Beam Therapeutics (NASDAQ:BEAM) Shares Up 11.1%

Beam Therapeutics Inc. (NASDAQ:BEAM) was up 11.1% during mid-day trading on Thursday . The company traded as high as $26.65 and last traded at $26.61. Approximately 152,644 shares traded hands during trading, a decline of 89% from the average daily volume of 1,359,555 shares. The stock had previously closed at $23.96.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. BMO Capital Markets restated 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 Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 8th. Finally, Wedbush reiterated an “outperform” rating and issued a $57.00 price target 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 given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $40.18.

Beam Therapeutics Trading Up 7.7 %

The firm’s fifty day moving average price is $23.83 and its 200 day moving average price is $27.60. The firm has a market capitalization of $2.12 billion, a PE ratio of -14.62 and a beta of 1.87.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($1.21) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.42) by $0.21. The firm had revenue of $7.40 million during the quarter, compared to analysts’ expectations of $17.09 million. Beam Therapeutics had a negative net margin of 37.33% and a negative return on equity of 15.46%. Beam Therapeutics’s revenue for the quarter was down 69.4% on a year-over-year basis. During the same period in the prior year, the company posted ($1.33) earnings per share. As a group, research analysts expect that Beam Therapeutics Inc. will post -4.68 EPS for the current year.

Insiders Place Their Bets

In related news, CEO John M. Evans sold 60,000 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 998,343 shares in the company, valued at approximately $24,459,403.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

Several hedge funds have recently made changes to their positions in the stock. Riverview Trust Co acquired a new position in Beam Therapeutics during the first quarter worth $26,000. First Horizon Advisors Inc. lifted its holdings in Beam Therapeutics by 125.9% during the 4th quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock valued at $27,000 after purchasing an additional 554 shares during the last quarter. National Bank of Canada FI boosted its position in Beam Therapeutics by 200.0% in the fourth quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $41,000 after buying an additional 1,000 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in Beam Therapeutics by 144.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock worth $43,000 after buying an additional 923 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Beam Therapeutics by 958.7% during the second quarter. GAMMA Investing LLC now owns 4,076 shares of the company’s stock worth $96,000 after buying an additional 3,691 shares in the last quarter. Institutional investors 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.