Analysts Set Beam Therapeutics Inc. (NASDAQ:BEAM) Price Target at $47.67

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) have earned an average rating of “Buy” from the twelve ratings firms that are presently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $47.67.

BEAM has been the subject of a number of recent research reports. HC Wainwright reiterated a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research note on Monday, February 3rd. Leerink Partners upgraded Beam Therapeutics from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $27.00 to $39.00 in a research report on Wednesday, November 6th. Royal Bank of Canada dropped their price objective on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. Sanford C. Bernstein raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Wedbush reissued an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a report on Monday, January 13th.

Beam Therapeutics Stock Up 13.2 %

BEAM opened at $32.40 on Thursday. The firm has a 50-day moving average price of $26.81 and a 200-day moving average price of $25.62. Beam Therapeutics has a twelve month low of $20.84 and a twelve month high of $49.50. The company has a market capitalization of $2.68 billion, a price-to-earnings ratio of -18.41 and a beta of 1.92.

Insider Transactions at Beam Therapeutics

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in shares of Beam Therapeutics in the 4th quarter worth about $330,000. Charles Schwab Investment Management Inc. boosted its stake in Beam Therapeutics by 6.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock worth $15,423,000 after buying an additional 36,226 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in Beam Therapeutics by 11.4% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock valued at $98,149,000 after acquiring an additional 404,782 shares during the last quarter. Bellevue Group AG grew its position in Beam Therapeutics by 7.1% during the third quarter. Bellevue Group AG now owns 1,518,121 shares of the company’s stock valued at $37,194,000 after acquiring an additional 100,000 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Beam Therapeutics by 4.5% during the third quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock worth $44,297,000 after acquiring an additional 78,102 shares in the last quarter. 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.