Brokerages Set Beam Therapeutics Inc. (NASDAQ:BEAM) Target Price at $45.69

Beam Therapeutics Inc. (NASDAQ:BEAM) has been assigned an average rating of “Moderate Buy” from the eighteen brokerages that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $46.1875.

Several analysts have recently weighed in on BEAM shares. Wall Street Zen upgraded Beam Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday. Wedbush increased their price target on Beam Therapeutics from $57.00 to $65.00 and gave the company an “outperform” rating in a report on Wednesday. UBS Group began coverage on Beam Therapeutics in a report on Wednesday, January 7th. They set a “neutral” rating and a $28.00 price objective on the stock. 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 target price on the stock. Finally, Royal Bank Of Canada raised their price target 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.

Beam Therapeutics Stock Down 1.6%

BEAM opened at $28.46 on Monday. The firm’s 50 day moving average is $28.91 and its 200-day moving average is $25.13. Beam Therapeutics has a 52-week low of $13.52 and a 52-week high of $36.44. The firm has a market capitalization of $2.90 billion, a P/E ratio of -28.18 and a beta of 2.12.

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

Insider Buying and Selling

In other Beam Therapeutics news, insider Christine Bellon sold 18,629 shares of the firm’s stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $34.61, for a total transaction of $644,749.69. Following the completion of the transaction, the insider directly owned 97,038 shares of the company’s stock, valued at $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 available at the SEC website. 3.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Beam Therapeutics

Several large investors have recently modified their holdings of BEAM. Bank Julius Baer & Co. Ltd Zurich acquired a new position in Beam Therapeutics in the fourth quarter worth about $47,000. Larson Financial Group LLC lifted its holdings in Beam Therapeutics by 4,370.5% during the 3rd quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock worth $48,000 after buying an additional 1,923 shares during the last quarter. Kestra Advisory Services LLC bought a new position in Beam Therapeutics during the 4th quarter worth approximately $59,000. Van ECK Associates Corp grew its position in shares of Beam Therapeutics by 48.7% in the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after acquiring an additional 707 shares in the last quarter. Finally, Leonteq Securities AG bought a new stake in shares of Beam Therapeutics in the 4th quarter valued at approximately $66,000. Institutional investors own 99.68% of the company’s stock.

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.