Beam Therapeutics (NASDAQ:BEAM) Trading 9.7% Higher

Beam Therapeutics Inc. (NASDAQ:BEAM)’s stock price rose 9.7% during mid-day trading on Thursday . The company traded as high as $33.20 and last traded at $32.71. Approximately 753,656 shares were traded during trading, a decline of 46% from the average daily volume of 1,387,470 shares. The stock had previously closed at $29.81.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Barclays cut their price target on Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 8th. HC Wainwright initiated coverage on shares of Beam Therapeutics in a report on Tuesday. They issued a “buy” rating and a $80.00 target price on the stock. Finally, Wedbush reiterated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Tuesday, May 7th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Beam Therapeutics has an average rating of “Hold” and a consensus price target of $43.50.

Beam Therapeutics Stock Performance

The firm has a market capitalization of $2.73 billion, a price-to-earnings ratio of -18.62 and a beta of 1.87. The stock’s fifty day moving average is $25.01 and its two-hundred day moving average is $27.62.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, May 7th. The company reported ($1.21) earnings per share for the quarter, topping the consensus estimate of ($1.42) by $0.21. The company had revenue of $7.40 million during the quarter, compared to the consensus estimate of $17.09 million. Beam Therapeutics had a negative net margin of 37.33% and a negative return on equity of 15.46%. The company’s revenue was down 69.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($1.33) EPS. Sell-side analysts anticipate that Beam Therapeutics Inc. will post -4.68 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction that occurred 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 owns 998,343 shares of the company’s stock, valued at approximately $24,459,403.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

Institutional investors have recently bought and sold shares of the business. Darwin Global Management Ltd. purchased a new stake in shares of Beam Therapeutics during the first quarter worth $70,032,000. Price T Rowe Associates Inc. MD raised its holdings in Beam Therapeutics by 3,137.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,246,189 shares of the company’s stock valued at $41,175,000 after buying an additional 1,207,699 shares in the last quarter. Nikko Asset Management Americas Inc. lifted its position in shares of Beam Therapeutics by 43.6% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 2,358,091 shares of the company’s stock worth $64,093,000 after buying an additional 715,911 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Beam Therapeutics by 43.6% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,358,091 shares of the company’s stock worth $64,187,000 after acquiring an additional 715,911 shares in the last quarter. Finally, Bellevue Group AG increased its holdings in shares of Beam Therapeutics by 71.7% during the 1st quarter. Bellevue Group AG now owns 1,193,121 shares of the company’s stock valued at $39,421,000 after acquiring an additional 498,300 shares during the last quarter. 99.68% of the stock is currently 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.