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

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) have been assigned a consensus recommendation of "Buy" from the fifteen research firms that are currently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, eleven have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $48.75.

A number of brokerages recently commented on BEAM. Wells Fargo & Company cut their target price on Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating for the company in a research note on Wednesday, May 7th. Bank of America upgraded shares of Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 target price on the stock in a research report on Friday, March 28th. Barclays cut their target price on Beam Therapeutics from $31.00 to $25.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 7th. Jones Trading raised shares of Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 price target for the company in a report on Monday, March 10th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $80.00 target price on shares of Beam Therapeutics in a research note on Monday, April 7th.

Beam Therapeutics Stock Performance

Shares of NASDAQ:BEAM traded up $0.20 during midday trading on Friday, reaching $17.03. The company had a trading volume of 1,333,676 shares, compared to its average volume of 1,453,081. The firm has a market cap of $1.71 billion, a price-to-earnings ratio of -9.68 and a beta of 2.35. Beam Therapeutics has a 1-year low of $13.53 and a 1-year high of $35.25. The company has a fifty day simple moving average of $18.29 and a two-hundred day simple moving average of $23.87.

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

Insider Activity

In other news, President Giuseppe Ciaramella sold 7,434 shares of the company's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $136,413.90. Following the completion of the transaction, the president now owns 190,216 shares of the company's stock, valued at $3,490,463.60. This represents a 3.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO John M. Evans sold 30,663 shares of the business's stock in a transaction on Tuesday, April 1st. The stock was 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 owns 986,249 shares in the company, valued at approximately $18,097,669.15. The trade was a 3.02% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,771 shares of company stock valued at $803,198. 4.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Wealthfront Advisers LLC purchased a new stake in Beam Therapeutics during the fourth quarter worth $41,000. GF Fund Management CO. LTD. purchased a new stake in Beam Therapeutics during the fourth quarter worth $43,000. Sterling Capital Management LLC raised its stake in shares of Beam Therapeutics by 816.0% during the 4th quarter. Sterling Capital Management LLC now owns 2,409 shares of the company's stock worth $60,000 after buying an additional 2,146 shares during the period. CWM LLC lifted its position in shares of Beam Therapeutics by 79.8% in the first quarter. CWM LLC now owns 2,684 shares of the company's stock valued at $52,000 after acquiring an additional 1,191 shares in the last quarter. Finally, Amalgamated Bank lifted its stake in Beam Therapeutics by 20.4% in the 1st quarter. Amalgamated Bank now owns 3,153 shares of the company's stock worth $62,000 after purchasing an additional 534 shares in 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.