Analysts Set Beam Therapeutics Inc. (NASDAQ:BEAM) Price Target at $41.00

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have received a consensus rating of “Hold” from the thirteen analysts that are currently covering the stock, MarketBeat reports. Eight analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $41.00.

Several research firms recently issued reports on BEAM. Wedbush reiterated an “outperform” rating and set a $57.00 target price (up previously from $48.00) on shares of Beam Therapeutics in a research report on Tuesday, February 27th. TheStreet upgraded Beam Therapeutics from a “d” rating to a “c-” rating in a report on Monday, March 11th. Royal Bank of Canada raised their price target on Beam Therapeutics from $27.00 to $35.00 and gave the company a “sector perform” rating in a report on Wednesday, February 28th. BMO Capital Markets restated an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a report on Wednesday, March 27th. Finally, Barclays raised their price target on Beam Therapeutics from $26.00 to $42.00 and gave the company an “equal weight” rating in a report on Wednesday, February 28th.

Insider Activity

In other news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $25.33, for a total value of $1,519,800.00. Following the completion of the sale, the chief executive officer now directly owns 1,058,262 shares of the company’s stock, valued at approximately $26,805,776.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $25.33, for a total transaction of $1,519,800.00. Following the completion of the sale, the chief executive officer now directly owns 1,058,262 shares of the company’s stock, valued at approximately $26,805,776.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Amy Simon sold 7,157 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $32.13, for a total value of $229,954.41. Following the sale, the insider now directly owns 86,590 shares of the company’s stock, valued at $2,782,136.70. The disclosure for this sale can be found here. Insiders sold 156,804 shares of company stock valued at $4,731,669 in the last ninety days. Insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Comerica Bank increased its holdings in Beam Therapeutics by 80.9% during the 4th quarter. Comerica Bank now owns 973 shares of the company’s stock worth $26,000 after purchasing an additional 435 shares during the period. Riverview Trust Co purchased a new position in shares of Beam Therapeutics in the 1st quarter valued at $26,000. Allworth Financial LP increased its holdings in shares of Beam Therapeutics by 163.7% in the 3rd quarter. Allworth Financial LP now owns 1,105 shares of the company’s stock valued at $27,000 after acquiring an additional 686 shares during the period. First Horizon Advisors Inc. increased its holdings in shares of Beam Therapeutics by 125.9% in the 4th quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock valued at $27,000 after acquiring an additional 554 shares during the period. Finally, Point72 Middle East FZE purchased a new position in shares of Beam Therapeutics in the 4th quarter valued at $35,000. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Beam Therapeutics Stock Down 1.7 %

Shares of BEAM opened at $23.90 on Friday. The business has a 50-day simple moving average of $32.99 and a two-hundred day simple moving average of $28.10. The stock has a market cap of $1.95 billion, a price-to-earnings ratio of -12.58 and a beta of 1.77. Beam Therapeutics has a 52 week low of $16.95 and a 52 week high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, February 27th. The company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $2.42. Beam Therapeutics had a negative return on equity of 15.90% and a negative net margin of 35.09%. The firm had revenue of $316.20 million during the quarter, compared to analysts’ expectations of $34.16 million. During the same quarter last year, the business posted ($0.54) earnings per share. The firm’s revenue was up 1481.0% on a year-over-year basis. On average, equities analysts anticipate that Beam Therapeutics will post -5.53 earnings per share for the current fiscal year.

Beam Therapeutics Company Profile

Beam Therapeutics Inc, a biotechnology company, engages in the development of precision genetic medicines for patients suffering from serious diseases in the United States. It develops BEAM-101 for the treatment of sickle cell disease or beta-thalassemia; and BEAM-302, a liver-targeting LNP formulation to treat severe alpha-1 antitrypsin deficiency; BEAM-201, an anti-CD7 CAR-T product candidate, which is in Phase 1/2 clinical trials for the treatment of refractory T-cell acute lymphoblastic leukemia/T cell lymphoblastic lymphoma; and BEAM-301, a liver-targeting LNP formulation for the treatment of glycogen storage disease 1a.