Beam Therapeutics (NASDAQ:BEAM) Shares Up 10.1% – Here’s Why

Beam Therapeutics Inc. (NASDAQ:BEAM)’s share price shot up 10.1% during trading on Thursday . The stock traded as high as $32.58 and last traded at $32.53. 484,560 shares changed hands during trading, a decline of 76% from the average session volume of 2,000,171 shares. The stock had previously closed at $29.55.

Wall Street Analyst Weigh In

Several brokerages recently commented on BEAM. Sanford C. Bernstein dropped their price objective on Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. HC Wainwright reissued a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Thursday, May 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Monday, April 20th. Canaccord Genuity Group began coverage on Beam Therapeutics in a research note on Friday, February 20th. They issued a “buy” rating and a $74.00 price target on the stock. Finally, Wall Street Zen raised Beam Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $46.83.

Beam Therapeutics Price Performance

The stock has a market cap of $3.02 billion, a price-to-earnings ratio of -43.23 and a beta of 2.25. The company has a 50-day simple moving average of $28.77 and a two-hundred day simple moving average of $27.82. The company has a debt-to-equity ratio of 0.09, a quick ratio of 16.99 and a current ratio of 16.99.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.91) earnings per share for the quarter, topping the consensus estimate of ($1.03) by $0.12. The firm had revenue of $31.74 million for the quarter, compared to analyst estimates of $10.98 million. Beam Therapeutics had a negative return on equity of 29.00% and a negative net margin of 39.66%.The business’s quarterly revenue was up 323.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($1.23) EPS. As a group, equities research analysts forecast that Beam Therapeutics Inc. will post -4.16 EPS for the current year.

Insider Buying and Selling

In other Beam Therapeutics news, insider Amy Simon sold 6,700 shares of the business’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total transaction of $164,686.00. Following the transaction, the insider owned 102,735 shares of the company’s stock, valued at $2,525,226.30. The trade was a 6.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO John M. Evans sold 30,078 shares of Beam Therapeutics stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total value of $739,317.24. Following the transaction, the chief executive officer owned 1,047,205 shares of the company’s stock, valued at $25,740,298.90. The trade was a 2.79% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 79,544 shares of company stock worth $1,899,942 over the last 90 days. Company insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank Julius Baer & Co. Ltd Zurich bought a new position in Beam Therapeutics during the fourth quarter worth about $47,000. Hollencrest Capital Management bought a new position in Beam Therapeutics during the first quarter worth about $43,000. Larson Financial Group LLC grew its holdings in Beam Therapeutics by 4,370.5% during the third quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock worth $48,000 after purchasing an additional 1,923 shares during the period. Kestra Advisory Services LLC bought a new position in Beam Therapeutics during the fourth quarter worth about $59,000. Finally, Van ECK Associates Corp grew its holdings in Beam Therapeutics by 48.7% during the third quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after purchasing an additional 707 shares during the period. Institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Company Profile

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.