Beam Therapeutics Inc. (NASDAQ:BEAM) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have been assigned a consensus recommendation of “Moderate Buy” from the thirteen research firms that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating on the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $49.00.

Several brokerages have weighed in on BEAM. Wall Street Zen lowered Beam Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Sunday, September 13th. Bank of America reiterated a “buy” rating and set a $47.00 price target on shares of Beam Therapeutics in a report on Wednesday, July 8th. Wedbush reissued an “outperform” rating and issued a $65.00 price target on shares of Beam Therapeutics in a research note on Wednesday, September 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a report on Friday, July 17th. Finally, HC Wainwright restated a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a report on Tuesday, August 25th.

Insider Activity

In related news, insider Fmr Llc sold 251,488 shares of the company’s stock in a transaction on Friday, June 26th. The shares were sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the completion of the transaction, the insider directly owned 854,583 shares in the company, valued at $30,132,596.58. This represents a 22.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Amy Simon sold 16,667 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $25.74, for a total transaction of $429,008.58. Following the completion of the sale, the insider owned 85,696 shares of the company’s stock, valued at approximately $2,205,815.04. The trade was a 16.28% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 301,527 shares of company stock worth $10,468,500. 3.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Beam Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of BEAM. Nykredit A S acquired a new position in Beam Therapeutics in the second quarter worth about $75,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Beam Therapeutics during the second quarter valued at approximately $1,309,000. Concurrent Investment Advisors LLC boosted its holdings in Beam Therapeutics by 448.7% during the second quarter. Concurrent Investment Advisors LLC now owns 63,879 shares of the company’s stock valued at $2,192,000 after purchasing an additional 52,238 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in shares of Beam Therapeutics in the 2nd quarter valued at approximately $535,000. Finally, Two Sigma Securities LLC grew its stake in shares of Beam Therapeutics by 33.9% in the 2nd quarter. Two Sigma Securities LLC now owns 13,700 shares of the company’s stock valued at $470,000 after purchasing an additional 3,470 shares during the period. Institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Stock Performance

Shares of Beam Therapeutics stock opened at $24.67 on Friday. The stock has a market cap of $2.55 billion, a PE ratio of -28.69 and a beta of 2.22. Beam Therapeutics has a 12 month low of $20.23 and a 12 month high of $38.26. The company has a quick ratio of 14.57, a current ratio of 14.57 and a debt-to-equity ratio of 0.09. The business has a fifty day simple moving average of $27.49 and a 200-day simple moving average of $28.72.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($1.11) by ($0.07). The company had revenue of $0.49 million for the quarter, compared to analyst estimates of $16.37 million. Beam Therapeutics had a negative return on equity of 30.71% and a negative net margin of 54.75%.The business’s revenue for the quarter was down 94.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($1.00) earnings per share. On average, sell-side analysts anticipate that Beam Therapeutics will post -4.49 EPS for the current fiscal year.

About Beam Therapeutics

Beam Therapeutics Inc is a biotechnology company focused on developing genetic medicines using its proprietary base-editing technology. Unlike conventional gene-editing approaches that can make double-strand breaks in DNA, base editing is designed to make targeted changes to individual DNA letters, with the goal of treating diseases at their genetic source.

The company is developing both ex vivo and in vivo therapies. Its pipeline has included programs for sickle cell disease, beta thalassemia, alpha-1 antitrypsin deficiency, glycogen storage disease type Ia and certain cancers.