Beam Therapeutics Inc. (NASDAQ:BEAM) Receives Average Rating of “Moderate Buy” from Analysts

Beam Therapeutics Inc. (NASDAQ:BEAM) has earned a consensus rating of “Moderate Buy” from the sixteen research firms that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, two have given a hold rating, eleven have issued a buy rating and two have issued a strong buy rating on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $45.5833.

A number of brokerages have commented on BEAM. Benchmark restated a “speculative buy” rating on shares of Beam Therapeutics in a research note on Monday, November 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a report on Wednesday, October 8th. Wall Street Zen raised shares of Beam Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday. Evercore ISI initiated coverage on shares of Beam Therapeutics in a research report on Monday, November 24th. They set an “outperform” rating and a $35.00 price objective for the company. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Beam Therapeutics from $48.00 to $46.00 and set an “overweight” rating on the stock in a research note on Thursday, October 9th.

Beam Therapeutics Stock Down 2.1%

NASDAQ:BEAM opened at $27.14 on Friday. The company has a market cap of $2.75 billion, a P/E ratio of -6.13 and a beta of 2.07. Beam Therapeutics has a fifty-two week low of $13.52 and a fifty-two week high of $35.25. The firm’s 50 day moving average is $25.16 and its two-hundred day moving average is $22.39.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, November 4th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.98) by ($0.12). The company had revenue of $9.70 million for the quarter, compared to analysts’ expectations of $12.83 million. Beam Therapeutics had a negative net margin of 744.41% and a negative return on equity of 42.86%. The firm’s quarterly revenue was down 32.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.17) earnings per share. Research analysts forecast that Beam Therapeutics will post -4.57 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Beam Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of BEAM. Arizona State Retirement System grew its position in Beam Therapeutics by 2.2% during the third quarter. Arizona State Retirement System now owns 26,771 shares of the company’s stock worth $650,000 after buying an additional 580 shares in the last quarter. Van ECK Associates Corp raised its holdings in Beam Therapeutics by 48.7% in the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock valued at $52,000 after acquiring an additional 707 shares in the last quarter. Profund Advisors LLC lifted its position in shares of Beam Therapeutics by 3.0% in the 2nd quarter. Profund Advisors LLC now owns 26,183 shares of the company’s stock worth $445,000 after acquiring an additional 758 shares during the period. Benjamin Edwards Inc. grew its holdings in shares of Beam Therapeutics by 3.4% during the 3rd quarter. Benjamin Edwards Inc. now owns 32,728 shares of the company’s stock worth $794,000 after purchasing an additional 1,072 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Beam Therapeutics by 43.4% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,884 shares of the company’s stock worth $66,000 after purchasing an additional 1,175 shares in the last quarter. 99.68% of the stock is currently owned by institutional investors.

About Beam Therapeutics

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.