Beam Therapeutics Inc. (NASDAQ:BEAM) Receives Consensus Rating of "Moderate Buy" from Analysts

Key Points

• Beam Therapeutics has a consensus analyst rating of “Moderate Buy” from 14 research firms, with an average 12-month price target of about $46.83.
• The company’s latest quarterly results beat expectations, reporting EPS of -$0.91 versus estimates of -$1.03 and revenue of $31.74 million, which was well above the $10.98 million consensus.
• Shares were down 7% in the session cited, while insiders recently sold stock and institutional investors remain heavily involved, owning 99.68% of the company.

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) has received an average rating of "Moderate Buy" from the fourteen research firms that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, nine have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $46.8333.

A number of brokerages have issued reports on BEAM. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Beam Therapeutics in a report on Monday, April 20th. Citigroup lifted their target price on Beam Therapeutics from $64.00 to $68.00 and gave the stock a "buy" rating in a research report on Thursday, March 26th. Tudor Pickering set a $39.00 target price on Beam Therapeutics in a research report on Wednesday, May 13th. Sanford C. Bernstein cut their target price on Beam Therapeutics from $40.00 to $39.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 13th. Finally, Royal Bank Of Canada lifted their target price on Beam Therapeutics from $22.00 to $26.00 and gave the stock a "sector perform" rating in a research report on Wednesday, February 25th.

Beam Therapeutics Stock Down 7.0%

Shares of NASDAQ BEAM opened at $28.96 on Wednesday. The company has a market capitalization of $2.98 billion, a price-to-earnings ratio of -42.59 and a beta of 2.25. The company has a debt-to-equity ratio of 0.09, a current ratio of 16.99 and a quick ratio of 16.99. The business has a 50-day moving average of $28.29 and a two-hundred day moving average of $27.62. Beam Therapeutics has a 1 year low of $15.60 and a 1 year high of $36.44.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.91) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.03) by $0.12. The company had revenue of $31.74 million during the quarter, compared to the consensus estimate of $10.98 million. Beam Therapeutics had a negative return on equity of 29.00% and a negative net margin of 39.66%.Beam Therapeutics's revenue for the quarter was up 323.2% on a year-over-year basis. During the same period in the previous year, the business earned ($1.23) EPS. On average, analysts forecast that Beam Therapeutics will post -4.23 earnings per share for the current fiscal year.

Insider Transactions at Beam Therapeutics

In other news, insider Amy Simon sold 6,700 shares of Beam Therapeutics stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total transaction of $164,686.00. Following the sale, the insider owned 102,735 shares in the company, valued at approximately $2,525,226.30. The trade was a 6.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO John M. Evans sold 30,078 shares of Beam Therapeutics stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total value of $739,317.24. Following the sale, the chief executive officer owned 1,047,205 shares in the company, valued at $25,740,298.90. This trade represents a 2.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 79,544 shares of company stock worth $1,899,942 over the last three months. 3.80% of the stock is currently owned by company insiders.

Institutional Trading of Beam Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in BEAM. Jones Financial Companies Lllp increased its position in shares of Beam Therapeutics by 55,780.0% during the first quarter. Jones Financial Companies Lllp now owns 33,528 shares of the company's stock worth $655,000 after purchasing an additional 33,468 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position 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 acquiring an additional 42,609 shares during the period. Prudential Financial Inc. acquired a new position in Beam Therapeutics in the 2nd quarter valued at about $201,000. New York State Common Retirement Fund increased its position in Beam Therapeutics by 17.7% in the 2nd quarter. New York State Common Retirement Fund now owns 30,629 shares of the company's stock valued at $521,000 after acquiring an additional 4,600 shares during the period. Finally, Invesco Ltd. increased its position in Beam Therapeutics by 46.0% in the 2nd quarter. Invesco Ltd. now owns 128,874 shares of the company's stock valued at $2,192,000 after acquiring an additional 40,583 shares during the period. Institutional investors and hedge funds own 99.68% of the company's stock.

Beam Therapeutics Company Profile

Beam Therapeutics, Inc NASDAQ: BEAM is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.

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