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

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) has been given an average rating of "Buy" by the fifteen brokerages that are presently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, eleven have given a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $48.75.

A number of research firms recently issued reports on BEAM. HC Wainwright restated a "buy" rating and issued a $80.00 target price on shares of Beam Therapeutics in a report on Monday, April 7th. Wells Fargo & Company lowered their target price on shares of Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Barclays lowered their target price on shares of Beam Therapeutics from $31.00 to $25.00 and set an "equal weight" rating for the company in a report on Wednesday, May 7th. Guggenheim lowered their target price on shares of Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Finally, Bank of America upgraded shares of Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 target price for the company in a report on Friday, March 28th.

Beam Therapeutics Price Performance

NASDAQ:BEAM opened at $21.16 on Friday. The firm has a 50 day simple moving average of $17.73 and a 200-day simple moving average of $21.72. The firm has a market cap of $2.13 billion, a PE ratio of -4.59 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 posted 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 firm had revenue of $7.47 million during the quarter, compared to analyst estimates of $14.69 million. Beam Therapeutics had a negative net margin of 609.24% and a negative return on equity of 44.24%. The business's quarterly revenue was up 1.4% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.21) EPS. As a group, sell-side analysts expect that Beam Therapeutics will post -4.57 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BEAM. ARK Investment Management LLC boosted its stake in shares of Beam Therapeutics by 20.0% in the first quarter. ARK Investment Management LLC now owns 8,480,089 shares of the company's stock valued at $165,616,000 after purchasing an additional 1,412,060 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Beam Therapeutics by 72.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,026,701 shares of the company's stock valued at $59,112,000 after purchasing an additional 1,273,559 shares during the period. Vanguard Group Inc. boosted its stake in shares of Beam Therapeutics by 16.4% in the first quarter. Vanguard Group Inc. now owns 8,871,292 shares of the company's stock valued at $173,256,000 after purchasing an additional 1,249,303 shares during the period. EcoR1 Capital LLC purchased a new position in shares of Beam Therapeutics in the first quarter valued at $10,286,000. Finally, Woodline Partners LP boosted its stake in shares of Beam Therapeutics by 169.6% in the first quarter. Woodline Partners LP now owns 760,611 shares of the company's stock valued at $14,855,000 after purchasing an additional 478,491 shares during the period. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

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.

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