Beam Therapeutics (NASDAQ:BEAM) Trading 6.7% Higher – Should You Buy?

Beam Therapeutics Inc. (NASDAQ:BEAM)’s stock price rose 6.7% on Tuesday . The stock traded as high as $28.23 and last traded at $28.12. Approximately 114,661 shares were traded during mid-day 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

Several research analysts have recently commented on BEAM shares. HC Wainwright reissued a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a report on Monday, December 9th. Wedbush reissued an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a report on Monday, December 9th. Royal Bank of Canada dropped their price objective on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. Cantor Fitzgerald raised Beam Therapeutics to a “hold” rating in a research note on Tuesday, December 10th. Finally, Scotiabank assumed coverage on Beam Therapeutics in a research note on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 price target for the company. Three 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.67.

Beam Therapeutics Trading Up 2.4 %

The firm has a fifty day moving average of $26.36 and a two-hundred day moving average of $25.62. The company has a market capitalization of $2.23 billion, a PE ratio of -15.34 and a beta of 1.92.

Beam Therapeutics (NASDAQ:BEAM) last released 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 analysts’ expectations of $14.52 million. During the same period last year, the company posted ($1.22) EPS. The business’s revenue for the quarter was down 16.9% compared to the same quarter last year. On average, equities analysts expect that Beam Therapeutics Inc. will post -4.66 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Christine Bellon sold 1,241 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total value of $30,627.88. Following the sale, the insider now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Giuseppe Ciaramella sold 51,110 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $26.36, for a total value of $1,347,259.60. Following the transaction, the president now owns 109,150 shares in the company, valued at approximately $2,877,194. This represents a 31.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 103,461 shares of company stock valued at $2,720,547 in the last quarter. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. boosted its stake in shares of Beam Therapeutics by 6.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock valued at $15,423,000 after purchasing an additional 36,226 shares in the last quarter. Bank of Montreal Can bought a new stake in Beam Therapeutics during the 2nd quarter valued at approximately $3,683,000. Bellevue Group AG grew its holdings in shares of Beam Therapeutics by 7.1% during the 3rd quarter. Bellevue Group AG now owns 1,518,121 shares of the company’s stock worth $37,194,000 after acquiring an additional 100,000 shares during the period. Geode Capital Management LLC raised its position in shares of Beam Therapeutics by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock worth $44,297,000 after acquiring an additional 78,102 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Beam Therapeutics by 59.7% in 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 during the period. 99.68% of the stock is 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.