Beam Therapeutics Inc. (NASDAQ:BEAM) Receives $46.85 Consensus Target Price from Analysts

Beam Therapeutics Inc. (NASDAQ:BEAM) has received an average recommendation of “Moderate Buy” from the fourteen analysts that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $46.8462.

Several research analysts have issued reports on BEAM shares. Sanford C. Bernstein decreased 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 report on Wednesday, May 13th. Tudor Pickering set a $39.00 price objective on Beam Therapeutics in a research report on Wednesday, May 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Friday, July 17th. HC Wainwright restated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a report on Tuesday, July 7th. Finally, Bank of America reaffirmed a “buy” rating and set a $47.00 target price on shares of Beam Therapeutics in a research report on Wednesday, July 8th.

Beam Therapeutics Stock Performance

NASDAQ:BEAM opened at $25.07 on Thursday. The company has a 50-day moving average of $31.12 and a 200-day moving average of $29.26. The firm has a market cap of $2.58 billion, a price-to-earnings ratio of -36.87 and a beta of 2.18. The company has a current ratio of 16.99, a quick ratio of 16.99 and a debt-to-equity ratio of 0.09. Beam Therapeutics has a twelve month low of $15.60 and a twelve month high of $38.26.

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

Insider Buying and Selling at Beam Therapeutics

In related news, insider Fmr Llc sold 251,488 shares of Beam Therapeutics stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $35.26, for a total value of $8,867,466.88. Following the transaction, the insider owned 854,583 shares of the company’s stock, valued at approximately $30,132,596.58. This trade represents a 22.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Beam Therapeutics

Several institutional investors have recently bought and sold shares of BEAM. Hollencrest Capital Management bought a new stake in shares of Beam Therapeutics during the 1st quarter worth about $43,000. Bank Julius Baer & Co. Ltd Zurich acquired a new position in shares of Beam Therapeutics during the 4th quarter valued at about $47,000. Larson Financial Group LLC raised its stake in shares of Beam Therapeutics by 4,370.5% in the 3rd quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock valued at $48,000 after acquiring an additional 1,923 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Beam Therapeutics by 48.7% in the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock valued at $52,000 after acquiring an additional 707 shares in the last quarter. Finally, Kestra Advisory Services LLC acquired a new stake in Beam Therapeutics in the 4th quarter worth approximately $59,000. 99.68% of the stock is currently owned by institutional investors.

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.