Brokerages Set Beam Therapeutics Inc. (NASDAQ:BEAM) Target Price at $46.85

Shares of Beam Therapeutics Inc. (NASDAQ:BEAMGet Free Report) have been assigned an average recommendation of “Moderate Buy” from the fourteen analysts that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $46.8462.

BEAM has been the subject of several research reports. Bank of America reiterated a “buy” rating and issued a $47.00 target price on shares of Beam Therapeutics in a research report on Wednesday, July 8th. HC Wainwright restated a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a report on Tuesday, July 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Friday, July 17th. Sanford C. Bernstein dropped their price objective on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Finally, Tudor Pickering set a $39.00 target price on shares of Beam Therapeutics in a research report on Wednesday, May 13th.

Check Out Our Latest Stock Analysis on BEAM

Insider Buying and Selling

In other news, 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 transaction, the insider owned 854,583 shares in the company, valued at approximately $30,132,596.58. The trade was a 22.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 3.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. ARK Investment Management LLC grew its holdings in Beam Therapeutics by 12.9% in the fourth quarter. ARK Investment Management LLC now owns 12,467,189 shares of the company’s stock worth $345,590,000 after purchasing an additional 1,428,355 shares during the period. State Street Corp raised its holdings 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 valued at $144,935,000 after purchasing an additional 1,219,871 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Beam Therapeutics by 20.6% during 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 purchasing an additional 467,133 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Beam Therapeutics by 10.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,154,575 shares of the company’s stock worth $51,327,000 after purchasing an additional 206,696 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Beam Therapeutics by 2.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,712,359 shares of the company’s stock worth $47,467,000 after purchasing an additional 46,974 shares in the last quarter. 99.68% of the stock is owned by institutional investors.

Beam Therapeutics Stock Down 3.1%

Shares of NASDAQ:BEAM opened at $25.10 on Thursday. Beam Therapeutics has a 52-week low of $15.60 and a 52-week high of $38.26. The company has a market capitalization of $2.58 billion, a PE ratio of -36.91 and a beta of 2.18. The company has a debt-to-equity ratio of 0.09, a quick ratio of 16.99 and a current ratio of 16.99. The company has a fifty day moving average of $31.16 and a 200-day moving average of $29.26.

Beam Therapeutics (NASDAQ:BEAMGet Free Report) last released its quarterly earnings data 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. The company had revenue of $31.74 million for the quarter, compared to the consensus estimate of $10.98 million. Beam Therapeutics had a negative return on equity of 29.00% and a negative net margin of 39.66%.Beam Therapeutics’s revenue for the quarter was up 323.2% on a year-over-year basis. During the same quarter last year, the business posted ($1.23) EPS. On average, equities analysts predict that Beam Therapeutics will post -4.16 EPS for the current fiscal year.

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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