Short Interest in Beam Therapeutics Inc. (NASDAQ:BEAM) Drops By 7.1%

Beam Therapeutics Inc. (NASDAQ:BEAM) saw a significant decrease in short interest in January. As of January 31st, there was short interest totalling 10,020,000 shares, a decrease 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 days-to-cover ratio is currently 8.7 days.

Insider Activity at Beam Therapeutics

In related news, CEO John M. Evans sold 30,000 shares of the business’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $26.75, for a total transaction of $802,500.00. Following the transaction, the chief executive officer now owns 908,659 shares in the company, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Christine Bellon sold 1,241 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total transaction of $30,627.88. Following the completion of the transaction, the insider now directly owns 102,968 shares of the company’s stock, valued at approximately $2,541,250.24. The trade was a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.20% of the stock is owned by corporate insiders.

Institutional Trading of Beam Therapeutics

Several institutional investors have recently added to or reduced their stakes in the business. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of Beam Therapeutics during the fourth quarter valued at $330,000. Charles Schwab Investment Management Inc. lifted its stake in 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 acquiring an additional 36,226 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Beam Therapeutics by 11.4% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock valued at $98,149,000 after acquiring an additional 404,782 shares during the last quarter. Bellevue Group AG grew its stake in shares of Beam Therapeutics by 7.1% in the third 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. Finally, Geode Capital Management LLC raised its holdings 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 purchasing an additional 78,102 shares during the last quarter. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BEAM has been the subject of a number of research analyst reports. Sanford C. Bernstein upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Cantor Fitzgerald upgraded shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating in a report on Wednesday, January 29th. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $27.00 to $39.00 in a research note on Wednesday, November 6th. Wedbush reissued an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research note on Monday, January 13th. Finally, Royal Bank of Canada decreased their target price on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a research note 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Beam Therapeutics currently has an average rating of “Buy” and an average target price of $47.67.

Beam Therapeutics Stock Up 3.4 %

NASDAQ:BEAM opened at $33.49 on Wednesday. Beam Therapeutics has a 52 week low of $20.84 and a 52 week high of $49.50. The stock has a market cap of $2.77 billion, a price-to-earnings ratio of -19.03 and a beta of 1.92. The company’s 50 day moving average price is $26.81 and its 200-day moving average price is $25.62.

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.