Beam Therapeutics Inc. (NASDAQ:BEAM) Given Average Rating of “Hold” by Analysts

Shares of Beam Therapeutics Inc. (NASDAQ:BEAMGet Free Report) have received an average rating of “Hold” from the thirteen analysts that are presently covering the company, Marketbeat reports. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $40.18.

Several equities analysts have recently issued reports on the stock. Barclays reduced their price target on shares of Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating for the company in a report on Wednesday, May 8th. TheStreet raised Beam Therapeutics from a “d” rating to a “c-” rating in a report on Monday, March 11th. 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. Wedbush reaffirmed an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research note on Tuesday, May 7th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a research report on Wednesday, March 27th.

View Our Latest Research Report on Beam Therapeutics

Beam Therapeutics Stock Down 3.6 %

BEAM opened at $23.21 on Friday. The company’s 50-day moving average price is $24.64 and its 200 day moving average price is $28.34. Beam Therapeutics has a fifty-two week low of $16.95 and a fifty-two week high of $49.50. The firm has a market cap of $1.91 billion, a price-to-earnings ratio of -13.04 and a beta of 1.89.

Beam Therapeutics (NASDAQ:BEAMGet Free Report) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($1.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.42) by $0.21. The business had revenue of $7.40 million for the quarter, compared to analysts’ expectations of $17.09 million. Beam Therapeutics had a negative return on equity of 15.46% and a negative net margin of 37.33%. The business’s quarterly revenue was down 69.4% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.33) EPS. Research analysts anticipate that Beam Therapeutics will post -4.68 earnings per share for the current year.

Insider Buying and Selling at Beam Therapeutics

In other news, insider Amy Simon sold 7,157 shares of Beam Therapeutics stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $32.13, for a total value of $229,954.41. Following the transaction, the insider now owns 86,590 shares of the company’s stock, valued at approximately $2,782,136.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Amy Simon sold 7,157 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $32.13, for a total transaction of $229,954.41. Following the completion of the sale, the insider now directly owns 86,590 shares of the company’s stock, valued at approximately $2,782,136.70. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, President Giuseppe Ciaramella sold 4,534 shares of Beam Therapeutics stock in a transaction on Monday, April 1st. The stock was sold at an average price of $32.12, for a total value of $145,632.08. Following the completion of the transaction, the president now owns 169,616 shares in the company, valued at $5,448,065.92. The disclosure for this sale can be found here. In the last three months, insiders sold 95,239 shares of company stock valued at $3,163,729. 4.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. State Board of Administration of Florida Retirement System lifted its position in shares of Beam Therapeutics by 2.6% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 19,910 shares of the company’s stock valued at $479,000 after acquiring an additional 510 shares in the last quarter. First Horizon Advisors Inc. raised its stake in Beam Therapeutics by 125.9% during the 4th quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock valued at $27,000 after purchasing an additional 554 shares during the period. E Fund Management Co. Ltd. lifted its holdings in shares of Beam Therapeutics by 4.0% in the fourth quarter. E Fund Management Co. Ltd. now owns 18,174 shares of the company’s stock valued at $495,000 after purchasing an additional 704 shares in the last quarter. American International Group Inc. boosted its position in shares of Beam Therapeutics by 2.0% in the first quarter. American International Group Inc. now owns 36,760 shares of the company’s stock worth $1,215,000 after buying an additional 732 shares during the period. Finally, Principal Financial Group Inc. boosted its position in shares of Beam Therapeutics by 4.5% in the first quarter. Principal Financial Group Inc. now owns 18,418 shares of the company’s stock worth $609,000 after buying an additional 789 shares during the period. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Beam Therapeutics Company Profile

(Get Free Report

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.

Read More

Analyst Recommendations for Beam Therapeutics (NASDAQ:BEAM)

Receive News & Ratings for Beam Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Beam Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.