Brokerages Set Beam Therapeutics Inc. (NASDAQ:BEAM) Price Target at $49.45

Beam Therapeutics Inc. (NASDAQ:BEAM) has been given an average rating of “Buy” by the fourteen research firms that are covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation, ten have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $49.45.

Several brokerages have issued reports on BEAM. Bank of America upgraded shares of Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 price objective for the company in a research report on Friday, March 28th. Wedbush reissued an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a report on Monday, March 10th. Scotiabank raised Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 price objective on the stock in a report on Monday, March 10th. Jones Trading raised Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 target price for the company in a report on Monday, March 10th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Beam Therapeutics in a research note on Wednesday, March 12th.

Insider Activity

In related news, CEO John M. Evans sold 30,000 shares of the firm’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $26.75, for a total value of $802,500.00. Following the sale, the chief executive officer now directly owns 908,659 shares of the company’s stock, valued at $24,306,628.25. This trade represents a 3.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Christine Bellon sold 5,674 shares of the business’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $104,117.90. Following the transaction, the insider now directly owns 117,294 shares of the company’s stock, valued at approximately $2,152,344.90. The trade was a 4.61 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 73,771 shares of company stock worth $1,605,698. 4.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Beam Therapeutics

A number of hedge funds have recently made changes to their positions in the stock. Horizon Kinetics Asset Management LLC grew its position in Beam Therapeutics by 4.4% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 9,597 shares of the company’s stock worth $238,000 after acquiring an additional 403 shares during the last quarter. Summit Investment Advisors Inc. boosted its stake in shares of Beam Therapeutics by 6.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 7,999 shares of the company’s stock valued at $198,000 after purchasing an additional 496 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Beam Therapeutics by 2.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,396 shares of the company’s stock worth $524,000 after purchasing an additional 516 shares during the last quarter. Martingale Asset Management L P increased its stake in shares of Beam Therapeutics by 8.6% in the fourth quarter. Martingale Asset Management L P now owns 11,438 shares of the company’s stock valued at $284,000 after buying an additional 909 shares during the period. Finally, Swiss National Bank raised its holdings in Beam Therapeutics by 0.8% in the 4th quarter. Swiss National Bank now owns 137,800 shares of the company’s stock valued at $3,417,000 after buying an additional 1,100 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Beam Therapeutics Trading Down 7.2 %

BEAM stock opened at $15.27 on Friday. Beam Therapeutics has a 1-year low of $14.72 and a 1-year high of $35.25. The business’s 50 day simple moving average is $25.86 and its 200 day simple moving average is $25.61. The firm has a market capitalization of $1.52 billion, a PE ratio of -8.68 and a beta of 2.02.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings data on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, beating the consensus estimate of ($1.25) by $0.16. The company had revenue of $30.00 million for the quarter, compared to analyst estimates of $16.47 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The company’s revenue was down 90.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.73 earnings per share. As a group, sell-side analysts predict that Beam Therapeutics will post -4.57 EPS for the current fiscal year.

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.