Beam Therapeutics Inc. (NASDAQ:BEAM) Receives $46.83 Consensus Price Target from Analysts

Beam Therapeutics Inc. (NASDAQ:BEAM) has earned an average recommendation of “Moderate Buy” from the fourteen ratings firms that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $46.8333.

Several equities analysts have recently commented on BEAM shares. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a report on Monday, April 20th. Wall Street Zen upgraded shares of Beam Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Wedbush upped their price target on Beam Therapeutics from $57.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 25th. HC Wainwright restated a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research report on Thursday, May 21st. Finally, Canaccord Genuity Group initiated coverage on Beam Therapeutics in a research note on Friday, February 20th. They issued a “buy” rating and a $74.00 price objective for the company.

Insider Transactions at Beam Therapeutics

In related news, insider Amy Simon sold 6,700 shares of the firm’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total transaction of $164,686.00. Following the completion of the transaction, the insider directly owned 102,735 shares in the company, valued at $2,525,226.30. This trade represents a 6.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO John M. Evans sold 30,078 shares of Beam Therapeutics stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $24.58, for a total value of $739,317.24. Following the completion of the transaction, the chief executive officer directly owned 1,047,205 shares of the company’s stock, valued at approximately $25,740,298.90. This represents a 2.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 79,544 shares of company stock valued at $1,899,942. Insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

Several large investors have recently added to or reduced their stakes in BEAM. ARK Investment Management LLC boosted its position in Beam Therapeutics by 12.9% in the 4th quarter. ARK Investment Management LLC now owns 12,467,189 shares of the company’s stock valued at $345,590,000 after buying an additional 1,428,355 shares during the period. Farallon Capital Management LLC increased its position in shares of Beam Therapeutics by 0.5% during the third quarter. Farallon Capital Management LLC now owns 10,063,111 shares of the company’s stock worth $244,232,000 after acquiring an additional 50,000 shares during the period. State Street Corp increased its position in shares of Beam Therapeutics by 30.4% during the fourth quarter. State Street Corp now owns 5,228,529 shares of the company’s stock worth $144,935,000 after acquiring an additional 1,219,871 shares during the period. Amova Asset Management Americas Inc. raised its stake in shares of Beam Therapeutics by 2.2% in the third quarter. Amova Asset Management Americas Inc. now owns 4,830,738 shares of the company’s stock valued at $117,242,000 after acquiring an additional 103,939 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Beam Therapeutics by 20.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,730,282 shares of the company’s stock valued at $75,684,000 after acquiring an additional 467,133 shares in the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

Beam Therapeutics Price Performance

Shares of NASDAQ:BEAM opened at $29.40 on Wednesday. The company has a market capitalization of $3.02 billion, a price-to-earnings ratio of -43.23 and a beta of 2.25. Beam Therapeutics has a 12-month low of $15.60 and a 12-month high of $36.44. The business has a 50-day moving average price of $28.77 and a 200 day moving average price of $27.86. The company has a current ratio of 16.99, a quick ratio of 16.99 and a debt-to-equity ratio of 0.09.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Thursday, May 7th. The company reported ($0.91) EPS for the quarter, beating analysts’ consensus estimates of ($1.03) by $0.12. Beam Therapeutics had a negative net margin of 39.66% and a negative return on equity of 29.00%. The company had revenue of $31.74 million for the quarter, compared to analysts’ expectations of $10.98 million. During the same quarter in the prior year, the company posted ($1.23) earnings per share. Beam Therapeutics’s revenue for the quarter was up 323.2% compared to the same quarter last year. Sell-side analysts expect that Beam Therapeutics will post -4.16 EPS for the current year.

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.