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

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have been assigned an average rating of “Moderate Buy” from the twelve research firms that are presently covering the company, MarketBeat reports. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating on the company. The average 1 year target price among analysts that have covered the stock in the last year is $47.67.

Several analysts recently commented on BEAM shares. Scotiabank began coverage on shares of Beam Therapeutics in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 price objective on the stock. Wedbush restated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research note on Monday, January 13th. Cantor Fitzgerald upgraded shares of Beam Therapeutics to a “hold” rating in a research note on Tuesday, December 10th. Leerink Partnrs raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Finally, Royal Bank of Canada dropped their price objective on shares of 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.

Beam Therapeutics Trading Down 0.4 %

Shares of NASDAQ BEAM opened at $26.29 on Friday. Beam Therapeutics has a 12 month low of $20.84 and a 12 month high of $49.50. The firm has a market capitalization of $2.18 billion, a PE ratio of -14.94 and a beta of 1.92. The firm has a fifty day simple moving average of $26.31 and a two-hundred day simple moving average of $25.73.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share 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 business had revenue of $14.30 million during the quarter, compared to analysts’ expectations of $14.52 million. During the same period in the prior year, the company earned ($1.22) earnings per share. The firm’s quarterly revenue was down 16.9% compared to the same quarter last year. On average, sell-side analysts predict that Beam Therapeutics will post -4.64 earnings per share for the current year.

Insider Activity at Beam Therapeutics

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. grew its position in Beam Therapeutics by 10.9% in the 2nd quarter. Victory Capital Management Inc. now owns 9,921 shares of the company’s stock valued at $232,000 after acquiring an additional 973 shares in the last quarter. American Century Companies Inc. lifted its stake in Beam Therapeutics by 33.2% in the second quarter. American Century Companies Inc. now owns 95,578 shares of the company’s stock valued at $2,239,000 after buying an additional 23,837 shares during the last quarter. Federated Hermes Inc. purchased a new stake in Beam Therapeutics in the second quarter valued at approximately $488,000. Massachusetts Financial Services Co. MA purchased a new stake in Beam Therapeutics in the second quarter valued at approximately $1,385,000. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Beam Therapeutics by 63.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,049,360 shares of the company’s stock valued at $24,589,000 after purchasing an additional 407,499 shares during the period. 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.