Beam Therapeutics Inc. (NASDAQ:BEAM) Given Consensus Recommendation of "Buy" by Analysts

Key Points

• Beam Therapeutics Inc. (NASDAQ:BEAM) has received an average analyst recommendation of "Buy" from thirteen research firms, with two holding, eight buying, and three strongly buying the stock.
• The average 12-month target price for Beam Therapeutics among analysts is $46.40, despite some recent downgrades and price target revisions, including Barclays lowering theirs to $21.00.
• Insider trading activity includes a significant sale of 48,374 shares by Fmr LLC, valued at approximately $991,667, indicating changes in insider ownership.

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) have been assigned an average recommendation of "Buy" from the thirteen research firms that are covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and three have issued a strong buy recommendation on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $46.40.

A number of research firms have commented on BEAM. Cantor Fitzgerald raised shares of Beam Therapeutics to a "strong-buy" rating in a report on Monday, July 21st. HC Wainwright reiterated a "buy" rating and issued a $80.00 price target on shares of Beam Therapeutics in a research report on Monday, September 15th. Wall Street Zen downgraded Beam Therapeutics from a "hold" rating to a "sell" rating in a report on Sunday, September 14th. Finally, Barclays lowered their price target on Beam Therapeutics from $25.00 to $21.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 6th.

Insider Transactions at Beam Therapeutics

In other Beam Therapeutics news, insider Fmr Llc sold 48,374 shares of the stock in a transaction on 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 represents a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 49,624 shares of company stock worth $1,015,628 in the last three months. Corporate insiders own 3.50% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in BEAM. Jacobs Levy Equity Management Inc. acquired a new position in Beam Therapeutics in the 1st quarter worth about $844,000. Woodline Partners LP boosted its holdings in Beam Therapeutics by 169.6% in the first quarter. Woodline Partners LP now owns 760,611 shares of the company's stock worth $14,855,000 after acquiring an additional 478,491 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Beam Therapeutics by 11.9% in the first quarter. Rhumbline Advisers now owns 141,204 shares of the company's stock valued at $2,758,000 after purchasing an additional 14,971 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Beam Therapeutics by 549.9% during the first quarter. GAMMA Investing LLC now owns 37,185 shares of the company's stock valued at $726,000 after acquiring an additional 31,463 shares during the last quarter. Finally, Peregrine Investment Management Inc. increased its position in shares of Beam Therapeutics by 17.8% during the second quarter. Peregrine Investment Management Inc. now owns 264,260 shares of the company's stock valued at $4,495,000 after acquiring an additional 40,000 shares during the last quarter. Institutional investors and hedge funds own 99.68% of the company's stock.

Beam Therapeutics Stock Performance

BEAM opened at $23.09 on Friday. The firm has a 50 day moving average price of $19.51 and a 200 day moving average price of $18.98. The company has a market cap of $2.34 billion, a PE ratio of -5.13 and a beta of 2.14. Beam Therapeutics has a 1 year low of $13.52 and a 1 year high of $35.25.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported ($1.00) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.04) by $0.04. The company had revenue of $8.47 million during the quarter, compared to the consensus estimate of $13.29 million. Beam Therapeutics had a negative net margin of 661.31% and a negative return on equity of 43.15%. Beam Therapeutics's revenue for the quarter was down 28.0% on a year-over-year basis. During the same quarter last year, the company earned ($1.11) earnings per share. On average, sell-side analysts predict that Beam Therapeutics will post -4.57 earnings per share for the current year.

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.

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