Beam Therapeutics (NASDAQ:BEAM) Trading Up 6.8% – What’s Next?

Beam Therapeutics Inc. (NASDAQ:BEAM) shares rose 6.8% during trading on Friday . The stock traded as high as $24.66 and last traded at $24.59. Approximately 257,865 shares were traded during trading, a decline of 79% from the average daily volume of 1,227,971 shares. The stock had previously closed at $23.03.

Wall Street Analyst Weigh In

BEAM has been the subject of several recent research reports. HC Wainwright reaffirmed a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a report on Thursday, August 22nd. Stifel Nicolaus lifted their target price on shares of Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Barclays cut their price target on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a report on Wednesday, August 7th. Royal Bank of Canada restated a “sector perform” rating and set a $27.00 target price on shares of Beam Therapeutics in a research report on Thursday, September 19th. Finally, JPMorgan Chase & Co. boosted their price target on Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $44.18.

Beam Therapeutics Trading Up 6.9 %

The firm has a 50-day moving average of $24.81 and a 200 day moving average of $25.36. The stock has a market capitalization of $2.03 billion, a price-to-earnings ratio of -13.54 and a beta of 1.85.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, August 6th. The company reported ($1.11) EPS for the quarter, topping analysts’ consensus estimates of ($1.13) by $0.02. The business had revenue of $11.80 million for the quarter, compared to analysts’ expectations of $14.18 million. Beam Therapeutics had a negative net margin of 40.56% and a negative return on equity of 16.22%. The business’s revenue for the quarter was down 41.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.08) earnings per share. As a group, research analysts forecast that Beam Therapeutics Inc. will post -4.6 EPS for the current year.

Insider Transactions at Beam Therapeutics

In other 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 completion of 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last ninety days, insiders have sold 60,674 shares of company stock valued at $1,491,826. 4.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Arizona State Retirement System increased its position in shares of Beam Therapeutics by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 19,431 shares of the company’s stock valued at $455,000 after purchasing an additional 392 shares during the period. GAMMA Investing LLC increased its position in shares of Beam Therapeutics by 13.3% during the 3rd quarter. GAMMA Investing LLC now owns 4,620 shares of the company’s stock valued at $113,000 after purchasing an additional 544 shares during the period. Green Alpha Advisors LLC increased its position in shares of Beam Therapeutics by 5.9% during the 3rd quarter. Green Alpha Advisors LLC now owns 12,475 shares of the company’s stock valued at $306,000 after purchasing an additional 698 shares during the period. American International Group Inc. increased its position in shares of Beam Therapeutics by 2.0% during the 1st quarter. American International Group Inc. now owns 36,760 shares of the company’s stock valued at $1,215,000 after purchasing an additional 732 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in shares of Beam Therapeutics by 4.5% during the 1st quarter. Principal Financial Group Inc. now owns 18,418 shares of the company’s stock worth $609,000 after acquiring an additional 789 shares in the last quarter. 99.68% of the stock is owned by institutional investors and hedge funds.

About Beam Therapeutics

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.