued at $26,000. PNC Financial Services Group Inc. lifted its position in Beam Therapeutics by 144.0% during 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. Blue Trust Inc. lifted its position in 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 purchasing an additional 1,642 shares during the period. Finally, National Bank of Canada FI lifted its position in Beam Therapeutics by 200.0% during the second quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock valued at $69,000 after purchasing an additional 2,000 shares during the period. 99.68% of the stock is owned by hedge funds and other institutional investors.

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.