Beam Therapeutics Inc. (NASDAQ:BEAM – Get Free Report) shares traded up 6.7% during mid-day trading on Wednesday . The company traded as high as $33.00 and last traded at $33.0580. 126,958 shares traded hands during mid-day trading, a decline of 94% from the average session volume of 2,005,278 shares. The stock had previously closed at $30.99.
Analyst Upgrades and Downgrades
Several analysts recently issued reports on BEAM shares. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Monday, April 20th. Royal Bank Of Canada increased their price target on shares of Beam Therapeutics from $22.00 to $26.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 25th. Tudor Pickering set a $39.00 price objective on shares of Beam Therapeutics in a research report on Wednesday, May 13th. Wedbush upped their price objective 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, Citigroup lifted their target price on Beam Therapeutics from $64.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, March 26th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Beam Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $46.83.
Read Our Latest Research Report on BEAM
Beam Therapeutics Trading Up 5.1%
Beam Therapeutics (NASDAQ:BEAM – Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.91) EPS for the quarter, beating the consensus estimate of ($1.03) by $0.12. The firm had revenue of $31.74 million for the quarter, compared to the consensus estimate of $10.98 million. Beam Therapeutics had a negative net margin of 39.66% and a negative return on equity of 29.00%. The company’s revenue was up 323.2% on a year-over-year basis. During the same period last year, the firm earned ($1.23) EPS. On average, sell-side analysts expect that Beam Therapeutics Inc. will post -4.16 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other news, insider Amy Simon sold 6,700 shares of the company’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total value of $164,686.00. Following the completion of the transaction, the insider owned 102,735 shares of the company’s stock, valued at $2,525,226.30. This represents a 6.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total value of $146,398.48. Following the sale, the insider owned 109,711 shares of the company’s stock, valued at $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
A number of institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC increased its position in Beam Therapeutics by 139.4% in the fourth quarter. SG Americas Securities LLC now owns 103,469 shares of the company’s stock worth $2,868,000 after purchasing an additional 60,249 shares during the last quarter. Farallon Capital Management LLC raised its position in shares of Beam Therapeutics by 0.5% during the 3rd quarter. Farallon Capital Management LLC now owns 10,063,111 shares of the company’s stock valued at $244,232,000 after buying an additional 50,000 shares in the last quarter. Concurrent Investment Advisors LLC purchased a new stake in shares of Beam Therapeutics during the 4th quarter valued at about $2,130,000. Contrarius Group Holdings Ltd bought a new position in shares of Beam Therapeutics in the 3rd quarter valued at about $37,212,000. Finally, ARK Investment Management LLC grew its position in Beam Therapeutics by 24.8% in the third quarter. ARK Investment Management LLC now owns 11,038,834 shares of the company’s stock worth $267,913,000 after acquiring an additional 2,190,993 shares in the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.
About Beam Therapeutics
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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