Brokerages Set Beam Therapeutics Inc. (NASDAQ:BEAM) PT at $49.45

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have received a consensus recommendation of “Buy” from the fourteen analysts that are currently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $49.45.

A number of analysts have commented on the stock. Jones Trading upgraded shares of Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a research note on Monday, March 10th. Wedbush reiterated an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research note on Monday, March 10th. Bank of America upgraded Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 price target for the company in a report on Friday, March 28th. Sanford C. Bernstein upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Guggenheim reiterated a “buy” rating and set a $78.00 target price on shares of Beam Therapeutics in a research note on Thursday, February 27th.

Insider Activity

In related news, CEO John M. Evans sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total value of $802,500.00. Following the completion of the sale, the chief executive officer now directly owns 908,659 shares in the company, valued at approximately $24,306,628.25. The trade was a 3.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, President Giuseppe Ciaramella sold 7,434 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $136,413.90. Following the sale, the president now directly owns 190,216 shares in the company, valued at $3,490,463.60. This represents a 3.76 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 73,771 shares of company stock valued at $1,605,698. 4.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Horizon Kinetics Asset Management LLC raised its position in shares of Beam Therapeutics by 4.4% in the 4th quarter. Horizon Kinetics Asset Management LLC now owns 9,597 shares of the company’s stock valued at $238,000 after buying an additional 403 shares in the last quarter. Summit Investment Advisors Inc. increased its stake in Beam Therapeutics by 6.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 7,999 shares of the company’s stock valued at $198,000 after acquiring an additional 496 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Beam Therapeutics by 2.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,396 shares of the company’s stock valued at $524,000 after purchasing an additional 516 shares in the last quarter. Martingale Asset Management L P lifted its stake in Beam Therapeutics by 8.6% during the fourth quarter. Martingale Asset Management L P now owns 11,438 shares of the company’s stock worth $284,000 after purchasing an additional 909 shares during the last quarter. Finally, Swiss National Bank boosted its holdings in shares of Beam Therapeutics by 0.8% in the 4th quarter. Swiss National Bank now owns 137,800 shares of the company’s stock valued at $3,417,000 after purchasing an additional 1,100 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Price Performance

Shares of NASDAQ BEAM opened at $14.54 on Friday. The business has a 50-day moving average of $25.21 and a 200-day moving average of $25.38. The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of -8.26 and a beta of 2.02. Beam Therapeutics has a fifty-two week low of $13.53 and a fifty-two week high of $35.25.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.25) by $0.16. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The firm had revenue of $30.00 million during the quarter, compared to the consensus estimate of $16.47 million. During the same period last year, the company earned $1.73 earnings per share. The business’s revenue was down 90.5% compared to the same quarter last year. On average, sell-side analysts expect that Beam Therapeutics will post -4.57 EPS for the current year.

About Beam Therapeutics

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.