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

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) have earned an average recommendation of "Buy" from the fifteen brokerages that are covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, eleven have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $48.75.

BEAM has been the topic of several research analyst reports. Jones Trading upgraded shares of Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 price target on the stock in a research report on Monday, March 10th. Bank of America upgraded shares of Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 target price for the company in a research note on Friday, March 28th. Scotiabank raised Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 target price on the stock in a research report on Monday, March 10th. Royal Bank Of Canada upped their price target on Beam Therapeutics from $24.00 to $26.00 and gave the company a "sector perform" rating in a report on Wednesday, February 26th. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of Beam Therapeutics in a research report on Wednesday, March 12th.

Beam Therapeutics Trading Up 1.9%

NASDAQ:BEAM traded up $0.32 during mid-day trading on Wednesday, hitting $16.99. 1,836,461 shares of the company's stock traded hands, compared to its average volume of 1,491,280. The firm has a 50 day moving average of $17.62 and a two-hundred day moving average of $22.84. Beam Therapeutics has a 12 month low of $13.53 and a 12 month high of $35.25. The firm has a market capitalization of $1.71 billion, a price-to-earnings ratio of -3.69 and a beta of 2.08.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($1.24) EPS for the quarter, missing analysts' consensus estimates of ($1.11) by ($0.13). Beam Therapeutics had a negative return on equity of 44.24% and a negative net margin of 609.24%. The business had revenue of $7.47 million for the quarter, compared to analyst estimates of $14.69 million. During the same quarter last year, the firm earned ($1.21) earnings per share. The firm's quarterly revenue was up 1.4% compared to the same quarter last year. As a group, equities research analysts expect that Beam Therapeutics will post -4.57 earnings per share for the current year.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, insider Christine Bellon sold 5,674 shares of the business's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $104,117.90. Following the transaction, the insider now directly owns 117,294 shares in the company, valued at $2,152,344.90. The trade was a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Giuseppe Ciaramella sold 7,434 shares of the firm's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total transaction of $136,413.90. Following the sale, the president now directly owns 190,216 shares of the company's stock, valued at approximately $3,490,463.60. The trade was a 3.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,771 shares of company stock worth $803,198 over the last three months. Company insiders own 3.50% of the company's stock.

Institutional Investors Weigh In On Beam Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Voya Investment Management LLC grew its holdings in Beam Therapeutics by 52.6% during the first quarter. Voya Investment Management LLC now owns 35,117 shares of the company's stock valued at $686,000 after purchasing an additional 12,102 shares during the period. Rhumbline Advisers increased its stake in Beam Therapeutics by 11.9% during the 1st 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. Strs Ohio acquired a new stake in Beam Therapeutics during the 1st quarter worth approximately $193,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Beam Therapeutics by 10.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 438,529 shares of the company's stock worth $8,564,000 after buying an additional 42,609 shares during the period. Finally, Woodline Partners LP lifted its stake in Beam Therapeutics by 169.6% in the first quarter. Woodline Partners LP now owns 760,611 shares of the company's stock valued at $14,855,000 after buying an additional 478,491 shares in the last quarter. 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.