Beam Therapeutics (NASDAQ:BEAM) Stock Price Up 5.5% – Still a Buy?

Beam Therapeutics Inc. (NASDAQ:BEAM) rose 5.5% on Monday . The company traded as high as $17.44 and last traded at $17.93. Approximately 95,762 shares were traded during trading, a decline of 93% from the average daily volume of 1,371,828 shares. The stock had previously closed at $17.00.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on BEAM shares. Guggenheim reissued a “buy” rating and set a $78.00 price objective on shares of Beam Therapeutics in a research note on Thursday, February 27th. Royal Bank of Canada raised their target price on shares of Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 26th. 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. HC Wainwright reiterated a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a research note on Monday, April 7th. Finally, Bank of America raised shares of Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 price target on the stock in a report on Friday, March 28th. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $49.45.

Beam Therapeutics Price Performance

The company has a market capitalization of $1.86 billion, a price-to-earnings ratio of -10.61 and a beta of 2.02. The firm has a fifty day simple moving average of $23.35 and a 200 day simple moving average of $24.89.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.25) by $0.16. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business had revenue of $30.00 million for the quarter, compared to analyst estimates of $16.47 million. During the same period last year, the company posted $1.73 EPS. The business’s revenue was down 90.5% on a year-over-year basis. Research analysts predict that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Insider Activity

In other news, President Giuseppe Ciaramella sold 7,434 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $136,413.90. Following the completion of the sale, the president now owns 190,216 shares in the company, valued at approximately $3,490,463.60. The trade was a 3.76 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christine Bellon sold 5,674 shares of the company’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $104,117.90. Following the completion of the sale, the insider now directly owns 117,294 shares of the company’s stock, valued at approximately $2,152,344.90. This trade represents a 4.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 73,771 shares of company stock worth $1,605,698. Corporate insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Institutional investors have recently modified their holdings of the business. Wealthfront Advisers LLC acquired a new position in Beam Therapeutics in the fourth quarter valued at $41,000. GF Fund Management CO. LTD. acquired a new stake in Beam Therapeutics during the 4th quarter worth approximately $43,000. Sterling Capital Management LLC grew its stake in shares of Beam Therapeutics by 816.0% in the 4th quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock valued at $60,000 after purchasing an additional 2,146 shares during the last quarter. KBC Group NV increased its holdings in shares of Beam Therapeutics by 103.2% in the fourth quarter. KBC Group NV now owns 4,143 shares of the company’s stock valued at $103,000 after purchasing an additional 2,104 shares during the period. Finally, Blue Trust Inc. raised its stake in shares of Beam Therapeutics by 36.3% during the fourth quarter. Blue Trust Inc. now owns 4,274 shares of the company’s stock worth $105,000 after purchasing an additional 1,139 shares during the last quarter. 99.68% of the stock is owned by institutional investors and hedge funds.

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.