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

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

Several equities research analysts have recently issued reports on the company. 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 Thursday, September 19th. 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. Stifel Nicolaus increased their price objective on Beam Therapeutics from $66.00 to $69.00 and gave the company a "buy" rating in a report on Wednesday, September 11th. Wedbush reissued an "outperform" rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Tuesday, August 6th. Finally, HC Wainwright reiterated a "buy" rating and set a $80.00 price target on shares of Beam Therapeutics in a research report on Thursday, August 22nd.

Beam Therapeutics Stock Performance

Shares of NASDAQ BEAM traded up $1.69 during midday trading on Friday, hitting $24.72. 882,668 shares of the company traded hands, compared to its average volume of 1,231,143. The firm has a market cap of $2.04 billion, a P/E ratio of -13.66 and a beta of 1.85. The stock has a 50-day moving average price of $24.81 and a 200 day moving average price of $25.36. Beam Therapeutics has a 12-month low of $16.95 and a 12-month high of $49.50.

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

Insider Activity at Beam Therapeutics

In related news, CEO John M. Evans sold 60,000 shares of the company's stock in a transaction on Monday, September 30th. The shares were sold at an average price of $24.60, for a total value of $1,476,000.00. Following the sale, the chief executive officer now directly owns 938,659 shares of the company's stock, valued at $23,091,011.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last 90 days, insiders have sold 60,674 shares of company stock worth $1,491,826. 4.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Beam Therapeutics

Several institutional investors have recently bought and sold shares of the stock. ARCH Venture Management LLC acquired a new position in shares of Beam Therapeutics in the 2nd quarter valued at $127,530,000. Farallon Capital Management LLC grew its stake in Beam Therapeutics by 75.4% in the 2nd quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company's stock valued at $185,404,000 after buying an additional 3,401,370 shares during the last quarter. Darwin Global Management Ltd. acquired a new position in shares of Beam Therapeutics during the 1st quarter worth about $70,032,000. Price T Rowe Associates Inc. MD grew its stake in shares of Beam Therapeutics by 3,137.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,246,189 shares of the company's stock worth $41,175,000 after acquiring an additional 1,207,699 shares during the last quarter. Finally, Bellevue Group AG increased its stake in Beam Therapeutics by 71.7% during the first quarter. Bellevue Group AG now owns 1,193,121 shares of the company's stock valued at $39,421,000 after acquiring an additional 498,300 shares during the period. 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.