Beam Therapeutics Inc. (NASDAQ:BEAM) Receives $47.17 Average Price Target from Analysts

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have been assigned an average rating of “Moderate Buy” from the fourteen brokerages that are presently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have given a hold recommendation, nine have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $46.8333.

A number of analysts have recently issued reports on BEAM shares. Royal Bank Of Canada lifted their target price on Beam Therapeutics from $22.00 to $26.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 25th. Wedbush lifted their target price on Beam Therapeutics from $57.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 25th. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a report on Monday, April 20th. Tudor Pickering set a $39.00 price objective on Beam Therapeutics in a report on Wednesday. Finally, Sanford C. Bernstein lowered their price objective on Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating for the company in a report on Wednesday.

Beam Therapeutics Price Performance

Shares of Beam Therapeutics stock opened at $31.85 on Friday. Beam Therapeutics has a twelve month low of $15.35 and a twelve month high of $36.44. The stock has a market capitalization of $3.28 billion, a P/E ratio of -46.84 and a beta of 2.26. The company has a current ratio of 16.99, a quick ratio of 16.99 and a debt-to-equity ratio of 0.09. The business’s fifty day moving average price is $27.45 and its 200 day moving average price is $27.15.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.91) EPS for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.12. The company had revenue of $31.74 million for the quarter, compared to analysts’ expectations of $10.98 million. Beam Therapeutics had a negative return on equity of 29.00% and a negative net margin of 39.66%.The firm’s quarterly revenue was up 323.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.23) earnings per share. As a group, research analysts anticipate that Beam Therapeutics will post -4.14 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Amy Simon sold 6,700 shares of the company’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 completion of the transaction, the insider directly owned 102,735 shares of the company’s stock, valued at approximately $2,525,226.30. This represents a 6.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 business’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 of the company’s stock, valued at approximately $2,696,696.38. This represents a 5.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Insiders sold a total of 79,544 shares of company stock valued at $1,899,942 over the last three months. 3.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Beam Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Hollencrest Capital Management acquired a new stake in Beam Therapeutics in the first quarter worth approximately $43,000. Bank Julius Baer & Co. Ltd Zurich bought a new position in shares of Beam Therapeutics in the fourth quarter valued at $47,000. Larson Financial Group LLC increased its holdings in shares of Beam Therapeutics by 4,370.5% in the third quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock valued at $48,000 after buying an additional 1,923 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Beam Therapeutics by 48.7% in the third quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock valued at $52,000 after buying an additional 707 shares in the last quarter. Finally, Kestra Advisory Services LLC bought a new position in shares of Beam Therapeutics in the fourth quarter valued at $59,000. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Beam Therapeutics Company Profile

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.