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

Key Points

• Beam Therapeutics Inc. has received an average analyst recommendation of "Buy" from 14 rating firms, with the stock's average price target set at $48.45.
• The company reported a quarterly EPS of ($1.00), surpassing the expected ($1.04), while revenue was $8.47 million, below analysts' expectations of $13.29 million.
• Insider activity revealed that Fmr LLC sold 48,374 shares valued at approximately $991,667, but insiders still hold 3.50% of the company's stock.

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) have earned a consensus rating of "Buy" from the fourteen analysts that are currently covering the company, Marketbeat reports. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and three have given a strong buy rating to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $48.4545.

A number of analysts have weighed in on the stock. Wells Fargo & Company dropped their target price on shares of Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating on the stock in a report on Wednesday, May 7th. Guggenheim dropped their target price on shares of Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Barclays dropped their target price on shares of Beam Therapeutics from $25.00 to $21.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 6th. Finally, Cantor Fitzgerald raised shares of Beam Therapeutics to a "strong-buy" rating in a report on Monday, July 21st.

Insider Buying and Selling 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 shares were sold at an average price of $20.50, for a total transaction of $991,667.00. Following the sale, the insider directly owned 2,073,665 shares of the company's stock, valued at approximately $42,510,132.50. This represents a 2.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 49,624 shares of company stock worth $1,015,628 over the last 90 days. 3.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Beam Therapeutics

Large investors have recently modified their holdings of the company. Amalgamated Bank boosted its holdings in shares of Beam Therapeutics by 20.4% in the first quarter. Amalgamated Bank now owns 3,153 shares of the company's stock worth $62,000 after buying an additional 534 shares during the period. Martingale Asset Management L P boosted its holdings in shares of Beam Therapeutics by 5.2% in the first quarter. Martingale Asset Management L P now owns 12,038 shares of the company's stock worth $235,000 after buying an additional 600 shares during the period. Profund Advisors LLC boosted its holdings in shares of Beam Therapeutics by 3.0% in the second quarter. Profund Advisors LLC now owns 26,183 shares of the company's stock worth $445,000 after buying an additional 758 shares during the period. Avanza Fonder AB boosted its holdings in shares of Beam Therapeutics by 1.6% in the first quarter. Avanza Fonder AB now owns 51,077 shares of the company's stock worth $944,000 after buying an additional 792 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Beam Therapeutics by 9.1% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 10,492 shares of the company's stock worth $205,000 after buying an additional 879 shares during the period. Institutional investors and hedge funds own 99.68% of the company's stock.

Beam Therapeutics Trading Down 2.9%

NASDAQ BEAM traded down $0.54 during trading hours on Monday, reaching $18.22. 1,619,473 shares of the company traded hands, compared to its average volume of 2,122,732. Beam Therapeutics has a 12 month low of $13.52 and a 12 month high of $35.25. The stock has a market capitalization of $1.84 billion, a PE ratio of -4.03 and a beta of 2.14. The company has a 50 day moving average of $18.73 and a two-hundred day moving average of $19.76.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported ($1.00) earnings per share for the quarter, topping analysts' consensus estimates of ($1.04) by $0.04. The company had revenue of $8.47 million for the quarter, compared to analysts' expectations of $13.29 million. Beam Therapeutics had a negative net margin of 661.31% and a negative return on equity of 43.15%. The firm's revenue was down 28.0% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.11) earnings per share. On average, equities research analysts anticipate that Beam Therapeutics will post -4.57 earnings per share for the current year.

About Beam Therapeutics

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.