Beam Therapeutics Inc. (NASDAQ:BEAM) Receives $48.75 Consensus PT from Analysts

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) has earned an average recommendation of "Buy" from the fifteen brokerages that are covering the company, Marketbeat reports. Two analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $48.75.

A number of equities analysts have weighed in on BEAM shares. Bank of America raised Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 price objective on the stock in a research note on Friday, March 28th. Guggenheim lowered their price objective on Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. HC Wainwright reissued a "buy" rating and set a $80.00 price objective on shares of Beam Therapeutics in a research note on Monday, April 7th. Barclays decreased their price target 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. Finally, Wells Fargo & Company decreased their price target on Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 7th.

Institutional Investors Weigh In On Beam Therapeutics

Large investors have recently bought and sold shares of the stock. Northern Trust Corp increased its holdings in Beam Therapeutics by 7.2% during the 4th quarter. Northern Trust Corp now owns 740,506 shares of the company's stock worth $18,365,000 after purchasing an additional 49,415 shares during the period. Teacher Retirement System of Texas increased its holdings in Beam Therapeutics by 18.4% during the 4th quarter. Teacher Retirement System of Texas now owns 20,767 shares of the company's stock worth $515,000 after purchasing an additional 3,222 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Beam Therapeutics by 3.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 648,945 shares of the company's stock worth $16,094,000 after purchasing an additional 19,453 shares during the period. GAMMA Investing LLC increased its holdings in shares of Beam Therapeutics by 549.9% in the 1st quarter. GAMMA Investing LLC now owns 37,185 shares of the company's stock valued at $726,000 after acquiring an additional 31,463 shares during the last quarter. Finally, Amalgamated Bank increased its holdings in shares of Beam Therapeutics by 20.4% in the 1st quarter. Amalgamated Bank now owns 3,153 shares of the company's stock valued at $62,000 after acquiring an additional 534 shares during the last quarter. Hedge funds and other institutional investors own 99.68% of the company's stock.

Beam Therapeutics Stock Performance

Shares of NASDAQ:BEAM traded up $0.49 during trading on Friday, reaching $20.07. The stock had a trading volume of 2,136,097 shares, compared to its average volume of 1,568,258. The business has a fifty day moving average price of $17.83 and a 200-day moving average price of $21.62. The stock has a market cap of $2.02 billion, a PE ratio of -4.35 and a beta of 2.07. Beam Therapeutics has a 1-year low of $13.53 and a 1-year high of $35.25.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its quarterly earnings data 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 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 44.24% and a negative net margin of 609.24%. The business's quarterly revenue was up 1.4% on a year-over-year basis. During the same period last year, the firm posted ($1.21) EPS. Sell-side analysts expect 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.