Beam Therapeutics Inc. (NASDAQ:BEAM) Receives $49.45 Consensus PT from Brokerages

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have received a consensus rating of “Buy” from the fourteen brokerages that are covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating on the company. The average 1-year target price among analysts that have covered the stock in the last year is $49.45.

A number of analysts have recently commented on BEAM shares. HC Wainwright reissued a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research note on Monday. Royal Bank of Canada boosted their target price on shares of Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 26th. Sanford C. Bernstein raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Cantor Fitzgerald reissued an “overweight” rating on shares of Beam Therapeutics in a research note on Wednesday, March 12th. Finally, Wedbush restated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Monday, March 10th.

Insider Transactions at Beam Therapeutics

In related news, insider Christine Bellon sold 5,674 shares of the stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $104,117.90. Following the transaction, the insider now directly owns 117,294 shares of the company’s stock, valued at $2,152,344.90. This represents a 4.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Giuseppe Ciaramella sold 7,434 shares of Beam Therapeutics stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $136,413.90. Following the completion of the sale, the president now directly owns 190,216 shares of the company’s stock, valued at approximately $3,490,463.60. This trade represents a 3.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 73,771 shares of company stock valued at $1,605,698. Corporate insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in BEAM. Horizon Kinetics Asset Management LLC raised its stake in Beam Therapeutics by 4.4% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 9,597 shares of the company’s stock worth $238,000 after buying an additional 403 shares during the period. Summit Investment Advisors Inc. increased its holdings in shares of Beam Therapeutics by 6.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 7,999 shares of the company’s stock valued at $198,000 after acquiring an additional 496 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Beam Therapeutics by 2.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,396 shares of the company’s stock valued at $524,000 after acquiring an additional 516 shares in the last quarter. Martingale Asset Management L P raised its position in shares of Beam Therapeutics by 8.6% during the fourth quarter. Martingale Asset Management L P now owns 11,438 shares of the company’s stock worth $284,000 after purchasing an additional 909 shares during the period. Finally, Swiss National Bank lifted its holdings in shares of Beam Therapeutics by 0.8% in the 4th quarter. Swiss National Bank now owns 137,800 shares of the company’s stock worth $3,417,000 after purchasing an additional 1,100 shares in the last quarter. Institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Trading Down 5.0 %

Shares of Beam Therapeutics stock opened at $14.54 on Friday. The firm has a market capitalization of $1.45 billion, a PE ratio of -8.26 and a beta of 2.02. The firm’s 50 day moving average is $25.21 and its 200 day moving average is $25.38. Beam Therapeutics has a 1 year low of $13.53 and a 1 year high of $35.25.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.25) by $0.16. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The company had revenue of $30.00 million during the quarter, compared to the consensus estimate of $16.47 million. During the same period in the prior year, the business earned $1.73 earnings per share. The company’s revenue for the quarter was down 90.5% compared to the same quarter last year. As a group, research analysts anticipate 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.