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

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) has received a consensus rating of "Hold" from the thirteen research firms that are currently covering the firm, MarketBeat.com reports. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $44.18.

BEAM has been the subject of a number of recent research reports. Barclays lowered their target price on Beam Therapeutics from $33.00 to $31.00 and set an "equal weight" rating for the company in a report on Wednesday, August 7th. Wedbush reaffirmed an "outperform" rating and issued a $57.00 target price on shares of Beam Therapeutics in a report on Tuesday, August 6th. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $27.00 target price on shares of Beam Therapeutics in a report on Wednesday, August 7th. JPMorgan Chase & Co. upped their target price on Beam Therapeutics from $45.00 to $48.00 and gave the stock an "overweight" rating in a report on Wednesday, August 7th. Finally, Stifel Nicolaus upped their target price on Beam Therapeutics from $66.00 to $69.00 and gave the stock a "buy" rating in a report on Wednesday, September 11th.

Insider Activity

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $24.50, for a total transaction of $1,470,000.00. Following the transaction, the chief executive officer now directly owns 998,343 shares of the company's stock, valued at approximately $24,459,403.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 4.20% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Russell Investments Group Ltd. grew its position in shares of Beam Therapeutics by 4.4% during the 1st quarter. Russell Investments Group Ltd. now owns 143,828 shares of the company's stock valued at $4,752,000 after acquiring an additional 6,102 shares during the period. Vanguard Group Inc. raised its stake in shares of Beam Therapeutics by 5.8% in the first quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company's stock valued at $250,402,000 after buying an additional 413,892 shares during the period. UBS Group AG lifted its position in shares of Beam Therapeutics by 118.2% during the 4th quarter. UBS Group AG now owns 260,500 shares of the company's stock valued at $7,091,000 after buying an additional 141,102 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Beam Therapeutics by 34.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 223,929 shares of the company's stock worth $6,782,000 after acquiring an additional 57,554 shares during the period. Finally, Bellevue Group AG increased its holdings in Beam Therapeutics by 71.7% in the 1st quarter. Bellevue Group AG now owns 1,193,121 shares of the company's stock worth $39,421,000 after acquiring an additional 498,300 shares during the last quarter. Hedge funds and other institutional investors own 99.68% of the company's stock.

Beam Therapeutics Stock Down 2.6 %

Shares of NASDAQ:BEAM traded down $0.68 during trading on Monday, reaching $25.62. 590,848 shares of the company traded hands, compared to its average volume of 1,278,032. The company's 50 day moving average is $26.22 and its two-hundred day moving average is $26.83. The firm has a market capitalization of $2.11 billion, a PE ratio of -14.78 and a beta of 1.86. Beam Therapeutics has a 52 week low of $16.95 and a 52 week high of $49.50.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($1.11) earnings per share for the quarter, topping the consensus estimate of ($1.13) by $0.02. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The business had revenue of $11.80 million during the quarter, compared to the consensus estimate of $14.18 million. During the same period in the prior year, the company earned ($1.08) EPS. Beam Therapeutics's revenue for the quarter was down 41.3% on a year-over-year basis. As a group, research analysts anticipate that Beam Therapeutics will post -4.6 EPS 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.