Beam Therapeutics Inc. (NASDAQ:BEAM) Short Interest Down 7.1% in January

Beam Therapeutics Inc. (NASDAQ:BEAM) was the target of a large decrease in short interest in the month of January. As of January 31st, there was short interest totalling 10,020,000 shares, a decrease of 7.1% from the January 15th total of 10,790,000 shares. Based on an average daily trading volume, of 1,150,000 shares, the short-interest ratio is presently 8.7 days.

Analysts Set New Price Targets

Several research firms have recently issued reports on BEAM. Wedbush restated an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a report on Monday, January 13th. Cantor Fitzgerald upgraded Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research report on Wednesday, January 29th. HC Wainwright restated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research note on Monday, February 3rd. Royal Bank of Canada decreased their price target on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 6th. Finally, Sanford C. Bernstein upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $47.67.

Beam Therapeutics Trading Up 13.2 %

BEAM stock traded up $3.79 during trading on Monday, hitting $32.40. 3,373,252 shares of the stock traded hands, compared to its average volume of 1,048,712. The stock has a market cap of $2.68 billion, a price-to-earnings ratio of -18.41 and a beta of 1.92. Beam Therapeutics has a one year low of $20.84 and a one year high of $49.50. The company has a 50 day simple moving average of $26.71 and a 200 day simple moving average of $25.60.

Insider Buying and Selling

In other news, insider Christine Bellon sold 1,241 shares of the stock in a transaction that occurred 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 directly owns 102,968 shares of the company’s stock, valued at approximately $2,541,250.24. This represents a 1.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO John M. Evans sold 30,000 shares of the firm’s 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 completion of the sale, the chief executive officer now owns 908,659 shares in the company, valued at approximately $24,306,628.25. The trade was a 3.20 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is owned by insiders.

Institutional Trading of Beam Therapeutics

Hedge funds have recently modified their holdings of the company. Sumitomo Mitsui Trust Group Inc. increased its holdings 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 valued at $87,044,000 after purchasing an additional 1,328,414 shares in the last quarter. ARK Investment Management LLC grew its holdings in shares of Beam Therapeutics by 8.2% during the fourth quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company’s stock worth $175,287,000 after purchasing an additional 536,930 shares during the last quarter. Casdin Capital LLC increased its stake in shares of Beam Therapeutics by 61.3% in the fourth quarter. Casdin Capital LLC now owns 1,250,000 shares of the company’s stock valued at $31,000,000 after buying an additional 475,000 shares in the last quarter. State Street Corp raised its holdings in shares of Beam Therapeutics by 12.5% in the third quarter. State Street Corp now owns 3,929,557 shares of the company’s stock valued at $96,274,000 after buying an additional 437,402 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. lifted its position in Beam Therapeutics by 11.4% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company’s stock worth $98,109,000 after buying an additional 404,782 shares in the last quarter. Institutional investors and hedge funds 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.