Analysts Set Beam Therapeutics Inc. (NASDAQ:BEAM) Price Target at $45.58

by · The Cerbat Gem

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM – Get Free Report) have been given an average rating of “Moderate Buy” by the sixteen research firms that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation, eleven have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $45.5833.

A number of research firms have recently issued reports on BEAM. Evercore ISI assumed coverage on Beam Therapeutics in a report on Monday, November 24th. They issued an “outperform” rating and a $35.00 target price on the stock. Wall Street Zen lowered shares of Beam Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. JPMorgan Chase & Co. cut their price objective on shares of Beam Therapeutics from $48.00 to $46.00 and set an “overweight” rating for the company in a research report on Thursday, October 9th. Benchmark restated a “speculative buy” rating on shares of Beam Therapeutics in a research note on Monday, November 17th. Finally, Jefferies Financial Group began coverage on shares of Beam Therapeutics in a report on Thursday, October 9th. They issued a “buy” rating and a $41.00 target price on the stock.

Get Our Latest Analysis on Beam Therapeutics

Beam Therapeutics Stock Down 0.5%

NASDAQ BEAM opened at $27.36 on Wednesday. The firm has a market cap of $2.78 billion, a P/E ratio of -6.18 and a beta of 2.21. Beam Therapeutics has a 52-week low of $13.52 and a 52-week high of $35.25. The business’s 50-day moving average price is $25.10 and its 200 day moving average price is $21.35.

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

Hedge Funds Weigh In On Beam Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allworth Financial LP lifted its holdings in shares of Beam Therapeutics by 7,080.0% in the 2nd quarter. Allworth Financial LP now owns 2,513 shares of the company’s stock valued at $43,000 after buying an additional 2,478 shares during the period. Larson Financial Group LLC lifted its holdings in Beam Therapeutics by 4,370.5% in the third quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock valued at $48,000 after acquiring an additional 1,923 shares during the period. Van ECK Associates Corp lifted its holdings in Beam Therapeutics by 48.7% in the third quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock valued at $52,000 after acquiring an additional 707 shares during the period. Daiwa Securities Group Inc. boosted its position in shares of Beam Therapeutics by 1,248.8% during the 2nd quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company’s stock worth $65,000 after purchasing an additional 3,534 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Beam Therapeutics by 43.4% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,884 shares of the company’s stock worth $66,000 after purchasing an additional 1,175 shares during the period. Institutional investors and hedge funds own 99.68% of the company’s stock.

About Beam Therapeutics

(Get Free Report)

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.

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