Beam Therapeutics Inc. (NASDAQ:BEAM) Receives Consensus Rating of “Buy” from Brokerages

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have been given a consensus recommendation of “Buy” by the fifteen brokerages that are currently covering the stock, Marketbeat.com reports. Two 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 12 month price objective among analysts that have updated their coverage on the stock in the last year is $48.75.

A number of analysts recently issued reports on BEAM shares. Wedbush restated an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research report on Monday, March 10th. Bank of America upgraded Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 price target for the company in a research report on Friday, March 28th. Barclays lowered their price target on Beam Therapeutics from $31.00 to $25.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 7th. Cantor Fitzgerald restated an “overweight” rating on shares of Beam Therapeutics in a research report on Wednesday, March 12th. Finally, Scotiabank upgraded Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 price target for the company in a research report on Monday, March 10th.

Insider Activity

In other news, insider Christine Bellon sold 5,674 shares of the firm’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total transaction of $104,117.90. Following the transaction, the insider now owns 117,294 shares in the company, valued at approximately $2,152,344.90. This trade represents a 4.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO John M. Evans sold 30,663 shares of the firm’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $562,666.05. Following the transaction, the chief executive officer now owns 986,249 shares in the company, valued at approximately $18,097,669.15. This represents a 3.02% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,771 shares of company stock worth $803,198. Company insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wealthfront Advisers LLC purchased a new position in Beam Therapeutics in the fourth quarter valued at about $41,000. GF Fund Management CO. LTD. purchased a new position in Beam Therapeutics in the fourth quarter valued at about $43,000. CWM LLC grew its stake in Beam Therapeutics by 79.8% in the first quarter. CWM LLC now owns 2,684 shares of the company’s stock valued at $52,000 after purchasing an additional 1,191 shares during the last quarter. Sterling Capital Management LLC grew its stake in Beam Therapeutics by 816.0% in the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock valued at $60,000 after purchasing an additional 2,146 shares during the last quarter. Finally, Amalgamated Bank grew its stake in Beam Therapeutics by 20.4% in the first quarter. Amalgamated Bank now owns 3,153 shares of the company’s stock valued at $62,000 after purchasing 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

NASDAQ BEAM opened at $16.67 on Wednesday. The company has a market capitalization of $1.68 billion, a P/E ratio of -3.62 and a beta of 2.08. Beam Therapeutics has a one year low of $13.53 and a one year high of $35.25. The stock has a 50 day moving average price of $17.61 and a 200-day moving average price of $22.88.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, May 6th. The company reported ($1.24) EPS for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.13). The firm had revenue of $7.47 million for the quarter, compared to the consensus estimate of $14.69 million. Beam Therapeutics had a negative net margin of 609.24% and a negative return on equity of 44.24%. The firm’s revenue was up 1.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($1.21) earnings per share. As a group, equities analysts predict that Beam Therapeutics will post -4.57 EPS for the current fiscal 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.