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

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have earned an average rating of “Moderate Buy” from the eighteen analysts that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $45.6875.

A number of research firms recently weighed in on BEAM. Benchmark reissued a “speculative buy” rating on shares of Beam Therapeutics in a report on Monday, November 17th. Wall Street Zen cut shares of Beam Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, February 8th. Tudor Pickering set a $41.00 target price on shares of Beam Therapeutics in a report on Wednesday, January 21st. Canaccord Genuity Group started coverage on shares of Beam Therapeutics in a report on Friday. They issued a “buy” rating and a $74.00 price target for the company. Finally, UBS Group initiated coverage on Beam Therapeutics in a research report on Wednesday, January 7th. They issued a “neutral” rating and a $28.00 price target for the company.

Beam Therapeutics Trading Down 1.0%

NASDAQ:BEAM opened at $27.59 on Monday. The company has a market capitalization of $2.80 billion, a P/E ratio of -6.23 and a beta of 2.12. Beam Therapeutics has a 12 month low of $13.52 and a 12 month high of $36.44. The business’s 50-day moving average is $28.60 and its 200 day moving average is $24.81.

Insider Activity at Beam Therapeutics

In other news, insider Christine Bellon sold 18,629 shares of the business’s stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $34.61, for a total transaction of $644,749.69. Following the transaction, the insider owned 97,038 shares of the company’s stock, valued at approximately $3,358,485.18. The trade was a 16.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. ARK Investment Management LLC lifted its stake in Beam Therapeutics by 24.8% in the third quarter. ARK Investment Management LLC now owns 11,038,834 shares of the company’s stock worth $267,913,000 after purchasing an additional 2,190,993 shares during the last quarter. Contrarius Group Holdings Ltd purchased a new stake in shares of Beam Therapeutics in the third quarter worth approximately $37,212,000. MWG Caph Ltd purchased a new stake in shares of Beam Therapeutics in the fourth quarter worth approximately $35,119,000. State Street Corp lifted its stake in shares of Beam Therapeutics by 30.4% during the 4th quarter. State Street Corp now owns 5,228,529 shares of the company’s stock worth $144,935,000 after acquiring an additional 1,219,871 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Beam Therapeutics by 237.5% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,665,385 shares of the company’s stock valued at $40,419,000 after acquiring an additional 1,171,977 shares during the period. Institutional investors own 99.68% of the company’s stock.

About Beam Therapeutics

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.