Beam Therapeutics (NASDAQ:BEAM) Stock Price Up 4.1%

Beam Therapeutics Inc. (NASDAQ:BEAM) shares shot up 4.1% on Monday . The company traded as high as $24.14 and last traded at $23.87. 32,525 shares were traded during mid-day trading, a decline of 98% from the average session volume of 1,373,108 shares. The stock had previously closed at $22.94.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on BEAM shares. Wedbush restated an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research report on Tuesday, May 7th. Barclays dropped their target price on Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating for the company in a report on Wednesday, May 8th. TheStreet upgraded Beam Therapeutics from a “d” rating to a “c-” rating in a report on Monday, March 11th. BMO Capital Markets reissued an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Wednesday, March 27th. Finally, Royal Bank of Canada lifted their target price on shares of Beam Therapeutics from $27.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 28th. Eight analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Beam Therapeutics presently has an average rating of “Hold” and an average price target of $40.18.

Beam Therapeutics Stock Performance

The business’s 50 day moving average price is $23.65 and its 200-day moving average price is $27.94. The firm has a market capitalization of $2.00 billion, a PE ratio of -13.62 and a beta of 1.89.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings data on Tuesday, May 7th. The company reported ($1.21) earnings per share (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 firm had revenue of $7.40 million for the quarter, compared to the consensus estimate of $17.09 million. During the same quarter in the previous year, the business earned ($1.33) EPS. The company’s quarterly revenue was down 69.4% compared to the same quarter last year. As a group, analysts anticipate that Beam Therapeutics Inc. will post -4.68 earnings per share for the current year.

Insider Transactions at Beam Therapeutics

In other news, insider Amy Simon sold 7,157 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $32.13, for a total value of $229,954.41. Following the completion of the transaction, the insider now 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 SEC, which is available at the SEC website. In other news, insider Amy Simon sold 7,157 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $32.13, for a total value of $229,954.41. Following the sale, the insider now directly owns 86,590 shares in the company, valued at $2,782,136.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, President Giuseppe Ciaramella sold 4,534 shares of the business’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 $145,632.08. Following the transaction, the president now directly owns 169,616 shares of the company’s stock, valued at $5,448,065.92. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 95,239 shares of company stock valued at $3,163,729. 4.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Beam Therapeutics

A number of large investors have recently made changes to their positions in BEAM. Riverview Trust Co purchased a new position in Beam Therapeutics in the first quarter worth approximately $26,000. First Horizon Advisors Inc. lifted its position in shares of Beam Therapeutics by 125.9% during the 4th quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock worth $27,000 after purchasing an additional 554 shares during the last quarter. National Bank of Canada FI grew its stake in shares of Beam Therapeutics by 200.0% during the fourth quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $41,000 after purchasing an additional 1,000 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in Beam Therapeutics by 144.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock valued at $43,000 after buying an additional 923 shares during the last quarter. Finally, Reynders McVeigh Capital Management LLC purchased a new position in Beam Therapeutics in the first quarter valued at $201,000. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Beam Therapeutics Company Profile

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.