Analysts Set Beam Therapeutics Inc. (NASDAQ:BEAM) Target Price at $45.80

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have been assigned a consensus recommendation of “Moderate Buy” from the twelve research firms that are covering the company, MarketBeat Ratings reports. Four analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $44.91.

Several equities analysts recently issued reports on BEAM shares. JPMorgan Chase & Co. boosted their price target on shares of Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Wedbush restated an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research note on Tuesday, November 5th. Leerink Partnrs raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Leerink Partners raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $27.00 to $39.00 in a research report on Wednesday, November 6th. Finally, HC Wainwright reiterated a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a report on Thursday, November 7th.

Beam Therapeutics Price Performance

BEAM opened at $30.35 on Tuesday. The firm has a market capitalization of $2.51 billion, a price-to-earnings ratio of -17.24 and a beta of 1.86. Beam Therapeutics has a one year low of $18.85 and a one year high of $49.50. The business has a 50 day simple moving average of $24.23 and a two-hundred day simple moving average of $24.69.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results 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 analysts’ expectations of $14.52 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The business’s revenue was down 16.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.22) EPS. As a group, sell-side analysts expect that Beam Therapeutics will post -4.66 EPS for the current fiscal year.

Insider Activity

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 938,659 shares in the company, valued at $23,091,011.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were 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 directly owns 938,659 shares in the company, valued at approximately $23,091,011.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Giuseppe Ciaramella sold 51,110 shares of the stock in a transaction dated Wednesday, November 6th. The shares were 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 directly owns 109,150 shares of the company’s stock, valued at approximately $2,877,194. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 162,894 shares of company stock worth $4,181,745 over the last quarter. Insiders own 4.20% of the company’s stock.

Institutional Trading of Beam Therapeutics

Institutional investors have recently bought and sold shares of the stock. Farallon Capital Management LLC boosted its position in shares of Beam Therapeutics by 75.4% during the second quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock valued at $185,404,000 after buying an additional 3,401,370 shares during the period. Vanguard Group Inc. increased its holdings in Beam Therapeutics by 5.8% during the 1st quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company’s stock worth $250,402,000 after purchasing an additional 413,892 shares during the period. ARCH Venture Management LLC bought a new position in shares of Beam Therapeutics during the 2nd quarter worth $127,530,000. Sumitomo Mitsui Trust Group Inc. increased its position in Beam Therapeutics by 59.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock valued at $87,044,000 after purchasing an additional 1,328,414 shares during the period. Finally, Darwin Global Management Ltd. bought a new position in Beam Therapeutics in the first quarter worth approximately $70,032,000. 99.68% of the stock is currently owned by institutional investors.

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.