Beam Therapeutics Inc. (NASDAQ:BEAM) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have been given a consensus rating of “Buy” by the twelve brokerages that are currently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $47.67.

Several brokerages have weighed in on BEAM. Scotiabank began coverage on Beam Therapeutics in a research report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price objective for the company. Leerink Partnrs upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Cantor Fitzgerald raised shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research report on Wednesday, January 29th. Royal Bank of Canada decreased their price objective on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. Finally, Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $27.00 to $39.00 in a report on Wednesday, November 6th.

Beam Therapeutics Trading Up 6.4 %

NASDAQ BEAM opened at $28.57 on Thursday. The firm has a market cap of $2.37 billion, a PE ratio of -16.23 and a beta of 1.92. Beam Therapeutics has a 1-year low of $20.84 and a 1-year high of $49.50. The stock has a 50-day moving average of $26.48 and a 200-day moving average of $25.64.

Insiders Place Their Bets

In other news, CEO John M. Evans sold 30,000 shares of Beam Therapeutics stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $26.75, for a total transaction of $802,500.00. Following the completion of the transaction, the chief executive officer now directly owns 908,659 shares in the company, valued at approximately $24,306,628.25. This trade represents a 3.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Christine Bellon sold 1,241 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total value of $30,627.88. Following the completion of the sale, the insider now directly owns 102,968 shares in the company, valued at approximately $2,541,250.24. This represents a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in BEAM. ARK Investment Management LLC grew its stake in shares of Beam Therapeutics by 8.2% in the fourth quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company’s stock worth $175,287,000 after acquiring an additional 536,930 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in Beam Therapeutics by 11.4% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock worth $98,149,000 after purchasing an additional 404,782 shares in the last quarter. Nikko Asset Management Americas Inc. grew its position in Beam Therapeutics by 11.4% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company’s stock valued at $98,109,000 after purchasing an additional 404,782 shares during the last quarter. State Street Corp increased its stake in Beam Therapeutics by 12.5% during the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company’s stock valued at $96,274,000 after purchasing an additional 437,402 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Beam Therapeutics by 4.5% in the third quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock worth $44,297,000 after buying an additional 78,102 shares during the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

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.