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

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have been given a consensus recommendation of “Moderate Buy” by the sixteen ratings firms that are covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $47.50.

A number of brokerages have commented on BEAM. Canaccord Genuity Group began coverage on shares of Beam Therapeutics in a report on Friday, February 20th. They issued a “buy” rating and a $74.00 price objective on the stock. Wedbush raised their target price on Beam Therapeutics from $57.00 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday, February 25th. Wall Street Zen upgraded Beam Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Royal Bank Of Canada increased their price target on Beam Therapeutics from $22.00 to $26.00 and gave the company a “sector perform” rating in a report on Wednesday, February 25th. Finally, Sanford C. Bernstein raised their price objective on Beam Therapeutics from $37.00 to $41.00 and gave the company an “outperform” rating in a research note on Tuesday, January 20th.

Beam Therapeutics Stock Performance

Beam Therapeutics stock opened at $25.17 on Friday. The firm has a market capitalization of $2.56 billion, a PE ratio of -24.92 and a beta of 2.12. Beam Therapeutics has a one year low of $13.52 and a one year high of $36.44. The stock’s 50 day moving average price is $28.48 and its 200 day moving average price is $26.05.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings data on Tuesday, February 24th. The company reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.13) by $3.46. The company had revenue of $114.11 million during the quarter, compared to the consensus estimate of $13.22 million. Beam Therapeutics had a negative net margin of 57.24% and a negative return on equity of 30.65%. Beam Therapeutics’s revenue for the quarter was up 280.3% on a year-over-year basis. During the same quarter last year, the company earned ($1.09) earnings per share. On average, analysts forecast that Beam Therapeutics will post -4.57 earnings per share for the current fiscal year.

Insider Activity at Beam Therapeutics

In other news, insider Christine Bellon sold 18,629 shares of the 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 completion of the transaction, the insider directly owned 97,038 shares in the company, valued at approximately $3,358,485.18. This represents a 16.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 3.50% of the company’s stock.

Institutional Trading of Beam Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. ARK Investment Management LLC boosted its stake in Beam Therapeutics by 12.9% during the 4th quarter. ARK Investment Management LLC now owns 12,467,189 shares of the company’s stock valued at $345,590,000 after acquiring an additional 1,428,355 shares during the last quarter. Farallon Capital Management LLC increased its position in shares of Beam Therapeutics by 0.5% in the 3rd quarter. Farallon Capital Management LLC now owns 10,063,111 shares of the company’s stock worth $244,232,000 after purchasing an additional 50,000 shares during the last quarter. State Street Corp raised its stake in shares of Beam Therapeutics by 30.4% in the 4th quarter. State Street Corp now owns 5,228,529 shares of the company’s stock valued at $144,935,000 after purchasing an additional 1,219,871 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Beam Therapeutics by 2.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,830,738 shares of the company’s stock worth $117,242,000 after purchasing an additional 101,294 shares during the last quarter. Finally, Amova Asset Management Americas Inc. lifted its position in shares of Beam Therapeutics by 2.2% during the third quarter. Amova Asset Management Americas Inc. now owns 4,830,738 shares of the company’s stock worth $117,242,000 after purchasing an additional 103,939 shares during the last quarter. 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.