Beam Therapeutics (NASDAQ:BEAM) Shares Up 5.5% – Here’s Why

Beam Therapeutics Inc. (NASDAQ:BEAM) shares traded up 5.5% during trading on Monday . The stock traded as high as $17.44 and last traded at $17.93. 95,762 shares changed hands during mid-day trading, a decline of 93% from the average session volume of 1,371,828 shares. The stock had previously closed at $17.00.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on BEAM shares. Royal Bank of Canada upped their price objective on Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 26th. Jones Trading raised Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a research report on Monday, March 10th. Bank of America upgraded Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 price objective on the stock in a research report on Friday, March 28th. HC Wainwright reissued a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research report on Monday, April 7th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Beam Therapeutics in a research note on Wednesday, March 12th. Two analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $49.45.

Beam Therapeutics Stock Performance

The firm has a market capitalization of $1.86 billion, a PE ratio of -10.61 and a beta of 2.02. The firm has a fifty day moving average of $23.35 and a 200 day moving average of $24.89.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, February 25th. The company reported ($1.09) EPS for the quarter, topping analysts’ consensus estimates of ($1.25) by $0.16. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business had revenue of $30.00 million for the quarter, compared to analysts’ expectations of $16.47 million. During the same period in the previous year, the company posted $1.73 earnings per share. The business’s revenue for the quarter was down 90.5% compared to the same quarter last year. Research analysts forecast that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, insider Christine Bellon sold 5,674 shares of the firm’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $104,117.90. Following the transaction, the insider now owns 117,294 shares of the company’s stock, valued at $2,152,344.90. This trade represents a 4.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO John M. Evans sold 30,000 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 908,659 shares of the company’s stock, valued at $24,306,628.25. This trade represents a 3.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 73,771 shares of company stock worth $1,605,698 over the last quarter. 4.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Stifel Financial Corp bought a new position in Beam Therapeutics in the 3rd quarter worth approximately $262,000. Geode Capital Management LLC increased 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 period. Franklin Resources Inc. bought a new stake in shares of Beam Therapeutics during the third quarter valued at about $400,000. GAMMA Investing LLC lifted its holdings in Beam Therapeutics by 23.9% in the fourth quarter. GAMMA Investing LLC now owns 5,722 shares of the company’s stock worth $142,000 after purchasing an additional 1,102 shares during the period. Finally, Avanza Fonder AB bought a new stake in shares of Beam Therapeutics during the 4th quarter worth about $1,247,000. 99.68% of the stock is owned by institutional investors and hedge funds.

About Beam Therapeutics

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.