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

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have received a consensus recommendation of “Moderate Buy” from the seventeen brokerages that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $43.80.

Several equities research analysts have recently commented on BEAM shares. JPMorgan Chase & Co. decreased their target price on shares of Beam Therapeutics from $48.00 to $46.00 and set an “overweight” rating for the company in a research report on Thursday, October 9th. 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 for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a report on Wednesday, January 21st. Benchmark reiterated a “speculative buy” rating on shares of Beam Therapeutics in a report on Monday, November 17th. Finally, Jefferies Financial Group began coverage on Beam Therapeutics in a research report on Thursday, October 9th. They issued a “buy” rating and a $41.00 price target for the company.

Beam Therapeutics Stock Up 1.1%

Shares of BEAM opened at $27.92 on Thursday. The business’s fifty day moving average is $28.33 and its 200 day moving average is $24.14. Beam Therapeutics has a 12-month low of $13.52 and a 12-month high of $36.44. The stock has a market cap of $2.83 billion, a P/E ratio of -6.30 and a beta of 2.12.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, November 4th. The company reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.98) by ($0.12). Beam Therapeutics had a negative net margin of 744.41% and a negative return on equity of 42.86%. The business had revenue of $9.70 million for the quarter, compared to the consensus estimate of $12.83 million. During the same quarter last year, the firm posted ($1.17) EPS. The business’s revenue for the quarter was down 32.2% compared to the same quarter last year. On average, analysts expect that Beam Therapeutics will post -4.57 EPS for the current year.

Insider Activity at Beam Therapeutics

In related news, insider Christine Bellon sold 1,371 shares of the business’s stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $34.00, for a total transaction of $46,614.00. Following the transaction, the insider directly owned 95,667 shares in the company, valued at approximately $3,252,678. The trade was a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Beam Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Allworth Financial LP increased its position in shares of Beam Therapeutics by 7,080.0% during the second quarter. Allworth Financial LP now owns 2,513 shares of the company’s stock valued at $43,000 after acquiring an additional 2,478 shares during the last quarter. Larson Financial Group LLC boosted its position in Beam Therapeutics by 4,370.5% in the third quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock worth $48,000 after purchasing an additional 1,923 shares during the last quarter. Van ECK Associates Corp grew its stake in Beam Therapeutics by 48.7% in the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock valued at $52,000 after purchasing an additional 707 shares during the period. Daiwa Securities Group Inc. increased its position in shares of Beam Therapeutics by 1,248.8% during the 2nd quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company’s stock valued at $65,000 after purchasing an additional 3,534 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Beam Therapeutics by 43.4% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,884 shares of the company’s stock worth $66,000 after purchasing an additional 1,175 shares during the period. Hedge funds and other 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.