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

Key Points

• Beam Therapeutics Inc. has received a consensus rating of "Moderate Buy" from analysts, with an average projected price target of $45.92 for the stock.
• In its latest quarter, the company reported a loss of ($1.00) earnings per share, beating expectations slightly, but revenue fell 28.0% year-over-year.
• Significant insider selling was noted, with Fmr Llc divesting 48,374 shares at an average price of $20.50, reducing their stake in the company.

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) has been given an average recommendation of "Moderate Buy" by the sixteen brokerages that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, two have given a hold rating, ten have issued a buy rating and three have given a strong buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $45.9167.

A number of equities analysts recently weighed in on BEAM shares. Cantor Fitzgerald raised shares of Beam Therapeutics to a "strong-buy" rating in a report on Monday, July 21st. Weiss Ratings reissued a "sell (d-)" rating on shares of Beam Therapeutics in a report on Wednesday, October 8th. JPMorgan Chase & Co. cut their price target on shares of Beam Therapeutics from $48.00 to $46.00 and set an "overweight" rating on the stock in a report on Thursday, October 9th. Jefferies Financial Group started coverage on shares of Beam Therapeutics in a report on Thursday, October 9th. They issued a "buy" rating and a $41.00 price target on the stock. Finally, HC Wainwright reissued a "buy" rating and issued a $80.00 price target on shares of Beam Therapeutics in a report on Friday, October 10th.

Beam Therapeutics Price Performance

BEAM opened at $30.62 on Tuesday. The company has a market capitalization of $3.10 billion, a price-to-earnings ratio of -6.80 and a beta of 2.25. The firm's fifty day moving average price is $21.57 and its two-hundred day moving average price is $19.38. 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 posted its quarterly earnings data on Tuesday, August 5th. The company reported ($1.00) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.04) by $0.04. The firm had revenue of $8.47 million for 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%. The business's revenue for the quarter was down 28.0% compared to the same quarter last year. During the same period in the previous year, the firm earned ($1.11) EPS. As a group, equities analysts anticipate that Beam Therapeutics will post -4.57 EPS for the current year.

Insider Buying and Selling at Beam Therapeutics

In related news, insider Fmr Llc sold 48,374 shares of the business's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $20.50, for a total value of $991,667.00. Following the transaction, the insider directly owned 2,073,665 shares of the company's stock, valued at approximately $42,510,132.50. The trade was a 2.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 3.50% of the company's stock.

Institutional Investors Weigh In On Beam Therapeutics

Several institutional investors have recently added to or reduced their stakes in BEAM. Allworth Financial LP lifted its holdings in Beam Therapeutics by 7,080.0% during the second quarter. Allworth Financial LP now owns 2,513 shares of the company's stock valued at $43,000 after purchasing an additional 2,478 shares during the last quarter. CWM LLC lifted its holdings in Beam Therapeutics by 79.8% during the first quarter. CWM LLC now owns 2,684 shares of the company's stock valued at $52,000 after purchasing an additional 1,191 shares during the last quarter. Amalgamated Bank lifted its holdings in Beam Therapeutics by 20.4% during the first quarter. Amalgamated Bank now owns 3,153 shares of the company's stock valued at $62,000 after purchasing an additional 534 shares during the last quarter. Daiwa Securities Group Inc. lifted its holdings in Beam Therapeutics by 1,248.8% during the second quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company's stock valued at $65,000 after purchasing an additional 3,534 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Beam Therapeutics by 43.4% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,884 shares of the company's stock valued at $66,000 after purchasing an additional 1,175 shares during the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

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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