Beam Therapeutics Inc. (NASDAQ:BEAM) Sees Large Drop in Short Interest

Beam Therapeutics Inc. (NASDAQ:BEAM) was the recipient of a significant decline in short interest during the month of June. As of June 15th, there was short interest totalling 12,950,000 shares, a decline of 6.4% from the May 31st total of 13,830,000 shares. Based on an average daily volume of 1,340,000 shares, the short-interest ratio is currently 9.7 days.

Beam Therapeutics Price Performance

NASDAQ BEAM traded down $0.48 during trading hours on Tuesday, reaching $22.57. The company’s stock had a trading volume of 881,174 shares, compared to its average volume of 1,396,168. The firm has a fifty day simple moving average of $23.61 and a 200-day simple moving average of $27.79. The stock has a market cap of $1.86 billion, a P/E ratio of -12.68 and a beta of 1.88. Beam Therapeutics has a 52 week low of $16.95 and a 52 week high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($1.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.42) by $0.21. The business had revenue of $7.40 million during the quarter, compared to analyst estimates of $17.09 million. Beam Therapeutics had a negative net margin of 37.33% and a negative return on equity of 15.46%. The firm’s quarterly revenue was down 69.4% on a year-over-year basis. During the same quarter last year, the business earned ($1.33) EPS. On average, research analysts expect that Beam Therapeutics will post -4.68 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. TheStreet raised shares of Beam Therapeutics from a “d” rating to a “c-” rating in a research report on Monday, March 11th. Wedbush reissued an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research report on Tuesday, May 7th. Barclays cut their price objective on shares of Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 8th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research report on Wednesday, March 27th. Eight research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $40.18.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $24.50, for a total value of $1,470,000.00. Following the transaction, the chief executive officer now directly owns 998,343 shares in the company, valued at $24,459,403.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Riverview Trust Co bought a new position in Beam Therapeutics in the 1st quarter valued at approximately $26,000. First Horizon Advisors Inc. raised its holdings in Beam Therapeutics by 125.9% during the 4th quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock worth $27,000 after purchasing an additional 554 shares during the last quarter. National Bank of Canada FI raised its holdings in Beam Therapeutics by 200.0% during the 4th quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $41,000 after purchasing an additional 1,000 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in Beam Therapeutics by 144.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock worth $43,000 after purchasing an additional 923 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in Beam Therapeutics by 958.7% during the 2nd quarter. GAMMA Investing LLC now owns 4,076 shares of the company’s stock worth $96,000 after purchasing an additional 3,691 shares during the last quarter. 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.