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

Beam Therapeutics Inc. (NASDAQ:BEAM) has been given an average recommendation of “Buy” by the twelve research firms that are presently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $47.67.

A number of analysts have recently weighed in on the stock. Leerink Partnrs raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Wedbush reaffirmed an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a report on Monday, January 13th. HC Wainwright reaffirmed a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a report on Monday, February 3rd. Cantor Fitzgerald raised shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating in a report on Wednesday, January 29th. Finally, Royal Bank of Canada cut their price target on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th.

Insider Buying and Selling

In other Beam Therapeutics news, insider Christine Bellon sold 1,241 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total value of $30,627.88. Following the completion of the transaction, 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO John M. Evans sold 30,000 shares of the company’s 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 owns 908,659 shares of the company’s stock, valued at approximately $24,306,628.25. This trade 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 corporate insiders.

Hedge Funds Weigh In On Beam Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Horizon Kinetics Asset Management LLC increased its position in Beam Therapeutics by 4.4% in the 4th quarter. Horizon Kinetics Asset Management LLC now owns 9,597 shares of the company’s stock valued at $238,000 after acquiring an additional 403 shares during the period. Summit Investment Advisors Inc. increased its position in shares of Beam Therapeutics by 6.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 7,999 shares of the company’s stock worth $198,000 after buying an additional 496 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Beam Therapeutics by 2.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,396 shares of the company’s stock worth $524,000 after buying an additional 516 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Beam Therapeutics by 21.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock worth $75,000 after buying an additional 524 shares during the period. Finally, Martingale Asset Management L P increased its position in shares of Beam Therapeutics by 8.6% during the fourth quarter. Martingale Asset Management L P now owns 11,438 shares of the company’s stock worth $284,000 after buying an additional 909 shares during the period. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Beam Therapeutics Stock Up 2.0 %

NASDAQ BEAM opened at $34.16 on Thursday. The company has a market capitalization of $2.83 billion, a P/E ratio of -19.41 and a beta of 1.92. Beam Therapeutics has a 12-month low of $20.84 and a 12-month high of $49.50. The firm has a 50-day moving average price of $26.98 and a two-hundred day moving average price of $25.72.

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.