Beam Therapeutics Inc. (NASDAQ:BEAM) Receives Consensus Rating of "Buy" from Analysts

Key Points

• Beam Therapeutics Inc. has been given an average rating of "Buy" by fourteen analysts, with a target price of approximately $48.45.
• In its latest quarterly earnings, the company reported a loss of ($1.00) per share, exceeding analysts' estimates, but revenue fell short at $8.47 million compared to expectations of $13.29 million.
• Insiders have recently sold 49,624 shares of the company's stock, indicating some level of liquidation, although institutional investors maintain a strong majority stake of 99.68%.

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) have been assigned a consensus rating of "Buy" from the fourteen research firms that are covering the company, MarketBeat reports. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and three have assigned a strong buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $48.4545.

BEAM has been the topic of several analyst reports. Barclays reduced their target price on Beam Therapeutics from $25.00 to $21.00 and set an "equal weight" rating on the stock in a report on Wednesday. Wells Fargo & Company dropped their target price on Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. Cantor Fitzgerald raised Beam Therapeutics to a "strong-buy" rating in a research note on Monday, July 21st. Finally, Guggenheim cut their price target on Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th.

Beam Therapeutics Price Performance

NASDAQ BEAM traded down $0.24 on Thursday, reaching $17.62. The stock had a trading volume of 1,793,674 shares, compared to its average volume of 2,325,175. The firm has a fifty day moving average of $18.84 and a two-hundred day moving average of $20.98. Beam Therapeutics has a 1-year low of $13.52 and a 1-year high of $35.25. The company has a market cap of $1.78 billion, a P/E ratio of -3.92 and a beta of 2.22.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported ($1.00) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.04) by $0.04. The company had revenue of $8.47 million for the quarter, compared to analyst estimates of $13.29 million. Beam Therapeutics had a negative return on equity of 43.15% and a negative net margin of 661.31%. Beam Therapeutics's quarterly revenue was down 28.0% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.11) EPS. Research analysts predict that Beam Therapeutics will post -4.57 EPS for the current fiscal year.

Insider Activity

In other news, insider Fmr Llc sold 48,374 shares of the firm's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total transaction of $991,667.00. Following the completion of the transaction, the insider directly owned 2,073,665 shares in the company, valued at $42,510,132.50. This trade represents a 2.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 49,624 shares of company stock worth $1,015,628 in the last ninety days. 3.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Beam Therapeutics

Hedge funds have recently made changes to their positions in the stock. Northern Trust Corp raised its position in shares of Beam Therapeutics by 7.2% during the fourth quarter. Northern Trust Corp now owns 740,506 shares of the company's stock worth $18,365,000 after acquiring an additional 49,415 shares during the last quarter. GAMMA Investing LLC increased its holdings in Beam Therapeutics by 549.9% in the first quarter. GAMMA Investing LLC now owns 37,185 shares of the company's stock worth $726,000 after purchasing an additional 31,463 shares in the last quarter. Amalgamated Bank increased its holdings in Beam Therapeutics by 20.4% in the first quarter. Amalgamated Bank now owns 3,153 shares of the company's stock worth $62,000 after purchasing an additional 534 shares in the last quarter. Stifel Financial Corp increased its holdings in Beam Therapeutics by 27.8% in the fourth quarter. Stifel Financial Corp now owns 13,662 shares of the company's stock worth $339,000 after purchasing an additional 2,976 shares in the last quarter. Finally, Rhumbline Advisers increased its holdings in Beam Therapeutics by 11.9% in the first quarter. Rhumbline Advisers now owns 141,204 shares of the company's stock worth $2,758,000 after purchasing an additional 14,971 shares in the last quarter. 99.68% of the stock is currently owned by institutional investors.

About Beam Therapeutics

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.