Analysts Set Beam Therapeutics Inc. (NASDAQ:BEAM) Price Target at $46.55

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have been given a consensus recommendation of “Moderate Buy” by the fifteen brokerages that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, two have given a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $46.5455.

Several research firms recently commented on BEAM. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Wednesday, October 8th. Benchmark restated a “speculative buy” rating on shares of Beam Therapeutics in a research note on Monday. Barclays reduced their price objective on shares of Beam Therapeutics from $25.00 to $21.00 and set an “equal weight” rating for the company in a report on Wednesday, August 6th. JPMorgan Chase & Co. lowered their target price on shares of Beam Therapeutics from $48.00 to $46.00 and set an “overweight” rating on the stock in a research note on Thursday, October 9th. Finally, Jefferies Financial Group began coverage on shares of Beam Therapeutics in a research note on Thursday, October 9th. They issued a “buy” rating and a $41.00 price target for the company.

Beam Therapeutics Stock Up 1.4%

Beam Therapeutics stock opened at $22.02 on Friday. Beam Therapeutics has a 52-week low of $13.52 and a 52-week high of $35.25. The firm has a market capitalization of $2.23 billion, a price-to-earnings ratio of -4.97 and a beta of 2.40. The firm has a 50-day moving average price of $24.40 and a two-hundred day moving average price of $20.35.

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

Institutional Trading of Beam Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. ARK Investment Management LLC increased its holdings in shares of Beam Therapeutics by 24.8% in the third quarter. ARK Investment Management LLC now owns 11,038,834 shares of the company’s stock valued at $267,913,000 after buying an additional 2,190,993 shares in the last quarter. Farallon Capital Management LLC lifted its position in Beam Therapeutics by 0.5% in the 3rd quarter. Farallon Capital Management LLC now owns 10,063,111 shares of the company’s stock worth $244,232,000 after buying an additional 50,000 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Beam Therapeutics by 16.4% during the first quarter. Vanguard Group Inc. now owns 8,871,292 shares of the company’s stock worth $173,256,000 after acquiring an additional 1,249,303 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Beam Therapeutics by 2.1% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,830,738 shares of the company’s stock valued at $117,242,000 after buying an additional 101,294 shares during the last quarter. Finally, Amova Asset Management Americas Inc. raised its position in Beam Therapeutics by 2.2% during the third quarter. Amova Asset Management Americas Inc. now owns 4,830,738 shares of the company’s stock valued at $117,242,000 after acquiring an additional 103,939 shares in the last quarter. 99.68% of the stock is currently owned by institutional investors.

About Beam Therapeutics

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.