Beam Therapeutics Inc. (NASDAQ:BEAM) Given Consensus Rating of “Hold” by Brokerages

Beam Therapeutics Inc. (NASDAQ:BEAM) has been given a consensus recommendation of “Hold” by the twelve brokerages that are covering the company, Marketbeat reports. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $41.70.

BEAM has been the topic of several research reports. Wedbush restated an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a report on Tuesday, August 6th. JPMorgan Chase & Co. upped their price objective on Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Barclays lowered their target price on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 7th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $27.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, August 7th. Finally, HC Wainwright reissued a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a report on Thursday, August 22nd.

Beam Therapeutics Stock Down 0.9 %

BEAM opened at $26.05 on Thursday. The stock’s 50 day moving average price is $25.92 and its two-hundred day moving average price is $27.69. The firm has a market capitalization of $2.14 billion, a P/E ratio of -14.63 and a beta of 1.87. Beam Therapeutics has a 12-month low of $16.95 and a 12-month high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data 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. The business had revenue of $11.80 million for the quarter, compared to the consensus estimate of $14.18 million. Beam Therapeutics had a negative net margin of 37.33% and a negative return on equity of 15.46%. Beam Therapeutics’s quarterly revenue was down 41.3% on a year-over-year basis. During the same quarter last year, the company posted ($1.08) earnings per share. As a group, analysts anticipate that Beam Therapeutics will post -4.68 earnings per share for the current year.

Insider Buying and Selling at Beam Therapeutics

In other news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $24.50, for a total transaction of $1,470,000.00. Following the completion of the sale, the chief executive officer now owns 998,343 shares in the company, valued at $24,459,403.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 4.20% of the company’s stock.

Institutional Trading of Beam Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. bought a new position in shares of Beam Therapeutics in the 4th quarter valued at about $216,000. International Assets Investment Management LLC acquired a new position in Beam Therapeutics in the fourth quarter valued at approximately $1,852,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Beam Therapeutics by 74.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,725 shares of the company’s stock valued at $564,000 after buying an additional 8,818 shares during the period. Handelsbanken Fonder AB boosted its stake in Beam Therapeutics by 61.0% in the fourth quarter. Handelsbanken Fonder AB now owns 16,900 shares of the company’s stock valued at $460,000 after acquiring an additional 6,400 shares during the last quarter. Finally, Victory Capital Management Inc. acquired a new stake in Beam Therapeutics during the 4th quarter worth $253,000. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Beam Therapeutics Company Profile

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.