Analysts Set Beam Therapeutics Inc. (NASDAQ:BEAM) Price Target at $49.00

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have earned a consensus recommendation of “Moderate Buy” from the thirteen brokerages that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $49.00.

A number of research analysts recently weighed in on BEAM shares. Sanford C. Bernstein decreased their target price on Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Tudor Pickering set a $39.00 price objective on shares of Beam Therapeutics in a report on Wednesday, May 13th. HC Wainwright reaffirmed a “buy” rating on shares of Beam Therapeutics in a report on Monday, August 10th. Bank of America reiterated a “buy” rating and issued a $47.00 price target on shares of Beam Therapeutics in a research report on Wednesday, July 8th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Friday, July 17th.

Beam Therapeutics Price Performance

Shares of BEAM stock opened at $29.76 on Monday. The company has a current ratio of 14.57, a quick ratio of 14.57 and a debt-to-equity ratio of 0.09. Beam Therapeutics has a 1 year low of $16.02 and a 1 year high of $38.26. The firm has a market capitalization of $3.07 billion, a price-to-earnings ratio of -34.60 and a beta of 2.23. The firm’s 50 day moving average is $30.11 and its 200-day moving average is $28.75.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($1.18) EPS for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.07). Beam Therapeutics had a negative net margin of 54.75% and a negative return on equity of 30.71%. The company had revenue of $0.49 million during the quarter, compared to the consensus estimate of $16.37 million. During the same period last year, the company earned ($1.00) earnings per share. The business’s revenue was down 94.2% compared to the same quarter last year. Sell-side analysts forecast that Beam Therapeutics will post -4.49 EPS for the current fiscal year.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, insider Amy Simon sold 16,667 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $25.74, for a total transaction of $429,008.58. Following the completion of the transaction, the insider owned 85,696 shares in the company, valued at approximately $2,205,815.04. This trade represents a 16.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Fmr Llc sold 251,488 shares of the business’s stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $35.26, for a total value of $8,867,466.88. Following the sale, the insider owned 854,583 shares of the company’s stock, valued at approximately $30,132,596.58. This represents a 22.74% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 301,527 shares of company stock valued at $10,468,500. Corporate insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Hedge funds have recently modified their holdings of the company. Hollencrest Capital Management bought a new stake in shares of Beam Therapeutics during the first quarter valued at approximately $43,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Beam Therapeutics in the second quarter worth $43,000. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in shares of Beam Therapeutics in the fourth quarter worth $47,000. Larson Financial Group LLC increased its holdings in shares of Beam Therapeutics by 4,370.5% during the third quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock valued at $48,000 after acquiring an additional 1,923 shares in the last quarter. Finally, Van ECK Associates Corp raised 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 purchasing an additional 707 shares during the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

About Beam Therapeutics

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.