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

Beam Therapeutics Inc. (NASDAQ:BEAM) has earned an average recommendation of “Moderate Buy” from the fourteen analysts that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, nine have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $46.8333.

BEAM has been the topic of a number of research reports. Sanford C. Bernstein dropped their price target on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research report on Thursday, May 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. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Monday, April 20th. Finally, Tudor Pickering set a $39.00 target price on Beam Therapeutics in a report on Wednesday, May 13th.

Insider Buying and Selling at Beam Therapeutics

In related news, insider Fmr Llc sold 251,488 shares of the stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the completion of the sale, the insider owned 854,583 shares in the company, valued at $30,132,596.58. This represents a 22.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE grew its position in Beam Therapeutics by 26.0% in the 1st quarter. Bank of America Corp DE now owns 538,290 shares of the company’s stock worth $12,827,000 after purchasing an additional 110,962 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of Beam Therapeutics by 136.1% during the first quarter. Janus Henderson Group PLC now owns 93,253 shares of the company’s stock valued at $2,222,000 after buying an additional 53,752 shares during the last quarter. ADAR1 Capital Management LLC acquired a new position in shares of Beam Therapeutics during the first quarter valued at about $34,467,000. California State Teachers Retirement System lifted its stake in shares of Beam Therapeutics by 23.5% in the first quarter. California State Teachers Retirement System now owns 107,741 shares of the company’s stock valued at $2,567,000 after buying an additional 20,476 shares during the period. Finally, Royal Bank of Canada lifted its stake in shares of Beam Therapeutics by 7.3% in the first quarter. Royal Bank of Canada now owns 16,825 shares of the company’s stock valued at $401,000 after buying an additional 1,144 shares during the period. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Price Performance

BEAM opened at $34.79 on Friday. The firm has a market capitalization of $3.58 billion, a P/E ratio of -51.16 and a beta of 2.18. The stock has a fifty day moving average of $31.07 and a 200-day moving average of $28.92. The company has a quick ratio of 16.99, a current ratio of 16.99 and a debt-to-equity ratio of 0.09. Beam Therapeutics has a 12-month low of $15.60 and a 12-month high of $36.88.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.91) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.03) by $0.12. The business had revenue of $31.74 million for the quarter, compared to the consensus estimate of $10.98 million. Beam Therapeutics had a negative return on equity of 29.00% and a negative net margin of 39.66%.Beam Therapeutics’s revenue for the quarter was up 323.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.23) earnings per share. Equities analysts forecast that Beam Therapeutics will post -4.16 EPS for the current fiscal year.

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.