Beam Therapeutics Inc. (NASDAQ:BEAM) Stock Has Consensus Price Target of $46.90

Beam Therapeutics Inc. (NASDAQ:BEAM) has received an average recommendation of “Moderate Buy” from the thirteen ratings firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $47.36.

Several equities analysts have recently commented on the stock. Canaccord Genuity Group lowered their price target on shares of Beam Therapeutics from $79.00 to $78.00 and set a “buy” rating on the stock in a report on Wednesday. HC Wainwright reissued a “buy” rating on shares of Beam Therapeutics in a report on Tuesday, October 27th. Guggenheim decreased their target price on Beam Therapeutics from $55.00 to $51.00 and set a “buy” rating on the stock in a research report on Thursday. Wall Street Zen downgraded Beam Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Saturday, October 31st. Finally, William Blair upgraded shares of Beam Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 23rd.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CEO John Evans sold 25,000 shares of the stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $23.57, for a total transaction of $589,250.00. Following the transaction, the chief executive officer directly owned 1,047,205 shares in the company, valued at approximately $24,682,621.85. This represents a 2.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Versant Capital Management Inc boosted its stake in shares of Beam Therapeutics by 123.6% in the third quarter. Versant Capital Management Inc now owns 1,239 shares of the company’s stock valued at $30,000 after purchasing an additional 685 shares during the period. Hollencrest Capital Management acquired a new position in Beam Therapeutics in the 1st quarter valued at $43,000. Northwestern Mutual Wealth Management Co. bought a new stake in Beam Therapeutics in the second quarter valued at approximately $43,000. Fulcrum Asset Management LLP bought a new stake in shares of Beam Therapeutics during the 3rd quarter worth $51,000. Finally, Nykredit A S bought a new position in shares of Beam Therapeutics during the 2nd quarter valued at about $75,000. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Beam Therapeutics Price Performance

NASDAQ:BEAM opened at $26.41 on Friday. Beam Therapeutics has a 52-week low of $20.23 and a 52-week high of $38.26. The company has a current ratio of 14.57, a quick ratio of 14.57 and a debt-to-equity ratio of 0.09. The business’s fifty day moving average is $25.58 and its 200 day moving average is $28.03.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, November 3rd. The company reported ($1.28) earnings per share for the quarter, missing the consensus estimate of ($1.17) by ($0.11). The firm had revenue of $0.31 million during the quarter, compared to analysts’ expectations of $8.75 million. Beam Therapeutics had a negative return on equity of 30.71% and a negative net margin of 54.75%. Beam Therapeutics’s quarterly revenue was down 96.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($1.10) earnings per share. As a group, equities research analysts forecast that Beam Therapeutics will post -4.65 earnings per share for the current fiscal year.

Beam Therapeutics Company Profile

Beam Therapeutics Inc is a biotechnology company developing precision genetic medicines for patients with serious diseases. The company’s platform uses base editing, a form of gene editing designed to make targeted changes to individual DNA letters without creating double-strand breaks. Beam is also advancing related editing technologies and delivery systems intended to improve the precision and effectiveness of genetic treatments.

Beam’s pipeline includes investigational programs for diseases such as sickle cell disease, beta thalassemia, alpha-1 antitrypsin deficiency and glycogen storage disease type Ia.