Beam Therapeutics (NASDAQ:BEAM) Stock Price Up 4.2%

Beam Therapeutics Inc. (NASDAQ:BEAM)’s share price was up 4.2% on Monday . The company traded as high as $25.70 and last traded at $25.45. Approximately 44,840 shares were traded during trading, a decline of 97% from the average daily volume of 1,348,910 shares. The stock had previously closed at $24.43.

Wall Street Analyst Weigh In

A number of analysts have weighed in on BEAM shares. Wedbush reaffirmed an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research report on Tuesday, August 6th. JPMorgan Chase & Co. raised their price objective on Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $27.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, August 7th. Barclays dropped their price objective on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 7th. Finally, HC Wainwright initiated coverage on Beam Therapeutics in a research note on Tuesday, July 23rd. They issued a “buy” rating and a $80.00 price objective for the company. Seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Beam Therapeutics currently has a consensus rating of “Hold” and a consensus price target of $41.70.

Beam Therapeutics Stock Performance

The company has a market capitalization of $2.02 billion, a price-to-earnings ratio of -13.78 and a beta of 1.87. The company has a fifty day simple moving average of $25.72 and a two-hundred day simple moving average of $27.77.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($1.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.13) by $0.02. Beam Therapeutics had a negative return on equity of 15.46% and a negative net margin of 37.33%. The business had revenue of $11.80 million for the quarter, compared to analysts’ expectations of $14.18 million. During the same quarter last year, the firm earned ($1.08) earnings per share. The business’s revenue was down 41.3% on a year-over-year basis. As a group, analysts expect that Beam Therapeutics Inc. will post -4.68 EPS for the current year.

Insider Transactions at Beam Therapeutics

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

Institutional Investors Weigh In On Beam Therapeutics

Hedge funds have recently made changes to their positions in the business. Riverview Trust Co acquired a new stake in shares of Beam Therapeutics during the first quarter worth $26,000. Fairfield Financial Advisors LTD purchased a new position in shares of Beam Therapeutics in the 2nd quarter worth $26,000. First Horizon Advisors Inc. raised its stake in shares of Beam Therapeutics by 125.9% in the 4th quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock valued at $27,000 after acquiring an additional 554 shares during the period. Blue Trust Inc. boosted its position in Beam Therapeutics by 2,648.4% during the 2nd quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock worth $40,000 after purchasing an additional 1,642 shares during the period. Finally, National Bank of Canada FI increased its holdings in Beam Therapeutics by 200.0% in the 4th quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $41,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

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.