Beam Therapeutics Inc. (NASDAQ:BEAM) Receives $48.75 Consensus Target Price from Brokerages

Beam Therapeutics Inc. (NASDAQ:BEAMGet Free Report) has received a consensus recommendation of “Buy” from the fifteen research firms that are covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $48.75.

A number of brokerages recently issued reports on BEAM. Wells Fargo & Company dropped their target price on Beam Therapeutics from $75.00 to $70.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 7th. Royal Bank Of Canada lifted their target price on Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 26th. HC Wainwright restated a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Monday, April 7th. 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 research note on Monday, March 10th. Finally, Wedbush restated an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research note on Monday, March 10th.

Get Our Latest Research Report on BEAM

Insider Transactions at Beam Therapeutics

In other news, insider Christine Bellon sold 5,674 shares of the company’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total transaction of $104,117.90. Following the completion of the sale, the insider now directly owns 117,294 shares in the company, valued at approximately $2,152,344.90. This represents a 4.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO John M. Evans sold 30,663 shares of the company’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $562,666.05. Following the sale, the chief executive officer now owns 986,249 shares of the company’s stock, valued at approximately $18,097,669.15. The trade was a 3.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 43,771 shares of company stock worth $803,198. 3.50% of the stock is owned by company insiders.

Institutional Trading of Beam Therapeutics

Institutional investors have recently modified their holdings of the stock. Wealthfront Advisers LLC bought a new stake in shares of Beam Therapeutics during the 4th quarter valued at $41,000. GF Fund Management CO. LTD. acquired a new position in shares of Beam Therapeutics during the 4th quarter worth $43,000. CWM LLC raised its holdings in shares of Beam Therapeutics by 79.8% during the 1st quarter. CWM LLC now owns 2,684 shares of the company’s stock worth $52,000 after buying an additional 1,191 shares in the last quarter. Sterling Capital Management LLC raised its holdings in shares of 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 buying an additional 2,146 shares in the last quarter. Finally, Amalgamated Bank raised its holdings in shares of Beam Therapeutics by 20.4% during the 1st quarter. Amalgamated Bank now owns 3,153 shares of the company’s stock worth $62,000 after buying an additional 534 shares in the last quarter. 99.68% of the stock is currently owned by institutional investors.

Beam Therapeutics Stock Performance

Shares of Beam Therapeutics stock opened at $16.76 on Wednesday. The business’s 50 day simple moving average is $17.69 and its 200 day simple moving average is $22.70. Beam Therapeutics has a 52-week low of $13.53 and a 52-week high of $35.25. The firm has a market cap of $1.69 billion, a PE ratio of -3.64 and a beta of 2.08.

Beam Therapeutics (NASDAQ:BEAMGet Free Report) last announced its earnings results on Tuesday, May 6th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.13). Beam Therapeutics had a negative net margin of 609.24% and a negative return on equity of 44.24%. The firm had revenue of $7.47 million during the quarter, compared to analyst estimates of $14.69 million. During the same period in the prior year, the business posted ($1.21) EPS. The firm’s quarterly revenue was up 1.4% compared to the same quarter last year. As a group, equities research analysts predict that Beam Therapeutics will post -4.57 EPS for the current year.

Beam Therapeutics Company Profile

(Get Free Report

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.

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Analyst Recommendations for Beam Therapeutics (NASDAQ:BEAM)

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