Beam Therapeutics Inc. (NASDAQ:BEAM) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have been assigned an average rating of “Moderate Buy” from the thirteen research firms that are presently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $51.00.

BEAM has been the topic of several recent research reports. Royal Bank of Canada increased their price target on Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 26th. Cantor Fitzgerald upgraded Beam Therapeutics from a “neutral” rating to an “overweight” rating in a report on Wednesday, January 29th. HC Wainwright reiterated a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a report on Friday, February 28th. Wedbush reiterated an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a report on Monday, January 13th. Finally, Sanford C. Bernstein upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th.

Insider Buying and Selling

In related news, insider Christine Bellon sold 1,241 shares of Beam Therapeutics stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total transaction of $30,627.88. Following the sale, the insider now directly owns 102,968 shares in the company, valued at approximately $2,541,250.24. This trade represents a 1.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO John M. Evans sold 30,000 shares of Beam Therapeutics stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total value of $802,500.00. Following the sale, the chief executive officer now owns 908,659 shares in the company, valued at $24,306,628.25. This trade represents a 3.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Beam Therapeutics

A number of hedge funds have recently bought and sold shares of BEAM. Wealthfront Advisers LLC bought a new stake in Beam Therapeutics during the fourth quarter worth $41,000. GF Fund Management CO. LTD. purchased a new stake in Beam Therapeutics in the fourth quarter worth $43,000. Sterling Capital Management LLC increased its position in Beam Therapeutics by 816.0% in the fourth 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 during the last quarter. KBC Group NV increased its position in Beam Therapeutics by 103.2% in the fourth quarter. KBC Group NV now owns 4,143 shares of the company’s stock worth $103,000 after buying an additional 2,104 shares during the last quarter. Finally, Blue Trust Inc. increased its position in Beam Therapeutics by 36.3% in the fourth quarter. Blue Trust Inc. now owns 4,274 shares of the company’s stock worth $105,000 after buying an additional 1,139 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors.

Beam Therapeutics Trading Up 4.5 %

Shares of BEAM stock opened at $28.48 on Monday. The stock has a market cap of $2.38 billion, a price-to-earnings ratio of -16.18 and a beta of 1.91. The stock has a 50-day moving average of $27.01 and a 200-day moving average of $26.03. Beam Therapeutics has a 1-year low of $20.84 and a 1-year high of $38.37.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, February 25th. The company reported ($1.09) EPS for the quarter, topping the consensus estimate of ($1.25) by $0.16. The business had revenue of $30.00 million during the quarter, compared to analysts’ expectations of $16.47 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The firm’s revenue was down 90.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.73 earnings per share. Sell-side analysts forecast that Beam Therapeutics will post -4.57 earnings per share 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.