Shares of Beam Therapeutics Inc. (NASDAQ:BEAM – Get Free Report) shot up 10.1% during mid-day trading on Thursday . The company traded as high as $32.58 and last traded at $32.53. 484,560 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 2,000,171 shares. The stock had previously closed at $29.55.
Analysts Set New Price Targets
A number of research firms have recently issued reports on BEAM. Citigroup raised their price target on Beam Therapeutics from $64.00 to $68.00 and gave the stock a “buy” rating in a research note on Thursday, March 26th. Canaccord Genuity Group began coverage on Beam Therapeutics in a research note on Friday, February 20th. They issued a “buy” rating and a $74.00 price target on the stock. Tudor Pickering set a $39.00 price target on Beam Therapeutics in a research note on Wednesday, May 13th. Wedbush raised their price target on Beam Therapeutics from $57.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 25th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $46.83.
Check Out Our Latest Report on Beam Therapeutics
Beam Therapeutics Stock Up 10.2%
Beam Therapeutics (NASDAQ:BEAM – Get Free Report) last released its earnings results on Thursday, May 7th. The company reported ($0.91) earnings per share for the quarter, beating the consensus estimate of ($1.03) by $0.12. The company had revenue of $31.74 million for the quarter, compared to the consensus estimate of $10.98 million. Beam Therapeutics had a negative return on equity of 29.00% and a negative net margin of 39.66%.Beam Therapeutics’s quarterly revenue was up 323.2% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.23) earnings per share. Sell-side analysts anticipate that Beam Therapeutics Inc. will post -4.23 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Beam Therapeutics news, insider Amy Simon sold 6,700 shares of the firm’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total transaction of $164,686.00. Following the sale, the insider directly owned 102,735 shares of the company’s stock, valued at $2,525,226.30. This trade represents a 6.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Christine Bellon sold 5,956 shares of the company’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total transaction of $146,398.48. Following the transaction, the insider owned 109,711 shares of the company’s stock, valued at approximately $2,696,696.38. This represents a 5.15% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 79,544 shares of company stock valued at $1,899,942 in the last ninety days. Insiders own 3.80% of the company’s stock.
Institutional Investors Weigh In On Beam Therapeutics
Several large investors have recently made changes to their positions in the company. CWM LLC lifted its holdings in Beam Therapeutics by 15.4% during the fourth quarter. CWM LLC now owns 2,466 shares of the company’s stock worth $68,000 after buying an additional 329 shares during the period. Wealth Effects LLC lifted its holdings in Beam Therapeutics by 4.3% during the fourth quarter. Wealth Effects LLC now owns 9,600 shares of the company’s stock worth $266,000 after buying an additional 400 shares during the period. Franklin Resources Inc. lifted its holdings in Beam Therapeutics by 2.6% during the fourth quarter. Franklin Resources Inc. now owns 21,948 shares of the company’s stock worth $608,000 after buying an additional 566 shares during the period. Arizona State Retirement System lifted its holdings in Beam Therapeutics by 2.2% during the third quarter. Arizona State Retirement System now owns 26,771 shares of the company’s stock worth $650,000 after buying an additional 580 shares during the period. Finally, Van ECK Associates Corp lifted its holdings in Beam Therapeutics by 48.7% during the third quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after buying an additional 707 shares during the period. 99.68% of the stock is owned by institutional investors.
Beam Therapeutics Company Profile
Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.
Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.
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