Beam Therapeutics Inc. (NASDAQ:BEAM) Stock Has Average Price Target of $49.00 According to Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on Beam Therapeutics, with 10 buy ratings, one strong buy, two holds and one sell. The average 12-month price target is $49.00, well above the stock’s reported $25.67 opening price.
• Beam reported weaker-than-expected quarterly results, including an EPS loss of $1.18 versus the $1.11 consensus estimate and revenue of $0.49 million versus expectations of $16.37 million. Revenue fell 94.2% year over year, and analysts expect a full-year loss of $4.49 per share.
• Institutional ownership is substantial at 99.68%, with BlackRock and ARCH Venture Management among investors establishing major new positions. An insider also sold 16,667 shares for approximately $429,000, reducing their direct holdings by 16.28%.

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the fourteen analysts that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, ten have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $49.00.

BEAM has been the topic of a number of research analyst reports. Bank of America restated a "buy" rating and issued a $47.00 price target on shares of Beam Therapeutics in a research note on Wednesday, July 8th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Beam Therapeutics in a research report on Friday, July 17th. William Blair upgraded shares of Beam Therapeutics to a "strong-buy" rating in a research report on Wednesday, September 23rd. HC Wainwright reissued a "buy" rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research note on Tuesday, August 25th. Finally, Wedbush restated an "outperform" rating and issued a $65.00 target price on shares of Beam Therapeutics in a research report on Wednesday, September 9th.

Insider Activity

In other news, insider Amy Simon sold 16,667 shares of the stock in a transaction on Monday, July 27th. The stock was sold at an average price of $25.74, for a total value of $429,008.58. Following the completion of the transaction, the insider directly owned 85,696 shares in the company, valued at approximately $2,205,815.04. This represents a 16.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 3.80% of the company's stock.

Institutional Investors Weigh In On Beam Therapeutics

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. bought a new position in Beam Therapeutics in the second quarter valued at about $308,796,000. ARCH Venture Management LLC bought a new stake in shares of Beam Therapeutics during the second quarter worth about $155,771,929. Dimensional Fund Advisors LP increased its stake in shares of Beam Therapeutics by 10.6% in the first quarter. Dimensional Fund Advisors LP now owns 2,154,575 shares of the company's stock valued at $51,327,000 after buying an additional 206,696 shares during the period. MWG Caph Ltd acquired a new position in shares of Beam Therapeutics in the fourth quarter valued at approximately $35,119,000. Finally, ADAR1 Capital Management LLC acquired a new position in shares of Beam Therapeutics in the first quarter valued at approximately $34,467,000. Institutional investors and hedge funds own 99.68% of the company's stock.

Beam Therapeutics Price Performance

Beam Therapeutics stock opened at $25.67 on Tuesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 14.57 and a current ratio of 14.57. Beam Therapeutics has a 52 week low of $20.23 and a 52 week high of $38.26. The stock has a market capitalization of $2.65 billion, a P/E ratio of -29.85 and a beta of 2.20. The stock has a fifty day moving average of $26.68 and a 200-day moving average of $28.58.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($1.18) earnings per share for the quarter, missing the consensus estimate of ($1.11) by ($0.07). The business had revenue of $0.49 million during the quarter, compared to analyst estimates of $16.37 million. Beam Therapeutics had a negative net margin of 54.75% and a negative return on equity of 30.71%. The business's quarterly revenue was down 94.2% compared to the same quarter last year. During the same period last year, the business earned ($1.00) earnings per share. On average, sell-side analysts expect that Beam Therapeutics will post -4.49 earnings per share for the current fiscal year.

About Beam Therapeutics

Beam Therapeutics Inc is a biotechnology company developing precision genetic medicines using base editing, a technology designed to make targeted changes to DNA without cutting both strands of the DNA double helix. The company's platform is intended to address diseases caused by specific genetic mutations and to support the development of potentially durable treatments.

Beam's research and development activities focus on areas including hematology, liver diseases and genetic disorders.

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