Citigroup Increases Beam Therapeutics (NASDAQ:BEAM) Price Target to $68.00

Beam Therapeutics (NASDAQ:BEAM) had its target price lifted by research analysts at Citigroup from $64.00 to $68.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s target price indicates a potential upside of 206.44% from the company’s previous close.

Several other research firms have also recently issued reports on BEAM. Royal Bank Of Canada raised their price objective on shares of Beam Therapeutics from $22.00 to $26.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 25th. Wall Street Zen upgraded shares of Beam Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Tudor Pickering set a $41.00 price objective on Beam Therapeutics in a report on Wednesday, January 21st. Canaccord Genuity Group assumed coverage on Beam Therapeutics in a research report on Friday, February 20th. They issued a “buy” rating and a $74.00 price objective for the company. Finally, UBS Group assumed coverage on Beam Therapeutics in a research note on Wednesday, January 7th. They set a “neutral” rating and a $28.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $49.36.

Beam Therapeutics Stock Performance

Shares of Beam Therapeutics stock opened at $22.19 on Thursday. The business’s 50 day moving average price is $27.45 and its 200 day moving average price is $26.27. The company has a market cap of $2.26 billion, a price-to-earnings ratio of -21.97 and a beta of 2.12. Beam Therapeutics has a one year low of $13.52 and a one year high of $36.44.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, February 24th. The company reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.13) by $3.46. Beam Therapeutics had a negative return on equity of 30.65% and a negative net margin of 57.24%.The company had revenue of $114.11 million during the quarter, compared to analysts’ expectations of $13.22 million. During the same period in the prior year, the business earned ($1.09) EPS. The firm’s quarterly revenue was up 280.3% on a year-over-year basis. On average, analysts predict that Beam Therapeutics will post -4.57 EPS for the current fiscal year.

Insider Activity at Beam Therapeutics

In other news, insider Christine Bellon sold 18,629 shares of the firm’s stock in a transaction dated Thursday, January 15th. The stock was sold at an average price of $34.61, for a total transaction of $644,749.69. Following the sale, the insider owned 97,038 shares of the company’s stock, valued at approximately $3,358,485.18. This trade represents a 16.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of BEAM. Jones Financial Companies Lllp raised its position in Beam Therapeutics by 55,780.0% during the 1st quarter. Jones Financial Companies Lllp now owns 33,528 shares of the company’s stock worth $655,000 after buying an additional 33,468 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Beam Therapeutics by 10.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 438,529 shares of the company’s stock worth $8,564,000 after purchasing an additional 42,609 shares during the last quarter. Geode Capital Management LLC lifted its stake in Beam Therapeutics by 2.5% in the 2nd quarter. Geode Capital Management LLC now owns 2,254,261 shares of the company’s stock valued at $38,350,000 after buying an additional 54,806 shares in the last quarter. Police & Firemen s Retirement System of New Jersey lifted its stake in shares of Beam Therapeutics by 7.3% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 21,131 shares of the company’s stock valued at $359,000 after buying an additional 1,434 shares during the period. Finally, Intech Investment Management LLC lifted its stake in shares of Beam Therapeutics by 3.4% during the second quarter. Intech Investment Management LLC now owns 46,205 shares of the company’s stock valued at $786,000 after buying an additional 1,530 shares during the period. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Beam Therapeutics Company Profile

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.