Beam Therapeutics Inc. (NASDAQ:BEAM) Given Average Recommendation of "Hold" by Brokerages

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) have earned an average recommendation of "Hold" from the twelve ratings firms that are currently covering the stock, Marketbeat.com reports. Seven analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $41.70.

A number of brokerages recently weighed in on BEAM. HC Wainwright restated a "buy" rating and set a $80.00 target price on shares of Beam Therapeutics in a report on Thursday. Royal Bank of Canada reiterated a "sector perform" rating and set a $27.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, August 7th. JPMorgan Chase & Co. boosted their price target on Beam Therapeutics from $45.00 to $48.00 and gave the stock an "overweight" rating in a report on Wednesday, August 7th. Barclays dropped their price objective on shares of Beam Therapeutics from $33.00 to $31.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 7th. Finally, Wedbush reissued an "outperform" rating and set a $57.00 price target on shares of Beam Therapeutics in a research note on Tuesday, August 6th.

Beam Therapeutics Trading Down 3.8 %

BEAM stock traded down $0.97 during trading on Thursday, reaching $24.52. 499,545 shares of the stock were exchanged, compared to its average volume of 1,341,437. The stock has a 50 day simple moving average of $25.71 and a 200-day simple moving average of $27.75. The company has a market capitalization of $2.02 billion, a P/E ratio of -13.78 and a beta of 1.87. Beam Therapeutics has a twelve month low of $16.95 and a twelve month high of $49.50.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its earnings results on Tuesday, August 6th. The company reported ($1.11) earnings per share for the quarter, beating analysts' consensus estimates of ($1.13) by $0.02. Beam Therapeutics had a negative return on equity of 15.46% and a negative net margin of 37.33%. The company had revenue of $11.80 million during the quarter, compared to analyst estimates of $14.18 million. During the same period last year, the company posted ($1.08) earnings per share. The firm's quarterly revenue was down 41.3% compared to the same quarter last year. Equities analysts predict that Beam Therapeutics will post -4.68 EPS for the current year.

Insider Activity at Beam Therapeutics

In related news, CEO John M. Evans sold 60,000 shares of the firm's stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $24.50, for a total transaction of $1,470,000.00. Following the sale, the chief executive officer now owns 998,343 shares of the company's stock, valued at $24,459,403.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 4.20% of the stock is owned by company insiders.

Institutional Trading of Beam Therapeutics

A number of hedge funds have recently bought and sold shares of the business. Farallon Capital Management LLC increased its position in shares of Beam Therapeutics by 75.4% during the second quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company's stock worth $185,404,000 after acquiring an additional 3,401,370 shares during the period. Vanguard Group Inc. raised its stake in shares of Beam Therapeutics by 5.8% during the first quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company's stock worth $250,402,000 after purchasing an additional 413,892 shares during the last quarter. ARCH Venture Management LLC purchased a new position in Beam Therapeutics during the 2nd quarter worth $127,530,000. Nikko Asset Management Americas Inc. raised its holdings in Beam Therapeutics by 43.6% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 2,358,091 shares of the company's stock worth $64,093,000 after purchasing an additional 715,911 shares in the last quarter. Finally, Darwin Global Management Ltd. acquired a new stake in shares of Beam Therapeutics in the 1st quarter valued at approximately $70,032,000. 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.