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

Beam Therapeutics Inc. (NASDAQ:BEAM) has received an average recommendation of “Hold” from the thirteen research firms that are presently covering the company, Marketbeat.com reports. Eight equities research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $40.18.

A number of research firms have weighed in on BEAM. Royal Bank of Canada lifted their price objective on Beam Therapeutics from $27.00 to $35.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 28th. BMO Capital Markets reiterated an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, March 27th. Barclays cut their price target on Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 8th. TheStreet upgraded Beam Therapeutics from a “d” rating to a “c-” rating in a research note on Monday, March 11th. Finally, Wedbush restated an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research note on Tuesday, May 7th.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $33.86, for a total value of $2,031,600.00. Following the completion of the transaction, the chief executive officer now owns 998,262 shares in the company, valued at $33,801,151.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $33.86, for a total value of $2,031,600.00. Following the completion of the transaction, the chief executive officer now owns 998,262 shares in the company, valued at $33,801,151.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Terry-Ann Burrell sold 5,446 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $32.12, for a total transaction of $174,925.52. Following the completion of the transaction, the chief financial officer now owns 70,137 shares of the company’s stock, valued at approximately $2,252,800.44. The disclosure for this sale can be found here. Insiders have sold 95,239 shares of company stock valued at $3,163,729 over the last quarter. 4.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Beam Therapeutics

Several hedge funds have recently made changes to their positions in BEAM. Farallon Capital Management LLC lifted its position in Beam Therapeutics by 9.9% in the first quarter. Farallon Capital Management LLC now owns 4,511,753 shares of the company’s stock valued at $149,068,000 after purchasing an additional 406,000 shares during the period. Virtu Financial LLC acquired a new stake in Beam Therapeutics in the first quarter valued at about $875,000. Bayesian Capital Management LP acquired a new stake in Beam Therapeutics in the first quarter valued at about $291,000. Redmile Group LLC lifted its position in Beam Therapeutics by 31.5% in the first quarter. Redmile Group LLC now owns 1,879,617 shares of the company’s stock valued at $62,103,000 after purchasing an additional 449,834 shares during the period. Finally, Darwin Global Management Ltd. purchased a new position in Beam Therapeutics in the first quarter valued at about $70,032,000. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Stock Performance

Shares of BEAM opened at $26.06 on Friday. The stock has a 50-day moving average of $24.28 and a two-hundred day moving average of $28.25. Beam Therapeutics has a one year low of $16.95 and a one year high of $49.50. The stock has a market cap of $2.15 billion, a P/E ratio of -14.64 and a beta of 1.89.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($1.21) EPS for the quarter, topping analysts’ consensus estimates of ($1.42) by $0.21. Beam Therapeutics had a negative return on equity of 15.46% and a negative net margin of 37.33%. The company had revenue of $7.40 million during the quarter, compared to analysts’ expectations of $17.09 million. During the same quarter in the previous year, the firm posted ($1.33) EPS. The firm’s revenue was down 69.4% compared to the same quarter last year. Analysts predict that Beam Therapeutics will post -4.68 EPS 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.