Beam Therapeutics (NASDAQ:BEAM) Trading 6.7% Higher – Here’s Why

Beam Therapeutics Inc. (NASDAQ:BEAM) rose 6.7% during mid-day trading on Tuesday . The company traded as high as $28.23 and last traded at $28.12. Approximately 114,661 shares were traded during trading, a decline of 87% from the average daily volume of 860,004 shares. The stock had previously closed at $26.36.

Wall Street Analyst Weigh In

BEAM has been the topic of several research reports. Scotiabank initiated coverage on shares of Beam Therapeutics in a research note on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 price objective on the stock. Stifel Nicolaus boosted their price target on Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. Wedbush reaffirmed an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research report on Monday, December 9th. Royal Bank of Canada dropped their target price 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. Finally, Leerink Partners raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $27.00 to $39.00 in a research note on Wednesday, November 6th. Three equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $47.67.

Beam Therapeutics Trading Down 1.0 %

The company’s 50 day simple moving average is $26.55 and its 200-day simple moving average is $25.66. The firm has a market cap of $2.22 billion, a P/E ratio of -15.23 and a beta of 1.92.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The company had revenue of $14.30 million for the quarter, compared to the consensus estimate of $14.52 million. During the same quarter last year, the company earned ($1.22) EPS. The firm’s revenue for the quarter was down 16.9% on a year-over-year basis. On average, sell-side analysts anticipate that Beam Therapeutics Inc. will post -4.66 earnings per share for the current year.

Insider Transactions at Beam Therapeutics

In other news, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $26.36, for a total transaction of $1,347,259.60. Following the transaction, the president now owns 109,150 shares in the company, valued at $2,877,194. This trade represents a 31.89 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Christine Bellon sold 1,241 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total value of $30,627.88. Following the completion of the sale, the insider now owns 102,968 shares of the company’s stock, valued at $2,541,250.24. This trade represents a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 103,461 shares of company stock worth $2,720,547 in the last ninety days. Insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Farallon Capital Management LLC increased its position in Beam Therapeutics by 75.4% in the second quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock worth $185,404,000 after buying an additional 3,401,370 shares in the last quarter. ARCH Venture Management LLC purchased a new stake in Beam Therapeutics in the 2nd quarter worth approximately $127,530,000. State Street Corp increased its holdings in Beam Therapeutics by 12.5% in the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company’s stock worth $96,274,000 after acquiring an additional 437,402 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in Beam Therapeutics by 59.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock worth $87,044,000 after acquiring an additional 1,328,414 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Beam Therapeutics by 4.5% during the third quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock valued at $44,297,000 after purchasing an additional 78,102 shares in the last quarter. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

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.