Beam Therapeutics Inc. (NASDAQ:BEAM) Receives Average Recommendation of “Moderate Buy” from Analysts

Beam Therapeutics Inc. (NASDAQ:BEAM) has received a consensus recommendation of “Moderate Buy” from the eleven brokerages that are presently covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $47.67.

Several research analysts have weighed in on BEAM shares. Scotiabank began coverage on Beam Therapeutics in a research report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 target price on the stock. Leerink Partners raised shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $27.00 to $39.00 in a research report on Wednesday, November 6th. HC Wainwright reissued a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research report on Monday, December 9th. Wedbush restated an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a research note on Monday, December 9th. Finally, Cantor Fitzgerald raised shares of Beam Therapeutics to a “hold” rating in a research note on Tuesday, December 10th.

Beam Therapeutics Stock Up 0.4 %

Shares of NASDAQ BEAM opened at $28.81 on Wednesday. The stock’s fifty day simple moving average is $25.77 and its 200 day simple moving average is $25.47. The stock has a market capitalization of $2.39 billion, a price-to-earnings ratio of -16.37 and a beta of 1.90. Beam Therapeutics has a 52-week low of $20.84 and a 52-week high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.01). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The firm had revenue of $14.30 million for the quarter, compared to analysts’ expectations of $14.52 million. During the same quarter in the previous year, the firm posted ($1.22) earnings per share. The company’s revenue for the quarter was down 16.9% on a year-over-year basis. As a group, analysts anticipate that Beam Therapeutics will post -4.66 earnings per share for the current year.

Insiders Place Their Bets

In other news, President Giuseppe Ciaramella sold 51,110 shares of the business’s stock in a transaction that occurred 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 transaction, the president now directly owns 160,260 shares of the company’s stock, valued at $4,210,030.20. The trade was a 24.18 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 completion of the transaction, the chief executive officer now 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 position. The disclosure for this sale can be found here. Insiders sold 162,894 shares of company stock worth $4,181,745 over the last three months. 4.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Fairfield Financial Advisors LTD bought a new position in shares of Beam Therapeutics in the 2nd quarter valued at about $26,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Beam Therapeutics by 21.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock valued at $75,000 after buying an additional 524 shares during the period. National Bank of Canada FI boosted its stake in Beam Therapeutics by 200.0% in the second quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock valued at $69,000 after acquiring an additional 2,000 shares during the last quarter. Blue Trust Inc. grew its holdings in Beam Therapeutics by 84.0% during the 3rd quarter. Blue Trust Inc. now owns 3,135 shares of the company’s stock worth $73,000 after acquiring an additional 1,431 shares during the period. Finally, Quarry LP raised its position in shares of Beam Therapeutics by 350.0% during the 2nd quarter. Quarry LP now owns 3,600 shares of the company’s stock valued at $84,000 after acquiring an additional 2,800 shares during the last quarter. Institutional investors and hedge funds 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.