Beam Therapeutics Inc. (NASDAQ:BEAM) Given Average Rating of "Buy" by Brokerages

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 an average recommendation of "Buy" from the fourteen analysts that are presently covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and three have given a strong buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $48.4545.

A number of brokerages have weighed in on BEAM. Guggenheim cut their price objective on shares of Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Barclays cut their price target on Beam Therapeutics from $25.00 to $21.00 and set an "equal weight" rating on the stock in a research note on Wednesday. Cantor Fitzgerald upgraded Beam Therapeutics to a "strong-buy" rating in a research note on Monday, July 21st. Finally, Wells Fargo & Company cut their target price on Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 7th.

Beam Therapeutics Price Performance

Shares of NASDAQ BEAM opened at $18.30 on Thursday. Beam Therapeutics has a 1 year low of $13.52 and a 1 year high of $35.25. The stock has a market capitalization of $1.84 billion, a P/E ratio of -4.07 and a beta of 2.22. The company's 50-day moving average is $18.77 and its 200 day moving average is $21.10.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported ($1.00) earnings per share for the quarter, beating the consensus estimate of ($1.04) by $0.04. Beam Therapeutics had a negative return on equity of 45.16% and a negative net margin of 661.31%. The business had revenue of $8.47 million for the quarter, compared to analysts' expectations of $13.29 million. During the same period in the previous year, the firm posted ($1.11) EPS. The business's revenue was down 28.0% on a year-over-year basis. Research analysts anticipate that Beam Therapeutics will post -4.57 earnings per share for the current year.

Insider Buying and Selling

In other Beam Therapeutics news, insider Fmr Llc sold 48,374 shares of the company's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $20.50, for a total transaction of $991,667.00. Following the transaction, the insider owned 2,073,665 shares in the company, valued at approximately $42,510,132.50. This represents a 2.28% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders sold 49,624 shares of company stock valued at $1,015,628. 3.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fox Run Management L.L.C. purchased a new position in Beam Therapeutics in the second quarter worth about $268,000. Vestmark Advisory Solutions Inc. increased its position in shares of Beam Therapeutics by 109.0% during the 2nd quarter. Vestmark Advisory Solutions Inc. now owns 323,000 shares of the company's stock valued at $5,494,000 after purchasing an additional 168,479 shares during the last quarter. AMG National Trust Bank bought a new position in shares of Beam Therapeutics in the 2nd quarter worth approximately $289,000. Atria Investments Inc boosted its holdings in shares of Beam Therapeutics by 21.0% in the second quarter. Atria Investments Inc now owns 12,111 shares of the company's stock worth $206,000 after buying an additional 2,104 shares during the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd grew its position in Beam Therapeutics by 199.3% during the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 195,288 shares of the company's stock valued at $3,322,000 after buying an additional 130,036 shares during the period. Institutional investors own 99.68% of the company's stock.

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.

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