Beam Therapeutics Inc. (NASDAQ:BEAM) Receives $49.00 Average Price Target from Analysts

Beam Therapeutics Inc. (NASDAQ:BEAM) has been assigned an average recommendation of “Moderate Buy” from the thirteen brokerages that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and ten have issued a buy recommendation on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $49.00.

A number of equities analysts have weighed in on BEAM shares. Wall Street Zen cut shares of Beam Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Sunday. Tudor Pickering set a $39.00 target price on shares of Beam Therapeutics in a research note on Wednesday, May 13th. HC Wainwright reissued a “buy” rating on shares of Beam Therapeutics in a research note on Monday, August 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Friday, July 17th. Finally, Sanford C. Bernstein decreased their price target on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th.

Insider Buying and Selling

In other news, insider Fmr Llc sold 251,488 shares of the firm’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $35.26, for a total value of $8,867,466.88. Following the transaction, the insider owned 854,583 shares in the company, valued at $30,132,596.58. This trade represents a 22.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Amy Simon sold 16,667 shares of Beam Therapeutics stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $25.74, for a total value of $429,008.58. Following the completion of the sale, the insider directly owned 85,696 shares in the company, valued at $2,205,815.04. This represents a 16.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 301,527 shares of company stock valued at $10,468,500 in the last three months. Insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

Large investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Beam Therapeutics by 1,372.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,252 shares of the company’s stock worth $43,000 after buying an additional 1,167 shares in the last quarter. Chapin Davis Inc. acquired a new position in Beam Therapeutics during the second quarter worth about $206,000. Seven Fleet Capital Management LP purchased a new stake in Beam Therapeutics during the 2nd quarter valued at about $302,153,000. Bank of America Corp DE purchased a new stake in Beam Therapeutics during the 2nd quarter valued at about $24,733,000. Finally, Man Group plc acquired a new stake in Beam Therapeutics in the 2nd quarter valued at about $4,455,000. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Stock Up 9.4%

Shares of BEAM opened at $29.07 on Monday. The firm has a market cap of $3.00 billion, a P/E ratio of -33.80 and a beta of 2.23. Beam Therapeutics has a 12 month low of $15.60 and a 12 month high of $38.26. The stock’s 50 day moving average is $30.12 and its two-hundred day moving average is $28.74. The company has a current ratio of 14.57, a quick ratio of 14.57 and a debt-to-equity ratio of 0.09.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, August 4th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.07). Beam Therapeutics had a negative net margin of 54.75% and a negative return on equity of 30.71%. The business had revenue of $0.49 million for the quarter, compared to analysts’ expectations of $16.37 million. During the same quarter last year, the business earned ($1.00) EPS. The company’s quarterly revenue was down 94.2% on a year-over-year basis. Analysts predict that Beam Therapeutics will post -4.49 earnings per share for the current fiscal year.

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.