Brokerages Set Beam Therapeutics Inc. (NASDAQ:BEAM) Target Price at $44.18

Beam Therapeutics Inc. (NASDAQ:BEAM) has received a consensus recommendation of “Hold” from the thirteen analysts that are presently covering the firm, MarketBeat reports. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $44.18.

Several research analysts recently commented on the stock. Stifel Nicolaus increased their target price on shares of Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Barclays decreased their price objective on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a report on Wednesday, August 7th. Wedbush reissued an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Tuesday, August 6th. JPMorgan Chase & Co. boosted their target price on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $27.00 price target on shares of Beam Therapeutics in a research note on Thursday, September 19th.

Insider Transactions at Beam Therapeutics

In related news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the sale, the chief executive officer now owns 938,659 shares in the company, valued at $23,091,011.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last ninety days, insiders sold 60,674 shares of company stock worth $1,491,826. Corporate insiders own 4.20% of the company’s stock.

Institutional Trading of Beam Therapeutics

Hedge funds have recently made changes to their positions in the company. Farallon Capital Management LLC increased its holdings in Beam Therapeutics by 75.4% in the second quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock valued at $185,404,000 after purchasing an additional 3,401,370 shares during the period. Vanguard Group Inc. increased its stake in shares of Beam Therapeutics by 5.8% in the first quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company’s stock valued at $250,402,000 after buying an additional 413,892 shares during the period. ARCH Venture Management LLC bought a new position in shares of Beam Therapeutics during the second quarter worth about $127,530,000. Darwin Global Management Ltd. acquired a new position in shares of Beam Therapeutics in the first quarter worth approximately $70,032,000. Finally, Redmile Group LLC boosted its holdings in Beam Therapeutics by 31.5% in the first quarter. Redmile Group LLC now owns 1,879,617 shares of the company’s stock valued at $62,103,000 after acquiring an additional 449,834 shares during the last quarter. 99.68% of the stock is owned by institutional investors and hedge funds.

Beam Therapeutics Trading Down 0.9 %

BEAM stock opened at $26.34 on Friday. The stock has a 50-day moving average price of $24.79 and a two-hundred day moving average price of $25.09. Beam Therapeutics has a 1 year low of $16.95 and a 1 year high of $49.50. The stock has a market cap of $2.17 billion, a PE ratio of -14.80 and a beta of 1.85.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, August 6th. The company reported ($1.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.13) by $0.02. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The business had revenue of $11.80 million for the quarter, compared to analyst estimates of $14.18 million. During the same quarter last year, the firm earned ($1.08) EPS. Beam Therapeutics’s revenue for the quarter was down 41.3% compared to the same quarter last year. On average, analysts forecast that Beam Therapeutics will post -4.6 earnings per share for the current fiscal 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.