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

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have been given a consensus recommendation of “Moderate Buy” by the twelve analysts that are currently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $47.67.

A number of research firms recently commented on BEAM. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $27.00 to $39.00 in a report on Wednesday, November 6th. Wedbush reaffirmed an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a report on Monday, January 13th. Royal Bank of Canada reduced their price objective on 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. Cantor Fitzgerald raised Beam Therapeutics to a “hold” rating in a research report on Tuesday, December 10th. Finally, Leerink Partnrs raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 6th.

Beam Therapeutics Stock Performance

NASDAQ:BEAM opened at $23.44 on Friday. The stock has a market cap of $1.94 billion, a price-to-earnings ratio of -13.32 and a beta of 1.92. Beam Therapeutics has a 1 year low of $20.84 and a 1 year high of $49.50. The business has a fifty day moving average of $26.53 and a 200-day moving average of $25.70.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $14.30 million for the quarter, compared to the consensus estimate of $14.52 million. The firm’s quarterly revenue was down 16.9% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.22) earnings per share. On average, equities research analysts predict that Beam Therapeutics will post -4.64 EPS for the current year.

Insider Activity

In related news, insider Christine Bellon sold 1,241 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total value of $30,627.88. Following the completion of the sale, the insider now directly owns 102,968 shares in the company, valued at approximately $2,541,250.24. The trade was a 1.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Giuseppe Ciaramella sold 51,110 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $26.36, for a total value of $1,347,259.60. Following the transaction, the president now owns 109,150 shares in the company, valued at approximately $2,877,194. This trade represents a 31.89 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is owned by insiders.

Institutional Trading of Beam Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Blue Trust Inc. lifted its stake in shares of Beam Therapeutics by 84.0% in the third quarter. Blue Trust Inc. now owns 3,135 shares of the company’s stock valued at $73,000 after buying an additional 1,431 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Beam Therapeutics by 21.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock worth $75,000 after acquiring an additional 524 shares during the period. Quarry LP lifted its position in shares of Beam Therapeutics by 350.0% in the 2nd quarter. Quarry LP now owns 3,600 shares of the company’s stock worth $84,000 after acquiring an additional 2,800 shares during the period. Arcadia Investment Management Corp MI acquired a new stake in shares of Beam Therapeutics during the 3rd quarter worth approximately $98,000. Finally, GAMMA Investing LLC increased its position in shares of Beam Therapeutics by 13.3% during the third quarter. GAMMA Investing LLC now owns 4,620 shares of the company’s stock valued at $113,000 after purchasing an additional 544 shares during the period. 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.