Beam Therapeutics (NASDAQ:BEAM) Stock Price Up 6.7% – Should You Buy?

Beam Therapeutics Inc. (NASDAQ:BEAM)’s share price shot up 6.7% during trading on Tuesday . The stock traded as high as $28.23 and last traded at $28.12. 114,661 shares were traded during trading, a decline of 87% from the average session volume of 860,004 shares. The stock had previously closed at $26.36.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on BEAM shares. Royal Bank of Canada decreased their target price on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 6th. Cantor Fitzgerald raised shares of Beam Therapeutics to a “hold” rating in a research note on Tuesday, December 10th. HC Wainwright reissued a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Monday, December 9th. Scotiabank assumed coverage on Beam Therapeutics in a research note on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 price target for the company. Finally, Wedbush reiterated an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research report on Monday, December 9th. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.67.

Beam Therapeutics Trading Down 1.0 %

The firm has a fifty day moving average of $26.55 and a two-hundred day moving average of $25.66. The company has a market capitalization of $2.22 billion, a PE ratio of -15.23 and a beta of 1.92.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.01). Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The company had revenue of $14.30 million during the quarter, compared to the consensus estimate of $14.52 million. During the same quarter in the previous year, the firm posted ($1.22) EPS. The business’s revenue for the quarter was down 16.9% compared to the same quarter last year. On average, equities analysts expect that Beam Therapeutics Inc. will post -4.66 EPS for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, President Giuseppe Ciaramella sold 51,110 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $26.36, for a total transaction of $1,347,259.60. Following the transaction, the president now directly owns 109,150 shares of the company’s stock, valued at approximately $2,877,194. The trade was a 31.89 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christine Bellon sold 1,241 shares of the company’s 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 completion of the transaction, the insider now owns 102,968 shares of the company’s stock, valued at $2,541,250.24. This trade represents a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 103,461 shares of company stock valued at $2,720,547 in the last quarter. Company insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of BEAM. Farallon Capital Management LLC boosted its position in Beam Therapeutics by 75.4% during the 2nd quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock valued at $185,404,000 after acquiring an additional 3,401,370 shares in the last quarter. ARCH Venture Management LLC purchased a new position in shares of Beam Therapeutics in the 2nd quarter valued at approximately $127,530,000. State Street Corp boosted its position in shares of Beam Therapeutics by 12.5% during the third quarter. State Street Corp now owns 3,929,557 shares of the company’s stock valued at $96,274,000 after purchasing an additional 437,402 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in Beam Therapeutics by 59.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock worth $87,044,000 after purchasing an additional 1,328,414 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Beam Therapeutics by 4.5% in the third quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock worth $44,297,000 after purchasing an additional 78,102 shares in the last quarter. Hedge funds and other 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.