Brokerages Set Beam Therapeutics Inc. (NASDAQ:BEAM) Price Target at $49.36

Beam Therapeutics Inc. (NASDAQ:BEAM) has received an average rating of “Moderate Buy” from the sixteen research firms that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation, eleven have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $49.3571.

BEAM has been the topic of a number of research reports. UBS Group initiated coverage on Beam Therapeutics in a research note on Wednesday, January 7th. They set a “neutral” rating and a $28.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Wednesday, January 21st. Citigroup raised their price target on Beam Therapeutics from $64.00 to $68.00 and gave the stock a “buy” rating in a research note on Thursday, March 26th. Tudor Pickering set a $41.00 price target on Beam Therapeutics in a research note on Wednesday, January 21st. Finally, Sanford C. Bernstein raised their price target on Beam Therapeutics from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 20th.

Insider Transactions at Beam Therapeutics

In related news, insider Amy Simon sold 6,700 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total transaction of $164,686.00. Following the transaction, the insider owned 102,735 shares in the company, valued at $2,525,226.30. This trade represents a 6.12% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Christine Bellon sold 5,956 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total value of $146,398.48. Following the transaction, the insider owned 109,711 shares in the company, valued at $2,696,696.38. This represents a 5.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 80,915 shares of company stock worth $1,946,556. 3.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. CWM LLC lifted its position in Beam Therapeutics by 15.4% during the 4th quarter. CWM LLC now owns 2,466 shares of the company’s stock worth $68,000 after acquiring an additional 329 shares during the period. Wealth Effects LLC lifted its position in Beam Therapeutics by 4.3% during the 4th quarter. Wealth Effects LLC now owns 9,600 shares of the company’s stock worth $266,000 after acquiring an additional 400 shares during the period. Franklin Resources Inc. lifted its position in Beam Therapeutics by 2.6% during the 4th quarter. Franklin Resources Inc. now owns 21,948 shares of the company’s stock worth $608,000 after acquiring an additional 566 shares during the period. Arizona State Retirement System lifted its position in Beam Therapeutics by 2.2% during the 3rd quarter. Arizona State Retirement System now owns 26,771 shares of the company’s stock worth $650,000 after acquiring an additional 580 shares during the period. Finally, Van ECK Associates Corp lifted its position in Beam Therapeutics by 48.7% during the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after acquiring an additional 707 shares during the period. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Stock Performance

BEAM opened at $31.39 on Tuesday. Beam Therapeutics has a one year low of $15.35 and a one year high of $36.44. The company has a market cap of $3.20 billion, a P/E ratio of -31.08 and a beta of 2.18. The business’s 50-day simple moving average is $26.63 and its 200-day simple moving average is $26.70.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data on Tuesday, February 24th. The company reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of ($1.13) by $3.46. Beam Therapeutics had a negative return on equity of 30.65% and a negative net margin of 57.24%.The business had revenue of $114.11 million for the quarter, compared to the consensus estimate of $13.22 million. During the same quarter in the prior year, the business posted ($1.09) EPS. The business’s revenue for the quarter was up 280.3% on a year-over-year basis. As a group, analysts predict that Beam Therapeutics will post -4.57 earnings per share for the current fiscal year.

About Beam Therapeutics

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.