Short Interest in Beam Therapeutics Inc. (NASDAQ:BEAM) Decreases By 6.1%

Beam Therapeutics Inc. (NASDAQ:BEAM) was the recipient of a significant decline in short interest in the month of March. As of March 31st, there was short interest totalling 13,450,000 shares, a decline of 6.1% from the March 15th total of 14,320,000 shares. Based on an average trading volume of 1,390,000 shares, the short-interest ratio is presently 9.7 days.

Beam Therapeutics Stock Performance

NASDAQ:BEAM opened at $24.31 on Thursday. The stock’s fifty day moving average price is $33.23 and its two-hundred day moving average price is $28.05. The company has a market cap of $1.99 billion, a price-to-earnings ratio of -12.79 and a beta of 1.77. Beam Therapeutics has a 52-week low of $16.95 and a 52-week high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Tuesday, February 27th. The company reported $1.73 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.69) by $2.42. The company had revenue of $316.20 million for the quarter, compared to the consensus estimate of $34.16 million. Beam Therapeutics had a negative return on equity of 15.90% and a negative net margin of 35.09%. The firm’s quarterly revenue was up 1481.0% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.54) EPS. On average, equities analysts predict that Beam Therapeutics will post -5.53 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on BEAM. Royal Bank of Canada upped their price objective on Beam Therapeutics from $27.00 to $35.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 28th. TheStreet upgraded Beam Therapeutics from a “d” rating to a “c-” rating in a research note on Monday, March 11th. Barclays boosted their target price on Beam Therapeutics from $26.00 to $42.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 28th. BMO Capital Markets reissued an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a report on Wednesday, March 27th. Finally, JPMorgan Chase & Co. raised Beam Therapeutics from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $38.00 to $40.00 in a report on Monday, January 29th. Eight research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $41.00.

Insider Activity at Beam Therapeutics

In related news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $25.33, for a total transaction of $1,519,800.00. Following the transaction, the chief executive officer now directly owns 1,058,262 shares in the company, valued at $26,805,776.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Fmr Llc sold 1,565 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $30.76, for a total value of $48,139.40. Following the sale, the insider now directly owns 2,771,913 shares in the company, valued at approximately $85,264,043.88. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $25.33, for a total value of $1,519,800.00. Following the completion of the sale, the chief executive officer now owns 1,058,262 shares in the company, valued at $26,805,776.46. The disclosure for this sale can be found here. Insiders have sold 156,804 shares of company stock worth $4,731,669 over the last three months. Company insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in BEAM. Riverview Trust Co acquired a new position in shares of Beam Therapeutics in the 1st quarter valued at $26,000. Comerica Bank increased its position in shares of Beam Therapeutics by 80.9% in the 4th quarter. Comerica Bank now owns 973 shares of the company’s stock valued at $26,000 after buying an additional 435 shares in the last quarter. Allworth Financial LP increased its position in shares of Beam Therapeutics by 163.7% in the 3rd quarter. Allworth Financial LP now owns 1,105 shares of the company’s stock valued at $27,000 after buying an additional 686 shares in the last quarter. First Horizon Advisors Inc. increased its position in shares of Beam Therapeutics by 125.9% in the 4th quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock valued at $27,000 after buying an additional 554 shares in the last quarter. Finally, Point72 Middle East FZE bought a new stake in shares of Beam Therapeutics in the 4th quarter valued at $35,000. Institutional investors and hedge funds 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.