Brokerages Set Beam Therapeutics Inc. (NASDAQ:BEAM) Price Target at $51.00

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) have received a consensus recommendation of "Buy" from the fourteen analysts that are covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, ten have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $50.82.

BEAM has been the topic of a number of research reports. Cantor Fitzgerald reissued an "overweight" rating on shares of Beam Therapeutics in a research note on Wednesday. Jones Trading upgraded Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 price target for the company in a report on Monday. Scotiabank upgraded Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 target price for the company in a research note on Monday. Guggenheim reissued a "buy" rating and issued a $78.00 price target on shares of Beam Therapeutics in a report on Thursday, February 27th. Finally, Wedbush restated an "outperform" rating and set a $57.00 price objective on shares of Beam Therapeutics in a report on Monday.

Insider Activity

In other news, insider Christine Bellon sold 1,241 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total value of $30,627.88. Following the completion of the transaction, the insider now owns 102,968 shares in the company, valued at approximately $2,541,250.24. This represents a 1.19 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO John M. Evans sold 30,000 shares of the stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $26.75, for a total transaction of $802,500.00. Following the completion of the transaction, 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 position. The disclosure for this sale can be found here. 4.20% of the stock is owned by company insiders.

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Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Wealthfront Advisers LLC bought a new position in Beam Therapeutics in the 4th quarter valued at $41,000. GF Fund Management CO. LTD. acquired a new stake in Beam Therapeutics in the fourth quarter worth about $43,000. Sterling Capital Management LLC raised its holdings in Beam Therapeutics by 816.0% during the 4th 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 during the last quarter. KBC Group NV lifted its position in Beam Therapeutics by 103.2% during the 4th quarter. KBC Group NV now owns 4,143 shares of the company's stock valued at $103,000 after purchasing an additional 2,104 shares during the period. Finally, Blue Trust Inc. boosted its stake in shares of Beam Therapeutics by 36.3% in the 4th quarter. Blue Trust Inc. now owns 4,274 shares of the company's stock valued at $105,000 after purchasing an additional 1,139 shares during the last quarter. 99.68% of the stock is owned by institutional investors.

Beam Therapeutics Stock Performance

BEAM stock traded down $2.08 during trading on Monday, hitting $25.34. The stock had a trading volume of 1,281,113 shares, compared to its average volume of 1,204,586. Beam Therapeutics has a 1-year low of $20.84 and a 1-year high of $37.49. The stock has a market cap of $2.12 billion, a price-to-earnings ratio of -14.44 and a beta of 1.91. The company's 50 day moving average price is $27.10 and its two-hundred day moving average price is $26.04.

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