Brokerages Set Beam Therapeutics Inc. (NASDAQ:BEAM) Target Price at $47.67

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have received a consensus rating of “Moderate Buy” from the twelve analysts that are presently covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $47.67.

BEAM has been the topic of a number of recent research reports. Sanford C. Bernstein raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Scotiabank initiated coverage on shares of Beam Therapeutics in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 price objective for the company. Leerink Partnrs raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. HC Wainwright reaffirmed a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research report on Monday, December 9th. Finally, Leerink Partners raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $27.00 to $39.00 in a research note on Wednesday, November 6th.

Insider Activity

In related news, insider Christine Bellon sold 1,241 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total transaction of $30,627.88. Following the sale, the insider now directly owns 102,968 shares in the company, valued at approximately $2,541,250.24. This represents a 1.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $26.36, for a total transaction of $1,347,259.60. Following the completion of the transaction, the president now owns 109,150 shares of the company’s stock, valued at $2,877,194. This represents a 31.89 % decrease in their position. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Beam Therapeutics by 21.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock worth $75,000 after acquiring an additional 524 shares in the last quarter. Blue Trust Inc. boosted its holdings in shares of Beam Therapeutics by 84.0% in the 3rd quarter. Blue Trust Inc. now owns 3,135 shares of the company’s stock valued at $73,000 after buying an additional 1,431 shares in the last quarter. Quarry LP grew its position in shares of Beam Therapeutics by 350.0% in the 2nd quarter. Quarry LP now owns 3,600 shares of the company’s stock valued at $84,000 after buying an additional 2,800 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new stake in Beam Therapeutics during the 3rd quarter worth $98,000. Finally, KBC Group NV lifted its position in Beam Therapeutics by 103.2% in the fourth quarter. KBC Group NV now owns 4,143 shares of the company’s stock valued at $103,000 after acquiring an additional 2,104 shares during the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Stock Down 1.2 %

Shares of BEAM opened at $25.98 on Friday. Beam Therapeutics has a 52-week low of $20.84 and a 52-week high of $49.50. The stock has a market cap of $2.15 billion, a PE ratio of -14.76 and a beta of 1.92. The firm’s fifty day moving average is $26.34 and its two-hundred day moving average is $25.76.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). The business had revenue of $14.30 million during the quarter, compared to analyst estimates of $14.52 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The firm’s revenue was down 16.9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($1.22) EPS. As a group, research analysts anticipate that Beam Therapeutics will post -4.64 earnings per share for the current 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.