Beam Therapeutics Inc. (NASDAQ:BEAM) Given Consensus Recommendation of “Buy” by Analysts

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have been assigned an average recommendation of “Buy” from the thirteen research firms that are covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and three have issued a strong buy recommendation on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $46.40.

A number of research firms have commented on BEAM. Cantor Fitzgerald raised shares of Beam Therapeutics to a “strong-buy” rating in a report on Monday, July 21st. HC Wainwright reiterated a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research report on Monday, September 15th. Wall Street Zen downgraded Beam Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, September 14th. Finally, Barclays lowered their price target on Beam Therapeutics from $25.00 to $21.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 6th.

Insider Transactions at Beam Therapeutics

In other Beam Therapeutics news, insider Fmr Llc sold 48,374 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total transaction of $991,667.00. Following the completion of the transaction, the insider directly owned 2,073,665 shares in the company, valued at $42,510,132.50. This represents a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 49,624 shares of company stock worth $1,015,628 in the last three months. Corporate insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in BEAM. Jacobs Levy Equity Management Inc. acquired a new position in Beam Therapeutics in the 1st quarter worth about $844,000. Woodline Partners LP boosted its holdings in Beam Therapeutics by 169.6% in the first quarter. Woodline Partners LP now owns 760,611 shares of the company’s stock worth $14,855,000 after acquiring an additional 478,491 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Beam Therapeutics by 11.9% in the first quarter. Rhumbline Advisers now owns 141,204 shares of the company’s stock valued at $2,758,000 after purchasing an additional 14,971 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Beam Therapeutics by 549.9% during the first quarter. GAMMA Investing LLC now owns 37,185 shares of the company’s stock valued at $726,000 after acquiring an additional 31,463 shares during the last quarter. Finally, Peregrine Investment Management Inc. increased its position in shares of Beam Therapeutics by 17.8% during the second quarter. Peregrine Investment Management Inc. now owns 264,260 shares of the company’s stock valued at $4,495,000 after acquiring an additional 40,000 shares during the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Stock Performance

BEAM opened at $23.09 on Friday. The firm has a 50 day moving average price of $19.51 and a 200 day moving average price of $18.98. The company has a market cap of $2.34 billion, a PE ratio of -5.13 and a beta of 2.14. Beam Therapeutics has a 1 year low of $13.52 and a 1 year high of $35.25.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings data on Tuesday, August 5th. The company reported ($1.00) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.04) by $0.04. The company had revenue of $8.47 million during the quarter, compared to the consensus estimate of $13.29 million. Beam Therapeutics had a negative net margin of 661.31% and a negative return on equity of 43.15%. Beam Therapeutics’s revenue for the quarter was down 28.0% on a year-over-year basis. During the same quarter last year, the company earned ($1.11) earnings per share. On average, sell-side analysts predict that Beam Therapeutics will post -4.57 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.