Beam Therapeutics Inc. (NASDAQ:BEAM) Short Interest Update

Beam Therapeutics Inc. (NASDAQ:BEAM) saw a significant decrease in short interest in May. As of May 31st, there was short interest totalling 13,830,000 shares, a decrease of 5.1% from the May 15th total of 14,580,000 shares. Based on an average daily trading volume, of 1,260,000 shares, the days-to-cover ratio is currently 11.0 days.

Wall Street Analysts Forecast Growth

BEAM has been the topic of a number of research reports. BMO Capital Markets reissued an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research report on Wednesday, March 27th. Barclays cut their target price 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. Royal Bank of Canada boosted their price target on shares of Beam Therapeutics from $27.00 to $35.00 and gave the company a “sector perform” rating in a report on Wednesday, February 28th. TheStreet raised shares of Beam Therapeutics from a “d” rating to a “c-” rating in a research note on Monday, March 11th. Finally, Wedbush reissued an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research report on Tuesday, May 7th. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $40.18.

Beam Therapeutics Stock Performance

BEAM opened at $23.17 on Wednesday. The stock has a 50-day moving average of $23.92 and a 200-day moving average of $28.11. Beam Therapeutics has a 52-week low of $16.95 and a 52-week high of $49.50. The company has a market cap of $1.91 billion, a PE ratio of -13.02 and a beta of 1.89.

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

Insider Buying and Selling at Beam Therapeutics

In other news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $33.86, for a total value of $2,031,600.00. Following the transaction, the chief executive officer now directly owns 998,262 shares of the company’s stock, valued at $33,801,151.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Amy Simon sold 7,157 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $32.13, for a total transaction of $229,954.41. Following the transaction, the insider now directly owns 86,590 shares of the company’s stock, valued at $2,782,136.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO John M. Evans sold 60,000 shares of the stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $33.86, for a total value of $2,031,600.00. Following the completion of the sale, the chief executive officer now directly owns 998,262 shares of the company’s stock, valued at $33,801,151.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 95,239 shares of company stock valued at $3,163,729. 4.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Farallon Capital Management LLC boosted its holdings in Beam Therapeutics by 9.9% during the first quarter. Farallon Capital Management LLC now owns 4,511,753 shares of the company’s stock valued at $149,068,000 after acquiring an additional 406,000 shares during the period. Virtu Financial LLC bought a new stake in Beam Therapeutics during the 1st quarter valued at approximately $875,000. Bayesian Capital Management LP acquired a new stake in Beam Therapeutics in the 1st quarter valued at approximately $291,000. Redmile Group LLC increased its position in Beam Therapeutics by 31.5% in the 1st quarter. Redmile Group LLC now owns 1,879,617 shares of the company’s stock worth $62,103,000 after buying an additional 449,834 shares during the period. Finally, Darwin Global Management Ltd. acquired a new position in shares of Beam Therapeutics during the first quarter worth approximately $70,032,000. 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.