Beam Therapeutics Inc. (NASDAQ:BEAM) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have been assigned an average recommendation of “Moderate Buy” from the eleven ratings firms that are currently covering the firm, Marketbeat reports. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $47.67.

BEAM has been the subject of several analyst reports. Stifel Nicolaus raised their price objective on Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. HC Wainwright reiterated a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research report on Monday, December 9th. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $27.00 to $39.00 in a report on Wednesday, November 6th. Cantor Fitzgerald raised shares of Beam Therapeutics to a “hold” rating in a research note on Tuesday, December 10th. Finally, Leerink Partnrs raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 6th.

Beam Therapeutics Stock Performance

Shares of BEAM opened at $26.59 on Wednesday. Beam Therapeutics has a fifty-two week low of $20.84 and a fifty-two week high of $49.50. The company’s fifty day moving average is $26.01 and its 200 day moving average is $25.57. The stock has a market capitalization of $2.20 billion, a PE ratio of -15.11 and a beta of 1.90.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The business had revenue of $14.30 million during the quarter, compared to the consensus estimate of $14.52 million. During the same quarter last year, the firm earned ($1.22) earnings per share. The business’s quarterly revenue was down 16.9% on a year-over-year basis. As a group, research analysts forecast that Beam Therapeutics will post -4.66 earnings per share for the current year.

Insider Buying and Selling

In related news, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $26.36, for a total value of $1,347,259.60. Following the completion of the sale, the president now directly owns 109,150 shares in the company, valued at $2,877,194. The trade was a 31.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders have sold a total of 102,894 shares of company stock valued at $2,705,745 over the last quarter. 4.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Farallon Capital Management LLC boosted its stake in shares of Beam Therapeutics by 75.4% during the second quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock valued at $185,404,000 after purchasing an additional 3,401,370 shares in the last quarter. ARCH Venture Management LLC purchased a new stake in Beam Therapeutics during the second quarter worth $127,530,000. State Street Corp boosted its position in Beam Therapeutics by 12.5% during the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company’s stock valued at $96,274,000 after acquiring an additional 437,402 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Beam Therapeutics by 59.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock valued at $87,044,000 after acquiring an additional 1,328,414 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Beam Therapeutics by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock worth $44,297,000 after acquiring an additional 78,102 shares in the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Company Profile

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.