In the world of biotechnology, Beam Therapeutics Inc. (NASDAQ:BEAM) has been making waves with its development of precision genetic medicines. The company’s efforts have not gone unnoticed by market analysts, who have given Beam Therapeutics a “Moderate Buy” rating based on consensus from ten analysts covering the company.
Of those ten, seven issued a buy rating while three rated it as hold. This positive feedback is further bolstered by an average twelve-month price objective of $67.91 among brokerages which covered BEAM in the past year.
However, what drew considerable attention to the company was its earnings report issued on May 10th. In Q1 2021, Beam Therapeutics reported negative returns and margins – a bitter pill to swallow for investors given both figures fell well into the double digits.
Nonetheless, it appears that the negative impact had no effect on the development of potential solutions for serious diseases at hand as evidenced by their flagship products BEAM-101 and BEAM-102 used to treat sickle cell disease beta thalassemia – a hereditary ailment causing issues with blood clotting – alongside existing research focusing on allogeneic chimeric antigen receptor T cell treatments for lymphomas and leukemia as well as liver-targeted LNP formulations targeting glycogen storage disease 1a and alpha-1 antitrypsin deficiency.
With such ambitious projects underfoot, market analysts predict that Beam Therapeutics will potentially post -5.5 EPS for this fiscal year. All things considered, there could be much to look forward to from this innovative biotech firm in terms of medical developments bound to help those grappling with serious illnesses in years ahead.
Beam Therapeutics Endures Mixed Reviews from Research Firms
Beam Therapeutics Faces Mixed Reviews from Research Firms
Beam Therapeutics, a leading genetic medicines company based in the United States, has recently been reviewed by several research firms. Wells Fargo & Company reduced their price target for the biotechnology firm from $125.00 to $105.00 and rated Beam Therapeutics as “overweight” in a report released on March 1st of this year.
Sanford C. Bernstein also began coverage of the company on March 21st, rating it “market perform” with a price target of $37.00 per share. Meanwhile, William Blair reaffirmed their previous “outperform” rating on shares of Beam Therapeutics in a report compiled on March 22nd.
However, Royal Bank of Canada lowered its price target for Beam Therapeutics shares from $50.00 to $42.00 in a May 11th report; Barclays also dropped their price objective for the company from $45.00 to $41.00 that same day.
Despite these mixed reports from various research firms, Beam Therapeutics opened at $31.81 per share on Friday, making its twelve month low $28.62 and its twelve month high $73.27. The biotech company’s fifty-day and two-hundred-day simple moving averages are currently listed at $32.90 and $36.90 respectively.
Beam Therapeutics is known for developing precision genetic medicines used to treat patients with serious diseases like sickle cell disease beta thalassemia, refractory T-cell acute lymphoblastic leukemia/T cell lymphoblastic lymphoma, glycogen storage disease 1a and severe alpha-1 antitrypsin deficiency.
In insider trading news released earlier this year, Giuseppe Ciaramella sold 1,918 shares worth approximately $58k on April 3rd and now owns over 114k shares in the company valued at more than $3.4 million. Terry-Ann Burrell, the company’s CFO, also sold 2,454 shares on April 3rd worth over $74k and now owns more than 49k shares valued at approximately $1.5 million.
Institutional investors and hedge funds own a significant portion – 78.63% – of Beam Therapeutics’ stock, including major players like Capital Impact Advisors LLC, University of Texas Texas AM Investment Managment Co., Mercer Global Advisors Inc. ADV, State Street Corp, and Squarepoint Ops LLC.
Overall, despite mixed reviews from research firms in recent months, Beam Therapeutics continues to develop cutting-edge genetic medicines aimed at solving some of the world’s most pressing health challenges.