Beam Therapeutics Inc. (NASDAQ:BEAM) Short Interest Down 6.1% in March

Beam Therapeutics Inc. (NASDAQ:BEAM) saw a significant drop in short interest in March. As of March 31st, there was short interest totalling 13,450,000 shares, a drop of 6.1% from the March 15th total of 14,320,000 shares. Based on an average daily trading volume, of 1,390,000 shares, the short-interest ratio is currently 9.7 days.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CFO Terry-Ann Burrell sold 5,446 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $32.12, for a total value of $174,925.52. Following the sale, the chief financial officer now directly owns 70,137 shares in the company, valued at $2,252,800.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, President Giuseppe Ciaramella sold 4,534 shares of Beam Therapeutics stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $32.12, for a total transaction of $145,632.08. Following the sale, the president now owns 169,616 shares in the company, valued at $5,448,065.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Terry-Ann Burrell sold 5,446 shares of Beam Therapeutics stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $32.12, for a total value of $174,925.52. Following the sale, the chief financial officer now owns 70,137 shares in the company, valued at approximately $2,252,800.44. The disclosure for this sale can be found here. Insiders have sold a total of 156,804 shares of company stock worth $4,731,669 over the last ninety days. Corporate insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

A number of institutional investors have recently added to or reduced their stakes in BEAM. Envestnet Asset Management Inc. purchased a new stake in Beam Therapeutics in the 1st quarter valued at approximately $204,000. Raymond James & Associates boosted its stake in shares of Beam Therapeutics by 43.6% during the 1st quarter. Raymond James & Associates now owns 4,163 shares of the company’s stock worth $239,000 after acquiring an additional 1,263 shares in the last quarter. US Bancorp DE boosted its stake in shares of Beam Therapeutics by 5.6% during the 1st quarter. US Bancorp DE now owns 10,802 shares of the company’s stock worth $619,000 after acquiring an additional 571 shares in the last quarter. HighTower Advisors LLC boosted its stake in shares of Beam Therapeutics by 15.3% during the 1st quarter. HighTower Advisors LLC now owns 4,352 shares of the company’s stock worth $251,000 after acquiring an additional 576 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its stake in shares of Beam Therapeutics by 56.8% during the 1st quarter. MetLife Investment Management LLC now owns 27,129 shares of the company’s stock worth $1,554,000 after acquiring an additional 9,829 shares in the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Stock Performance

Shares of BEAM opened at $25.70 on Wednesday. Beam Therapeutics has a twelve month low of $16.95 and a twelve month high of $49.50. The stock’s 50 day moving average is $33.28 and its two-hundred day moving average is $28.04. The firm has a market capitalization of $2.10 billion, a PE ratio of -13.53 and a beta of 1.77.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, February 27th. The company reported $1.73 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.69) by $2.42. Beam Therapeutics had a negative return on equity of 15.90% and a negative net margin of 35.09%. The company had revenue of $316.20 million for the quarter, compared to analyst estimates of $34.16 million. During the same quarter in the previous year, the company earned ($0.54) EPS. The firm’s revenue for the quarter was up 1481.0% compared to the same quarter last year. On average, sell-side analysts predict that Beam Therapeutics will post -5.53 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Wedbush reiterated an “outperform” rating and set a $57.00 target price (up previously from $48.00) on shares of Beam Therapeutics in a research report on Tuesday, February 27th. Royal Bank of Canada lifted their target price on Beam Therapeutics from $27.00 to $35.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 28th. JPMorgan Chase & Co. upgraded Beam Therapeutics from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $38.00 to $40.00 in a research report on Monday, January 29th. BMO Capital Markets reissued an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a report on Wednesday, March 27th. Finally, TheStreet raised Beam Therapeutics from a “d” rating to a “c-” rating in a report on Monday, March 11th. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Beam Therapeutics has an average rating of “Hold” and an average price target of $41.00.

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.