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

Beam Therapeutics Inc. (NASDAQ:BEAM) has earned a consensus recommendation of “Hold” from the thirteen ratings firms that are presently covering the firm, MarketBeat Ratings reports. Eight research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $41.00.

BEAM has been the subject of a number of research reports. Royal Bank of Canada increased their price objective on Beam Therapeutics from $27.00 to $35.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 28th. BMO Capital Markets reiterated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Wednesday, March 27th. Barclays increased their target price on shares of Beam Therapeutics from $26.00 to $42.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 28th. Wedbush reiterated an “outperform” rating and issued a $57.00 price target (up from $48.00) on shares of Beam Therapeutics in a research note on Tuesday, February 27th. Finally, TheStreet upgraded shares of Beam Therapeutics from a “d” rating to a “c-” rating in a research note on Monday, March 11th.

Insider Activity

In related news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $25.33, for a total transaction of $1,519,800.00. Following the transaction, the chief executive officer now directly owns 1,058,262 shares of the company’s stock, valued at approximately $26,805,776.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $25.33, for a total transaction of $1,519,800.00. Following the completion of the sale, the chief executive officer now owns 1,058,262 shares of the company’s stock, valued at approximately $26,805,776.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Terry-Ann Burrell sold 5,446 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $32.12, for a total transaction of $174,925.52. Following the completion of the transaction, the chief financial officer now owns 70,137 shares in the company, valued at $2,252,800.44. The disclosure for this sale can be found here. Insiders sold a total of 156,804 shares of company stock valued at $4,731,669 over the last three months. Insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. State Street Corp increased its holdings in Beam Therapeutics by 68.4% in the 2nd quarter. State Street Corp now owns 3,336,327 shares of the company’s stock valued at $129,149,000 after buying an additional 1,354,781 shares during the period. BlackRock Inc. lifted its stake in Beam Therapeutics by 20.0% during the second quarter. BlackRock Inc. now owns 6,350,776 shares of the company’s stock worth $202,780,000 after purchasing an additional 1,060,104 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Beam Therapeutics by 17.7% in the 3rd quarter. Vanguard Group Inc. now owns 6,174,471 shares of the company’s stock valued at $294,153,000 after purchasing an additional 927,970 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Beam Therapeutics by 43.6% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,358,091 shares of the company’s stock valued at $64,187,000 after purchasing an additional 715,911 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. raised its holdings in shares of Beam Therapeutics by 43.6% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 2,358,091 shares of the company’s stock worth $64,093,000 after buying an additional 715,911 shares in the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Beam Therapeutics Stock Performance

NASDAQ:BEAM opened at $24.31 on Friday. Beam Therapeutics has a 1-year low of $16.95 and a 1-year high of $49.50. The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of -12.79 and a beta of 1.77. The business’s 50-day moving average price is $33.17 and its two-hundred day moving average price is $28.02.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $1.73 EPS for the quarter, beating analysts’ consensus estimates of ($0.69) by $2.42. The company had revenue of $316.20 million during the quarter, compared to analysts’ expectations of $34.16 million. Beam Therapeutics had a negative return on equity of 15.90% and a negative net margin of 35.09%. Beam Therapeutics’s revenue was up 1481.0% on a year-over-year basis. During the same period in the prior year, the business posted ($0.54) EPS. Sell-side analysts predict that Beam Therapeutics will post -5.53 earnings per share for the current year.

Beam Therapeutics Company Profile

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.