Beam Therapeutics (NASDAQ:BEAM) Shares Up 9% – What’s Next?

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) traded up 9% during mid-day trading on Monday . The company traded as high as $16.92 and last traded at $16.87. 689,703 shares traded hands during trading, a decline of 50% from the average session volume of 1,384,184 shares. The stock had previously closed at $15.47.

Analyst Ratings Changes

A number of equities analysts recently commented on BEAM shares. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Beam Therapeutics in a research note on Wednesday, March 12th. Royal Bank of Canada lifted their price target on Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a report on Wednesday, February 26th. Guggenheim reissued a “buy” rating and issued a $78.00 price objective on shares of Beam Therapeutics in a research note on Thursday, February 27th. Sanford C. Bernstein upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Wedbush restated an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a report on Monday, March 10th. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $49.45.

Beam Therapeutics Price Performance

The stock’s fifty day moving average is $24.37 and its 200-day moving average is $25.13. The stock has a market capitalization of $1.65 billion, a P/E ratio of -9.39 and a beta of 2.02.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings data on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.25) by $0.16. The business had revenue of $30.00 million for the quarter, compared to the consensus estimate of $16.47 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The firm’s revenue was down 90.5% compared to the same quarter last year. During the same period last year, the business earned $1.73 EPS. On average, research analysts expect that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Insider Buying and Selling

In related news, insider Christine Bellon sold 5,674 shares of the business’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total transaction of $104,117.90. Following the completion of the transaction, the insider now owns 117,294 shares of the company’s stock, valued at approximately $2,152,344.90. The trade was a 4.61 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO John M. Evans sold 30,663 shares of the firm’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 value of $562,666.05. Following the completion of the sale, the chief executive officer now directly owns 986,249 shares in the company, valued at $18,097,669.15. This trade represents a 3.02 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 73,771 shares of company stock valued at $1,605,698. Company insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Stifel Financial Corp bought a new position in Beam Therapeutics during the third quarter worth $262,000. State Street Corp increased its holdings in shares of Beam Therapeutics by 12.5% during the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company’s stock worth $96,274,000 after purchasing an additional 437,402 shares during the period. Geode Capital Management LLC raised its position in shares of Beam Therapeutics by 4.5% during the third quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock valued at $44,297,000 after buying an additional 78,102 shares during the last quarter. Franklin Resources Inc. bought a new stake in shares of Beam Therapeutics in the third quarter valued at about $400,000. Finally, GAMMA Investing LLC grew its position in Beam Therapeutics by 23.9% during the fourth quarter. GAMMA Investing LLC now owns 5,722 shares of the company’s stock worth $142,000 after buying an additional 1,102 shares in the last quarter. 99.68% of the stock is currently 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.