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

Key Points

• Beam Therapeutics currently has an average analyst rating of "Moderate Buy" from 14 covering firms, with 10 buy ratings, 3 holds, and 1 sell. The average 12-month price target is about $46.85.
• The stock was down 2.4% and opened at $26.64, well below the consensus price target. Beam’s shares have traded between $15.60 and $38.26 over the past 52 weeks.
• Beam’s latest quarterly results showed better-than-expected revenue and EPS, with revenue up 323.2% year over year to $31.74 million. However, the company remains unprofitable, and insiders recently sold a significant block of shares.

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) has received an average recommendation of "Moderate Buy" from the fourteen ratings firms that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $46.8462.

Several research firms have weighed in on BEAM. Tudor Pickering set a $39.00 target price on shares of Beam Therapeutics in a report on Wednesday, May 13th. HC Wainwright reaffirmed a "buy" rating and issued a $80.00 price target on shares of Beam Therapeutics in a report on Tuesday, July 7th. Sanford C. Bernstein lowered their price target on shares of Beam Therapeutics from $40.00 to $39.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 13th. Citigroup raised their price objective on shares of Beam Therapeutics from $64.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday, March 26th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Beam Therapeutics in a research report on Friday, July 17th.

Beam Therapeutics Stock Down 2.4%

Beam Therapeutics stock opened at $26.64 on Thursday. Beam Therapeutics has a fifty-two week low of $15.60 and a fifty-two week high of $38.26. The firm has a market capitalization of $2.74 billion, a price-to-earnings ratio of -39.18 and a beta of 2.18. The stock's fifty day moving average is $31.28 and its two-hundred day moving average is $29.30. The company has a debt-to-equity ratio of 0.09, a quick ratio of 16.99 and a current ratio of 16.99.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.91) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.03) by $0.12. Beam Therapeutics had a negative return on equity of 29.00% and a negative net margin of 39.66%.The business had revenue of $31.74 million during the quarter, compared to the consensus estimate of $10.98 million. During the same quarter in the previous year, the company posted ($1.23) EPS. The business's revenue was up 323.2% on a year-over-year basis. Analysts predict that Beam Therapeutics will post -4.16 EPS for the current fiscal year.

Insider Buying and Selling

In other Beam Therapeutics news, insider Fmr Llc sold 251,488 shares of the stock in a transaction on Friday, June 26th. The stock was sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the sale, the insider owned 854,583 shares in the company, valued at approximately $30,132,596.58. This represents a 22.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 3.80% of the company's stock.

Institutional Trading of Beam Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the stock. CWM LLC grew its holdings in shares of Beam Therapeutics by 15.4% during the fourth quarter. CWM LLC now owns 2,466 shares of the company's stock worth $68,000 after buying an additional 329 shares in the last quarter. Wealth Effects LLC lifted its stake in shares of Beam Therapeutics by 4.3% during the fourth quarter. Wealth Effects LLC now owns 9,600 shares of the company's stock valued at $266,000 after buying an additional 400 shares during the period. Franklin Resources Inc. lifted its stake in shares of Beam Therapeutics by 2.6% during the fourth quarter. Franklin Resources Inc. now owns 21,948 shares of the company's stock valued at $608,000 after buying an additional 566 shares during the period. Van ECK Associates Corp boosted its position in Beam Therapeutics by 48.7% during the third quarter. Van ECK Associates Corp now owns 2,158 shares of the company's stock worth $52,000 after acquiring an additional 707 shares during the last quarter. Finally, Stifel Financial Corp boosted its position in Beam Therapeutics by 7.8% during the fourth quarter. Stifel Financial Corp now owns 13,405 shares of the company's stock worth $372,000 after acquiring an additional 965 shares during the last quarter. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

About Beam Therapeutics

Beam Therapeutics, Inc NASDAQ: BEAM is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.