The Vanguard Group, Inc. recently announced the acquisition of new stake in Beam Therapeutics Inc. (NASDAQ:BEAM). The institutional investor has increased its shareholding in the Healthcare company by 1.62% to 6.11 million shares with purchase of 97171.0 shares. This fresh investment now brings its stake to 8.67% valued currently at $245.87 million. In addition, BlackRock Fund Advisors raised its holdings by 0.11 million to 4.42 million shares. And SSgA Funds Management, Inc. has lifted its position by 20.74% or 0.53 million shares – to 3.09 million shares.
With over 2.67 million Beam Therapeutics Inc. (BEAM) shares trading Friday and a closing price of $32.14 on the day, the dollar volume was approximately $85.81 million. The shares have shown a negative half year performance of -43.68% and its price on 03/10/23 lost nearly -7.67%. Currently, there are 70.79M common shares owned by the public and among those 69.16M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 15 analysts who have offered their price forecasts for BEAM have a consensus price objective of $71.86. The analysts have set the share’s price value over the next 12 months at a high of $105.00 and a low of $45.00. The average price target is 55.12% above its recent price level and an upside to the estimated low will see the stock gain 28.58% over that period. But an upside of 69.39% will see the stock hit the forecast high price target while median target price for the stock is $70.50.
Insiders at the company have transacted a total of 80 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 24 of these insider trades were purchases, accounting for 1,880,033 shares. Insider sales of the common stock occurred on 56 occasions, with total insider shares sold totaling 3,394,400 shares.
The top 3 mutual fund holders in Beam Therapeutics Inc. are ARK Innovation ETF, ARK Genomic Revolution ETF, and Vanguard Total Stock Market Index. ARK Innovation ETF owns 5.99 million shares of the company’s stock, all valued at over $240.88 million. The company sold 96258.0 shares recently to bring their total holdings to about 8.49% of the shares outstanding. ARK Genomic Revolution ETF sold 1592.0 shares to see its total holdings shrink to 2.08 million shares valued at over $83.58 million and representing 2.95% of the shares outstanding. Vanguard Total Stock Market Index bought 26756.0 shares to bring its total holdings to over 2.05 million shares at a value of $82.58 million. Vanguard Total Stock Market Index now owns shares totaling to 2.91% of the shares outstanding.
Shares of Beam Therapeutics Inc. (NASDAQ: BEAM) opened at $34.59, down -$0.22 from a prior closing price of $34.81. However, the script later moved the day high at 34.65, down -7.67%. The company’s stock has a 5-day price change of -17.80% and -27.12% over the past three months. BEAM shares are trading -17.82% year to date (YTD), with the 12-month market performance down to -50.64% lower. It has a 12-month low price of $27.77 and touched a high of $73.27 over the same period. BEAM has an average intraday trading volume of 858.45K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -19.85%, -23.00%, and -31.53% respectively.
Institutional ownership of Beam Therapeutics Inc. (NASDAQ: BEAM) shares accounts for 87.10% of the company’s 70.79M shares outstanding. Mutual fund holders own 29.18%, while other institutional holders and individual stakeholders account for 42.61% and 18.90% respectively.
It has a market capitalization of $2.52B. The earnings-per-share (ttm) stands at -$4.13. Price movements for the stock have been influenced by the stock’s volatility, which stands at 7.09% over the week and 6.07% over the month.
Analysts forecast that Beam Therapeutics Inc. (BEAM) will achieve an EPS of -$1.33 for the current quarter, -$1.32 for the next quarter and -$5.42 for 2023. The lowest estimate earnings-per-share for the quarter is -$1.85 while analysts give the company a high EPS estimate of -$0.79. Comparatively, EPS for the current quarter was -$0.95 a year ago. Earnings per share for the fiscal year are expected to increase by 28.40%, and -3.50% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 15 brokerage firm advisors rate Beam Therapeutics Inc. (BEAM) as a “Strong Buy” at a consensus score of 1.70. Specifically, 10 Wall Street analysts polled rate the stock as a buy, while 4 of the 15 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the BEAM, a number of firms have released research notes about the stock. Cantor Fitzgerald stated their Overweight rating for the stock in a research note on February 01, 2023, with the firm’s price target at $62. BMO Capital Markets coverage for the Beam Therapeutics Inc. (BEAM) stock in a research note released on December 20, 2022 offered a Outperform rating with a price target of $66. Citigroup was of a view on December 13, 2022 that the stock is Buy, while BMO Capital Markets gave the stock Market Perform rating on June 17, 2022, issuing a price target of $41. Credit Suisse on their part issued Neutral rating on April 28, 2022.
