Beam Therapeutics Inc. (NASDAQ:BEAM) Given Average Rating of “Moderate Buy” by Brokerages

Beam Therapeutics Inc. (NASDAQ:BEAMGet Free Report) has earned an average recommendation of “Moderate Buy” from the fourteen brokerages that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $46.8333.

A number of equities analysts have issued reports on BEAM shares. HC Wainwright restated a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research report on Thursday, May 21st. Tudor Pickering set a $39.00 target price on shares of Beam Therapeutics in a report on Wednesday, May 13th. Citigroup upped their price target on Beam Therapeutics from $64.00 to $68.00 and gave the stock a “buy” rating in a research note on Thursday, March 26th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Monday, April 20th. Finally, Sanford C. Bernstein cut their price target on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th.

Read Our Latest Analysis on BEAM

Beam Therapeutics Trading Up 3.9%

Shares of BEAM opened at $34.79 on Friday. The business’s 50-day moving average price is $31.01 and its 200-day moving average price is $28.88. The company has a quick ratio of 16.99, a current ratio of 16.99 and a debt-to-equity ratio of 0.09. The stock has a market cap of $3.58 billion, a PE ratio of -51.16 and a beta of 2.18. Beam Therapeutics has a twelve month low of $15.60 and a twelve month high of $36.88.

Beam Therapeutics (NASDAQ:BEAMGet Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.91) earnings per share for the quarter, beating the consensus estimate of ($1.03) by $0.12. Beam Therapeutics had a negative return on equity of 29.00% and a negative net margin of 39.66%.The firm had revenue of $31.74 million for the quarter, compared to analysts’ expectations of $10.98 million. During the same quarter last year, the firm posted ($1.23) EPS. The company’s revenue was up 323.2% compared to the same quarter last year. On average, equities analysts forecast that Beam Therapeutics will post -4.16 EPS for the current fiscal year.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, insider Fmr Llc sold 251,488 shares of the 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 transaction, the insider directly owned 854,583 shares in the company, valued at approximately $30,132,596.58. This trade represents a 22.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Beam Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Jones Financial Companies Lllp grew its stake in Beam Therapeutics by 55,780.0% during the first quarter. Jones Financial Companies Lllp now owns 33,528 shares of the company’s stock valued at $655,000 after acquiring an additional 33,468 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Beam Therapeutics by 10.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 438,529 shares of the company’s stock valued at $8,564,000 after purchasing an additional 42,609 shares during the last quarter. Prudential Financial Inc. bought a new position in shares of Beam Therapeutics during the 2nd quarter valued at about $201,000. New York State Common Retirement Fund grew its position in shares of Beam Therapeutics by 17.7% during the second quarter. New York State Common Retirement Fund now owns 30,629 shares of the company’s stock valued at $521,000 after purchasing an additional 4,600 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of Beam Therapeutics by 46.0% during the second quarter. Invesco Ltd. now owns 128,874 shares of the company’s stock valued at $2,192,000 after purchasing an additional 40,583 shares in the last quarter. Institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Beam Therapeutics (NASDAQ:BEAM)

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