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

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

Beam Therapeutics Stock Up 13.2 %

Shares of BEAM stock opened at $32.40 on Tuesday. Beam Therapeutics has a 52 week low of $20.84 and a 52 week high of $49.50. The company has a 50-day simple moving average of $26.81 and a 200 day simple moving average of $25.62.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on BEAM. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research report on Monday, February 3rd. Wedbush reaffirmed an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a research report on Monday, January 13th. Sanford C. Bernstein raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Cantor Fitzgerald raised shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research note on Wednesday, January 29th. Finally, Royal Bank of Canada dropped 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 report on Wednesday, November 6th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Beam Therapeutics presently has an average rating of “Buy” and a consensus target price of $47.67.

Insider Buying and Selling

In other news, CEO John M. Evans sold 30,000 shares of the business’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $26.75, for a total value of $802,500.00. Following the sale, the chief executive officer now owns 908,659 shares of the company’s stock, valued at $24,306,628.25. The trade was a 3.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Christine Bellon sold 1,241 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total transaction of $30,627.88. Following the transaction, the insider now owns 102,968 shares of the company’s stock, valued at $2,541,250.24. The trade was a 1.19 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Beam Therapeutics

A number of institutional investors have recently made changes to their positions in the company. Farallon Capital Management LLC lifted its holdings in Beam Therapeutics by 0.4% during the 4th quarter. Farallon Capital Management LLC now owns 8,239,123 shares of the company’s stock worth $204,330,000 after purchasing an additional 31,000 shares during the last quarter. ARK Investment Management LLC increased its position in Beam Therapeutics by 8.2% during the 4th quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company’s stock worth $175,287,000 after buying an additional 536,930 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Beam Therapeutics by 11.4% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock worth $98,149,000 after buying an additional 404,782 shares in the last quarter. Nikko Asset Management Americas Inc. lifted its holdings in shares of Beam Therapeutics by 11.4% during the fourth 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. Finally, State Street Corp boosted its position 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 acquiring an additional 437,402 shares during the period. 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.