Beam Therapeutics Inc. (NASDAQ:BEAM) Receives Average Recommendation of "Buy" from Brokerages

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) has been assigned a consensus recommendation of "Buy" from the fifteen analysts that are covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation, eleven have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $48.75.

BEAM has been the subject of a number of analyst reports. Scotiabank upgraded shares of Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 target price for the company in a research note on Monday, March 10th. Wells Fargo & Company reduced their target price on shares of Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating for the company in a research note on Wednesday, May 7th. Guggenheim reduced their target price on shares of Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. HC Wainwright reiterated a "buy" rating and issued a $80.00 target price on shares of Beam Therapeutics in a research note on Monday, April 7th. Finally, Bank of America upgraded shares of Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 price objective for the company in a research note on Friday, March 28th.

Beam Therapeutics Stock Performance

Shares of BEAM stock traded down $0.56 during trading on Friday, hitting $16.32. 2,312,377 shares of the company were exchanged, compared to its average volume of 1,461,607. The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of -9.27 and a beta of 2.35. The business's 50-day simple moving average is $17.89 and its 200 day simple moving average is $23.68. Beam Therapeutics has a twelve month low of $13.53 and a twelve month high of $35.25.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($1.24) EPS for the quarter, missing the consensus estimate of ($1.11) by ($0.13). The company had revenue of $7.47 million for the quarter, compared to analyst estimates of $14.69 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The business's revenue for the quarter was up 1.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($1.21) earnings per share. On average, equities analysts forecast that Beam Therapeutics will post -4.57 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, President Giuseppe Ciaramella sold 7,434 shares of the business's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $136,413.90. Following the transaction, the president now 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO John M. Evans sold 30,663 shares of the business's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $562,666.05. Following the completion of the sale, the chief executive officer now directly owns 986,249 shares in the company, valued at $18,097,669.15. This trade represents a 3.02% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,771 shares of company stock valued at $803,198. 4.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Beam Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the business. Rhumbline Advisers increased its holdings in Beam Therapeutics by 11.9% in the 1st quarter. Rhumbline Advisers now owns 141,204 shares of the company's stock valued at $2,758,000 after buying an additional 14,971 shares during the period. Strs Ohio bought a new stake in Beam Therapeutics in the 1st quarter valued at $193,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Beam Therapeutics by 10.8% in 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 valued at $8,564,000 after buying an additional 42,609 shares during the period. Woodline Partners LP increased its holdings in Beam Therapeutics by 169.6% in the 1st 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 during the period. Finally, Jones Financial Companies Lllp increased its holdings in Beam Therapeutics by 55,780.0% in the 1st quarter. Jones Financial Companies Lllp now owns 33,528 shares of the company's stock valued at $655,000 after buying an additional 33,468 shares during the period. 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.