Beam Therapeutics Inc. (NASDAQ:BEAM) Given Average Rating of "Moderate Buy" by Brokerages

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) has earned an average rating of "Moderate Buy" from the eleven analysts that are covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $47.67.

A number of equities research analysts have issued reports on the company. Cantor Fitzgerald raised Beam Therapeutics to a "hold" rating in a research report on Tuesday, December 10th. Wedbush reaffirmed an "outperform" rating and issued a $57.00 target price on shares of Beam Therapeutics in a report on Monday, December 9th. HC Wainwright reiterated a "buy" rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Monday, December 9th. Stifel Nicolaus increased their price objective on shares of Beam Therapeutics from $66.00 to $69.00 and gave the company a "buy" rating in a research report on Wednesday, September 11th. Finally, Royal Bank of Canada reduced their price objective on shares of Beam Therapeutics from $27.00 to $24.00 and set a "sector perform" rating on the stock in a report on Wednesday, November 6th.

Insider Buying and Selling at Beam Therapeutics

In other news, President Giuseppe Ciaramella sold 51,110 shares of the firm's stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $26.27, for a total transaction of $1,342,659.70. Following the transaction, the president now directly owns 160,260 shares in the company, valued at approximately $4,210,030.20. This trade represents a 24.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 938,659 shares in the company, valued at $23,091,011.40. The trade was a 6.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 162,894 shares of company stock worth $4,181,745 over the last 90 days. Corporate insiders own 4.20% of the company's stock.

Institutional Investors Weigh In On Beam Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Fairfield Financial Advisors LTD purchased a new position in shares of Beam Therapeutics during the second quarter worth about $26,000. National Bank of Canada FI grew its stake in shares of Beam Therapeutics by 200.0% in the 2nd quarter. National Bank of Canada FI now owns 3,000 shares of the company's stock valued at $69,000 after purchasing an additional 2,000 shares during the last quarter. Blue Trust Inc. increased its holdings in shares of Beam Therapeutics by 84.0% in the third quarter. Blue Trust Inc. now owns 3,135 shares of the company's stock valued at $73,000 after purchasing an additional 1,431 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Beam Therapeutics by 21.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company's stock valued at $75,000 after purchasing an additional 524 shares during the period. Finally, Quarry LP raised its stake in shares of Beam Therapeutics by 350.0% during the second quarter. Quarry LP now owns 3,600 shares of the company's stock worth $84,000 after purchasing an additional 2,800 shares during the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

Beam Therapeutics Trading Up 0.4 %

BEAM traded up $0.11 on Wednesday, hitting $28.81. The company had a trading volume of 263,588 shares, compared to its average volume of 1,227,686. The firm has a market cap of $2.39 billion, a P/E ratio of -16.37 and a beta of 1.90. The company's fifty day moving average price is $25.82 and its 200 day moving average price is $25.51. Beam Therapeutics has a 1 year low of $20.84 and a 1 year high of $49.50.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing the consensus estimate of ($1.16) by ($0.01). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company had revenue of $14.30 million during the quarter, compared to analyst estimates of $14.52 million. During the same quarter in the prior year, the company posted ($1.22) earnings per share. The business's revenue was down 16.9% compared to the same quarter last year. On average, analysts predict that Beam Therapeutics will post -4.66 earnings per share for the current 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.