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

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) has earned a consensus rating of "Moderate Buy" from the fourteen brokerages that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, nine have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokers that have covered the stock in the last year is $47.1667.

Several research analysts have weighed in on BEAM shares. Wall Street Zen upgraded Beam Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, February 28th. Wedbush increased their target price on Beam Therapeutics from $57.00 to $65.00 and gave the company an "outperform" rating in a research report on Wednesday, February 25th. Sanford C. Bernstein increased their target price on Beam Therapeutics from $37.00 to $41.00 and gave the company an "outperform" rating in a research report on Tuesday, January 20th. Canaccord Genuity Group initiated coverage on Beam Therapeutics in a research report on Friday, February 20th. They set a "buy" rating and a $74.00 target price for the company. Finally, Citigroup increased their target price on Beam Therapeutics from $64.00 to $68.00 and gave the company a "buy" rating in a research report on Thursday, March 26th.

Beam Therapeutics Price Performance

BEAM stock opened at $32.32 on Friday. Beam Therapeutics has a 1-year low of $15.35 and a 1-year high of $36.44. The company has a market capitalization of $3.32 billion, a price-to-earnings ratio of -47.53 and a beta of 2.26. The business has a 50 day simple moving average of $27.21 and a two-hundred day simple moving average of $27.07.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.91) earnings per share for the quarter, topping the consensus estimate of ($1.03) by $0.12. Beam Therapeutics had a negative return on equity of 29.55% and a negative net margin of 39.66%.The business had revenue of $31.74 million during the quarter, compared to the consensus estimate of $10.98 million. During the same period in the prior year, the company posted ($1.23) EPS. The firm's revenue for the quarter was up 323.2% compared to the same quarter last year. Sell-side analysts anticipate that Beam Therapeutics will post -3.9 EPS for the current fiscal year.

Insider Transactions at Beam Therapeutics

In other news, President Giuseppe Ciaramella sold 11,810 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total transaction of $290,289.80. Following the completion of the transaction, the president directly owned 218,406 shares in the company, valued at approximately $5,368,419.48. This represents a 5.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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, insider Christine Bellon sold 5,956 shares of the stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $24.58, for a total value of $146,398.48. Following the transaction, the insider owned 109,711 shares of the company's stock, valued at $2,696,696.38. This represents a 5.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 valued at $1,899,942 over the last quarter. 3.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of BEAM. ARK Investment Management LLC boosted its position in shares of Beam Therapeutics by 24.8% during the 3rd quarter. ARK Investment Management LLC now owns 11,038,834 shares of the company's stock valued at $267,913,000 after acquiring an additional 2,190,993 shares during the last quarter. Contrarius Group Holdings Ltd bought a new stake in Beam Therapeutics in the third quarter worth $37,212,000. MWG Caph Ltd bought a new stake in Beam Therapeutics in the fourth quarter worth $35,119,000. State Street Corp lifted its position in Beam Therapeutics by 30.4% in the fourth quarter. State Street Corp now owns 5,228,529 shares of the company's stock worth $144,935,000 after buying an additional 1,219,871 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Beam Therapeutics by 237.5% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,665,385 shares of the company's stock worth $40,419,000 after buying an additional 1,171,977 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors.

About Beam Therapeutics

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.