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

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) has received a consensus rating of "Buy" from the fourteen research firms that are currently covering the firm, MarketBeat.com reports. Two investment 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 target price among brokers that have covered the stock in the last year is $49.45.

A number of equities analysts have recently commented on BEAM shares. HC Wainwright reissued a "buy" rating and set a $80.00 price target on shares of Beam Therapeutics in a report on Monday. Jones Trading raised shares of 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. Scotiabank upgraded shares of Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 price target on the stock in a research note on Monday, March 10th. Royal Bank of Canada upped their price objective on shares of Beam Therapeutics from $24.00 to $26.00 and gave the stock a "sector perform" rating in a research report on Wednesday, February 26th. Finally, Sanford C. Bernstein raised shares of Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 7th.

Beam Therapeutics Trading Down 5.0 %

Beam Therapeutics stock traded down $0.76 during trading hours on Friday, reaching $14.54. 3,545,423 shares of the stock were exchanged, compared to its average volume of 1,362,507. Beam Therapeutics has a twelve month low of $13.53 and a twelve month high of $35.25. The company has a market cap of $1.45 billion, a P/E ratio of -8.26 and a beta of 2.02. The stock has a 50 day moving average of $25.21 and a two-hundred day moving average of $25.38.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.25) by $0.16. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business had revenue of $30.00 million for the quarter, compared to analyst estimates of $16.47 million. During the same quarter last year, the business posted $1.73 EPS. The firm's revenue for the quarter was down 90.5% on a year-over-year basis. On average, analysts expect that Beam Therapeutics will post -4.57 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Christine Bellon sold 5,674 shares of the company's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $104,117.90. Following the sale, the insider now directly owns 117,294 shares in the company, valued at $2,152,344.90. This represents a 4.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, President Giuseppe Ciaramella sold 7,434 shares of the firm's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total transaction of $136,413.90. Following the transaction, the president now owns 190,216 shares of the company's stock, valued at approximately $3,490,463.60. The trade was a 3.76 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 73,771 shares of company stock valued at $1,605,698. Company insiders own 4.20% of the company's stock.

Hedge Funds Weigh In On Beam Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of BEAM. Wealthfront Advisers LLC bought a new position in shares of Beam Therapeutics in the 4th quarter worth about $41,000. GF Fund Management CO. LTD. acquired a new stake in Beam Therapeutics during the fourth quarter worth approximately $43,000. Sterling Capital Management LLC increased its holdings in Beam Therapeutics by 816.0% in the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company's stock worth $60,000 after purchasing an additional 2,146 shares in the last quarter. KBC Group NV lifted its stake 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 buying an additional 2,104 shares during the period. Finally, Blue Trust Inc. boosted its holdings in shares of Beam Therapeutics by 36.3% during the 4th quarter. Blue Trust Inc. now owns 4,274 shares of the company's stock worth $105,000 after buying an additional 1,139 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company's stock.

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.