Beam Therapeutics (NASDAQ:BEAM) Shares Up 13% – What’s Next?

Beam Therapeutics Inc. (NASDAQ:BEAM)’s share price was up 13% on Monday . The stock traded as high as $30.92 and last traded at $30.58. Approximately 472,833 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 1,227,327 shares. The stock had previously closed at $27.06.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Leerink Partnrs upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Wedbush reaffirmed an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research note on Tuesday, November 5th. Leerink Partners raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $27.00 to $39.00 in a research report on Wednesday, November 6th. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research report on Thursday, November 7th. Finally, Royal Bank of Canada lowered their target price on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 6th. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Beam Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.91.

Beam Therapeutics Stock Down 1.6 %

The stock has a fifty day moving average of $24.30 and a 200-day moving average of $24.75.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $14.30 million during the quarter, compared to analyst estimates of $14.52 million. During the same period last year, the business earned ($1.22) EPS. The firm’s revenue was down 16.9% compared to the same quarter last year. As a group, research analysts anticipate that Beam Therapeutics Inc. will post -4.66 EPS for the current year.

Insider Buying and Selling

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $24.60, for a total value of $1,476,000.00. Following the sale, the chief executive officer now directly owns 938,659 shares in the company, valued at $23,091,011.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the sale, the chief executive officer now owns 938,659 shares of the company’s stock, valued at approximately $23,091,011.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Giuseppe Ciaramella sold 51,110 shares of the company’s 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 completion of the transaction, the president now owns 109,150 shares of the company’s stock, valued at approximately $2,877,194. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 162,894 shares of company stock worth $4,181,745. Corporate insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Several hedge funds have recently made changes to their positions in BEAM. Fairfield Financial Advisors LTD acquired a new stake in shares of Beam Therapeutics in the 2nd quarter valued at about $26,000. Blue Trust Inc. lifted its stake in Beam Therapeutics by 2,648.4% in the second quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock valued at $40,000 after buying an additional 1,642 shares during the last quarter. National Bank of Canada FI boosted its holdings in shares of Beam Therapeutics by 200.0% in the second quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock valued at $69,000 after acquiring an additional 2,000 shares during the period. Mirae Asset Global Investments Co. Ltd. grew 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 acquiring an additional 524 shares during the last quarter. Finally, Quarry LP increased its holdings in shares of Beam Therapeutics by 350.0% in the 2nd quarter. Quarry LP now owns 3,600 shares of the company’s stock valued at $84,000 after acquiring an additional 2,800 shares during the period. Hedge funds and other institutional investors 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.