Beam Therapeutics Inc. (NASDAQ:BEAM) Receives $44.18 Consensus Price Target from Analysts

Beam Therapeutics Inc. (NASDAQ:BEAM) has been given a consensus recommendation of “Hold” by the thirteen research firms that are presently covering the stock, Marketbeat.com reports. Seven analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $44.18.

Several research analysts have recently weighed in on BEAM shares. JPMorgan Chase & Co. upped their target price on Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. HC Wainwright reissued a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research note on Thursday, August 22nd. Barclays reduced their price objective on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 7th. Stifel Nicolaus increased their price objective on Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $27.00 price objective on shares of Beam Therapeutics in a research note on Thursday.

Beam Therapeutics Price Performance

Shares of BEAM stock opened at $25.65 on Monday. The company has a market cap of $2.11 billion, a price-to-earnings ratio of -14.41 and a beta of 1.86. The stock has a 50 day simple moving average of $26.30 and a 200-day simple moving average of $26.53. Beam Therapeutics has a 1-year low of $16.95 and a 1-year high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, August 6th. The company reported ($1.11) earnings per share for the quarter, topping the consensus estimate of ($1.13) by $0.02. The business had revenue of $11.80 million during the quarter, compared to the consensus estimate of $14.18 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The business’s quarterly revenue was down 41.3% on a year-over-year basis. During the same period in the prior year, the company posted ($1.08) EPS. Analysts anticipate that Beam Therapeutics will post -4.6 earnings per share for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other news, CEO John M. Evans sold 60,000 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $24.50, for a total transaction of $1,470,000.00. Following the completion of the transaction, the chief executive officer now directly owns 998,343 shares in the company, valued at approximately $24,459,403.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 4.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Beam Therapeutics

A number of hedge funds have recently modified their holdings of the business. Quarry LP boosted its holdings in Beam Therapeutics by 350.0% during the 2nd quarter. Quarry LP now owns 3,600 shares of the company’s stock valued at $84,000 after acquiring an additional 2,800 shares during the period. Algert Global LLC purchased a new position in Beam Therapeutics during the 2nd quarter valued at about $267,000. Scientech Research LLC boosted its holdings in Beam Therapeutics by 167.3% during the 2nd quarter. Scientech Research LLC now owns 51,876 shares of the company’s stock valued at $1,215,000 after acquiring an additional 32,469 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in Beam Therapeutics by 30.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 137,089 shares of the company’s stock valued at $3,212,000 after acquiring an additional 32,279 shares during the period. Finally, AQR Capital Management LLC raised its position in Beam Therapeutics by 38.1% in the 2nd quarter. AQR Capital Management LLC now owns 9,011 shares of the company’s stock valued at $211,000 after purchasing an additional 2,487 shares in the last quarter. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

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.