Beam Therapeutics Inc. (NASDAQ:BEAM) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have received a consensus recommendation of “Moderate Buy” from the seventeen analysts that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, twelve have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $43.80.

A number of brokerages have recently issued reports on BEAM. Evercore ISI assumed coverage on shares of Beam Therapeutics in a research report on Monday, November 24th. They issued an “outperform” rating and a $35.00 target price for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a report on Wednesday, January 21st. Benchmark reaffirmed a “speculative buy” rating on shares of Beam Therapeutics in a report on Monday, November 17th. JPMorgan Chase & Co. dropped their price target on shares of Beam Therapeutics from $48.00 to $46.00 and set an “overweight” rating for the company in a research report on Thursday, October 9th. Finally, HC Wainwright reissued a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research report on Friday, October 10th.

Beam Therapeutics Trading Down 5.5%

Beam Therapeutics stock opened at $29.02 on Thursday. The company has a market capitalization of $2.94 billion, a price-to-earnings ratio of -6.55 and a beta of 2.07. Beam Therapeutics has a 12 month low of $13.52 and a 12 month high of $36.44. The stock’s 50 day moving average is $27.96 and its 200-day moving average is $23.95.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Tuesday, November 4th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.98) by ($0.12). The firm had revenue of $9.70 million during the quarter, compared to the consensus estimate of $12.83 million. Beam Therapeutics had a negative net margin of 744.41% and a negative return on equity of 42.86%. The business’s revenue for the quarter was down 32.2% compared to the same quarter last year. During the same quarter last year, the firm earned ($1.17) earnings per share. As a group, equities research analysts predict that Beam Therapeutics will post -4.57 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Christine Bellon sold 1,371 shares of the firm’s stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $34.00, for a total value of $46,614.00. Following the transaction, the insider owned 95,667 shares in the company, valued at approximately $3,252,678. This trade represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Several hedge funds have recently bought and sold shares of the company. Jones Financial Companies Lllp lifted its holdings in shares of Beam Therapeutics by 55,780.0% during the 1st quarter. Jones Financial Companies Lllp now owns 33,528 shares of the company’s stock worth $655,000 after acquiring an additional 33,468 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Beam Therapeutics by 10.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 438,529 shares of the company’s stock worth $8,564,000 after purchasing an additional 42,609 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Beam Therapeutics by 43.4% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,884 shares of the company’s stock worth $66,000 after purchasing an additional 1,175 shares during the last quarter. SteelPeak Wealth LLC acquired a new stake in shares of Beam Therapeutics in the 2nd quarter valued at $391,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Beam Therapeutics in the 2nd quarter valued at $710,000. 99.68% of the stock is 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.