Beam Therapeutics Inc. (NASDAQ:BEAM) Stock Has Consensus Target Price of $49.00 According to Analysts

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have earned a consensus recommendation of “Moderate Buy” from the twelve brokerages that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $50.10.

BEAM has been the topic of a number of recent analyst reports. William Blair raised shares of Beam Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 23rd. Wall Street Zen upgraded Beam Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Saturday, October 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Friday, July 17th. HC Wainwright reiterated a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a report on Tuesday, August 25th. Finally, Wedbush reissued an “outperform” rating and set a $65.00 price target on shares of Beam Therapeutics in a research note on Wednesday, September 9th.

Beam Therapeutics Stock Down 0.7%

Shares of BEAM opened at $24.60 on Tuesday. The company has a market cap of $2.54 billion, a PE ratio of -28.60 and a beta of 2.20. The business has a fifty day moving average of $26.59 and a 200 day moving average of $28.57. Beam Therapeutics has a 52-week low of $20.23 and a 52-week 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.

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

Insider Buying and Selling

In other Beam Therapeutics news, insider Amy Simon sold 16,667 shares of the stock in a transaction on Monday, July 27th. The stock was sold at an average price of $25.74, for a total value of $429,008.58. Following the sale, the insider owned 85,696 shares in the company, valued at $2,205,815.04. This trade represents a 16.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.80% of the stock is owned by company insiders.

Institutional Trading of Beam Therapeutics

Large investors have recently made changes to their positions in the stock. Versant Capital Management Inc grew its holdings in shares of Beam Therapeutics by 123.6% in the third quarter. Versant Capital Management Inc now owns 1,239 shares of the company’s stock worth $30,000 after purchasing an additional 685 shares during the last quarter. Nykredit A S bought a new stake in Beam Therapeutics during the 2nd quarter valued at about $75,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Beam Therapeutics during the 2nd quarter valued at about $1,309,000. Concurrent Investment Advisors LLC boosted its position in Beam Therapeutics by 448.7% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 63,879 shares of the company’s stock valued at $2,192,000 after buying an additional 52,238 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in Beam Therapeutics in the 2nd quarter valued at about $535,000. 99.68% of the stock is owned by hedge funds and other institutional investors.

About Beam Therapeutics

Beam Therapeutics Inc is a biotechnology company developing precision genetic medicines using base editing, a technology designed to make targeted changes to DNA without cutting both strands of the DNA double helix. The company’s platform is intended to address diseases caused by specific genetic mutations and to support the development of potentially durable treatments.

Beam’s research and development activities focus on areas including hematology, liver diseases and genetic disorders.