Beam Therapeutics (NASDAQ:BEAM) Trading Up 6%

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) rose 6% during trading on Thursday . The company traded as high as $94.62 and last traded at $94.35. Approximately 9,333 shares traded hands during mid-day trading, a decline of 99% from the average daily volume of 781,822 shares. The stock had previously closed at $88.99.

A number of research firms recently weighed in on BEAM. Bank of America started coverage on shares of Beam Therapeutics in a research report on Friday, September 10th. They issued a “buy” rating and a $150.00 target price for the company. Zacks Investment Research raised shares of Beam Therapeutics from a “sell” rating to a “hold” rating in a research report on Tuesday. Wedbush boosted their price target on shares of Beam Therapeutics from $114.00 to $149.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 29th. Finally, Stifel Nicolaus started coverage on shares of Beam Therapeutics in a research report on Friday, September 24th. They set a “buy” rating and a $120.00 price target on the stock. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Beam Therapeutics has an average rating of “Buy” and a consensus target price of $119.86.

The business’s 50-day moving average price is $99.92 and its 200 day moving average price is $89.87. The company has a market cap of $6.20 billion, a P/E ratio of -13.57 and a beta of 1.33.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data on Monday, August 9th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.74) by ($0.49). Beam Therapeutics had a negative net margin of 1,698,870.50% and a negative return on equity of 94.82%. The business had revenue of $0.01 million during the quarter, compared to analyst estimates of $8.33 million. During the same period in the previous year, the business earned ($0.69) earnings per share. Sell-side analysts anticipate that Beam Therapeutics Inc. will post -5.83 earnings per share for the current year.

In other news, CEO John M. Evans sold 27,700 shares of the company’s stock in a transaction that occurred on Wednesday, October 6th. The stock was sold at an average price of $83.80, for a total value of $2,321,260.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO John M. Evans sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, August 19th. The shares were sold at an average price of $99.49, for a total value of $1,989,800.00. The disclosure for this sale can be found here. Company insiders own 0.74% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Gilder Gagnon Howe & Co. LLC raised its position in shares of Beam Therapeutics by 10.9% in the first quarter. Gilder Gagnon Howe & Co. LLC now owns 143,900 shares of the company’s stock valued at $11,518,000 after buying an additional 14,189 shares in the last quarter. Lazard Asset Management LLC raised its position in shares of Beam Therapeutics by 6,354.3% in the second quarter. Lazard Asset Management LLC now owns 24,591 shares of the company’s stock valued at $3,165,000 after buying an additional 24,210 shares in the last quarter. Virtu Financial LLC acquired a new stake in shares of Beam Therapeutics in the first quarter valued at approximately $1,781,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Beam Therapeutics in the first quarter valued at approximately $298,000. Finally, Royal Bank of Canada increased its position in shares of Beam Therapeutics by 152.1% in the first quarter. Royal Bank of Canada now owns 3,799 shares of the company’s stock worth $304,000 after purchasing an additional 2,292 shares during the period. 67.30% of the stock is owned by institutional investors.

About Beam Therapeutics (NASDAQ:BEAM)

Beam Therapeutics Inc, a biotechnology company, develops precision genetic medicines for patients suffering from serious diseases in the United States. The company is developing BEAM-101 for the treatment of sickle cell disease and beta thalassemia; BEAM-102 for the treatment of sickle cell disease; and BEAM-201, an allogeneic chimeric antigen receptor T cell for the treatment of relapsed/refractory T-cell acute lymphoblastic leukemia.

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