Beam Therapeutics Inc. (NASDAQ:BEAM) Receives $41.00 Consensus Price Target from Analysts

Beam Therapeutics Inc. (NASDAQ:BEAM) has been assigned an average rating of “Hold” from the thirteen brokerages that are covering the stock, Marketbeat Ratings reports. Eight investment analysts have rated the stock with a hold recommendation and five 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 $41.00.

A number of research firms have weighed in on BEAM. TheStreet upgraded shares of Beam Therapeutics from a “d” rating to a “c-” rating in a research note on Monday, March 11th. JPMorgan Chase & Co. upgraded shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $38.00 to $40.00 in a research note on Monday, January 29th. BMO Capital Markets restated an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research note on Wednesday, March 27th. Wedbush restated an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research note on Tuesday. Finally, Barclays boosted their target price on shares of Beam Therapeutics from $26.00 to $42.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 28th.

Beam Therapeutics Trading Down 2.6 %

Shares of Beam Therapeutics stock opened at $23.47 on Friday. The company’s fifty day simple moving average is $32.67 and its 200-day simple moving average is $28.13. The company has a market cap of $1.92 billion, a price-to-earnings ratio of -12.35 and a beta of 1.77. Beam Therapeutics has a 1 year low of $16.95 and a 1 year high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Tuesday, February 27th. The company reported $1.73 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.69) by $2.42. Beam Therapeutics had a negative net margin of 35.09% and a negative return on equity of 15.90%. The firm had revenue of $316.20 million for the quarter, compared to the consensus estimate of $34.16 million. During the same quarter in the previous year, the company earned ($0.54) earnings per share. The business’s revenue was up 1481.0% compared to the same quarter last year. As a group, research analysts forecast that Beam Therapeutics will post -5.53 earnings per share for the current fiscal year.

Insider Activity at Beam Therapeutics

In related news, insider Amy Simon sold 7,157 shares of Beam Therapeutics stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $32.13, for a total value of $229,954.41. Following the completion of the transaction, the insider now directly owns 86,590 shares of the company’s stock, valued at $2,782,136.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Beam Therapeutics news, CFO Terry-Ann Burrell sold 5,446 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $32.12, for a total transaction of $174,925.52. Following the completion of the sale, the chief financial officer now directly owns 70,137 shares of the company’s stock, valued at approximately $2,252,800.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Amy Simon sold 7,157 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $32.13, for a total value of $229,954.41. Following the sale, the insider now directly owns 86,590 shares of the company’s stock, valued at $2,782,136.70. The disclosure for this sale can be found here. Insiders sold 156,804 shares of company stock valued at $4,731,669 over the last ninety days. 4.40% of the stock is owned by insiders.

Institutional Trading of Beam Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Riverview Trust Co bought a new position in Beam Therapeutics during the 1st quarter worth approximately $26,000. First Horizon Advisors Inc. boosted its position in shares of Beam Therapeutics by 125.9% during the fourth quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock worth $27,000 after purchasing an additional 554 shares in the last quarter. Allworth Financial LP grew its holdings in shares of Beam Therapeutics by 163.7% in the 3rd quarter. Allworth Financial LP now owns 1,105 shares of the company’s stock valued at $27,000 after buying an additional 686 shares during the period. National Bank of Canada FI increased its position in shares of Beam Therapeutics by 200.0% in the 4th quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $41,000 after buying an additional 1,000 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its position in shares of Beam Therapeutics by 144.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock valued at $43,000 after buying an additional 923 shares in the last quarter. 99.68% of the stock is owned by institutional investors.

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.