Beam Therapeutics Inc. (NASDAQ:BEAM) Given Consensus Recommendation of “Buy” by Analysts

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have been given a consensus rating of “Buy” by the twelve analysts that are presently covering the company, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $47.67.

Several equities research analysts have recently issued reports on the stock. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $27.00 to $39.00 in a research note on Wednesday, November 6th. Cantor Fitzgerald raised Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research report on Wednesday, January 29th. Sanford C. Bernstein raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Leerink Partnrs raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Finally, Royal Bank of Canada lowered their price objective on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 6th.

Beam Therapeutics Stock Performance

NASDAQ BEAM opened at $28.57 on Thursday. The company has a market capitalization of $2.37 billion, a PE ratio of -16.23 and a beta of 1.92. Beam Therapeutics has a 52-week low of $20.84 and a 52-week high of $49.50. The company has a 50-day simple moving average of $26.48 and a 200 day simple moving average of $25.64.

Insider Transactions at Beam Therapeutics

In related news, insider Christine Bellon sold 1,241 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total transaction of $30,627.88. Following the completion of the transaction, the insider now directly owns 102,968 shares in the company, valued at $2,541,250.24. The trade was a 1.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO John M. Evans sold 30,000 shares of the firm’s stock in a transaction dated Thursday, January 30th. The shares were 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 position. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

A number of large investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its holdings in shares of Beam Therapeutics by 6.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock worth $15,423,000 after purchasing an additional 36,226 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in Beam Therapeutics by 11.4% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock worth $98,149,000 after buying an additional 404,782 shares in the last quarter. Bellevue Group AG grew its position in Beam Therapeutics by 7.1% during the third quarter. Bellevue Group AG now owns 1,518,121 shares of the company’s stock valued at $37,194,000 after acquiring an additional 100,000 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Beam Therapeutics by 4.5% during the third quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock worth $44,297,000 after acquiring an additional 78,102 shares in the last quarter. Finally, Avanza Fonder AB purchased a new position in shares of Beam Therapeutics during the fourth quarter worth approximately $1,247,000. Hedge funds and other institutional investors own 99.68% of the company’s stock.

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.