Beam Therapeutics Inc. (NASDAQ:BEAM) Receives $47.50 Average Target Price from Analysts
by Kim Johansen · The Markets DailyBeam Therapeutics Inc. (NASDAQ:BEAM – Get Free Report) has earned a consensus rating of “Moderate Buy” from the sixteen research firms that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, eleven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $47.50.
BEAM has been the topic of a number of research reports. Royal Bank Of Canada upped their price objective on Beam Therapeutics from $22.00 to $26.00 and gave the company a “sector perform” rating in a report on Wednesday, February 25th. Wall Street Zen raised Beam Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Wednesday, January 21st. Sanford C. Bernstein upped their price target on shares of Beam Therapeutics from $37.00 to $41.00 and gave the company an “outperform” rating in a research note on Tuesday, January 20th. Finally, UBS Group started coverage on shares of Beam Therapeutics in a research report on Wednesday, January 7th. They set a “neutral” rating and a $28.00 price target on the stock.
Read Our Latest Stock Report on Beam Therapeutics
Beam Therapeutics Stock Down 2.1%
Shares of BEAM stock opened at $24.63 on Friday. The firm has a 50 day moving average price of $28.42 and a two-hundred day moving average price of $26.23. The company has a market capitalization of $2.51 billion, a PE ratio of -24.39 and a beta of 2.12. Beam Therapeutics has a 12-month low of $13.52 and a 12-month high of $36.44.
Beam Therapeutics (NASDAQ:BEAM – Get Free Report) last posted its earnings results on Tuesday, February 24th. The company reported $2.33 EPS for the quarter, beating the consensus estimate of ($1.13) by $3.46. The company had revenue of $114.11 million for the quarter, compared to the consensus estimate of $13.22 million. Beam Therapeutics had a negative return on equity of 30.65% and a negative net margin of 57.24%.The firm’s revenue for the quarter was up 280.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($1.09) earnings per share. As a group, research analysts expect that Beam Therapeutics will post -4.57 EPS for the current year.
Insider Activity at Beam Therapeutics
In other news, insider Christine Bellon sold 18,629 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider directly owned 97,038 shares of the company’s stock, valued at approximately $3,358,485.18. This trade represents a 16.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.50% of the company’s stock.
Hedge Funds Weigh In On Beam Therapeutics
Hedge funds have recently added to or reduced their stakes in the stock. ARK Investment Management LLC raised its holdings 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 acquiring an additional 1,428,355 shares in the last quarter. Farallon Capital Management LLC increased its position in shares of Beam Therapeutics by 0.5% in the third quarter. Farallon Capital Management LLC now owns 10,063,111 shares of the company’s stock worth $244,232,000 after purchasing an additional 50,000 shares during the period. State Street Corp raised its stake in Beam Therapeutics by 30.4% in the fourth quarter. State Street Corp now owns 5,228,529 shares of the company’s stock valued at $144,935,000 after purchasing an additional 1,219,871 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in Beam Therapeutics by 2.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,830,738 shares of the company’s stock valued at $117,242,000 after purchasing an additional 101,294 shares in the last quarter. Finally, Amova Asset Management Americas Inc. lifted its position in Beam Therapeutics by 2.2% during the third quarter. Amova Asset Management Americas Inc. now owns 4,830,738 shares of the company’s stock worth $117,242,000 after purchasing an additional 103,939 shares during the period. 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.