Beam Therapeutics Inc. (NASDAQ:BEAM – Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $29.66, but opened at $26.76. Beam Therapeutics shares last traded at $25.9410, with a volume of 1,313,116 shares trading hands.
Key Beam Therapeutics News
Here are the key news stories impacting Beam Therapeutics this week:
- Positive Sentiment: Wedbush reaffirmed its “Outperform” rating and set a $65 price target, implying substantial potential upside from recent trading levels. Wedbush rating and price target
- Positive Sentiment: Beam reported that BEAM-302 produced sustained correction of the disease-causing mutation in alpha-1 antitrypsin deficiency, with follow-up extending to 18 months. The treatment increased total and functional AAT, reduced mutant Z-AAT and toxic Z-polymers, and lowered circulating neutrophil elastase activity. Dosing is continuing in a global pivotal cohort that could support a potential accelerated-approval application. Beam BEAM-302 clinical data release
- Positive Sentiment: Unusually heavy call-option activity indicated increased speculative interest in BEAM, although options positioning does not necessarily predict sustained buying in the shares.
- Neutral Sentiment: Beam presented the BEAM-302 data at the European Respiratory Society Congress and discussed the program at an investor conference, giving investors additional detail on durability, safety and the pivotal trial’s progress. Beam Citigroup summit transcript
- Negative Sentiment: The market reaction suggests investors viewed the updated Phase 1/2 BEAM-302 results as disappointing relative to expectations. Reports described a retreat in the shares following the data update, putting greater focus on whether the results are strong enough to support accelerated approval and eventual commercial adoption. MarketWatch report on BEAM-302 data
Analyst Upgrades and Downgrades
BEAM has been the topic of several research reports. Wall Street Zen raised shares of Beam Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Saturday, September 5th. Wedbush restated an “outperform” rating and issued a $65.00 price target on shares of Beam Therapeutics in a report on Wednesday. HC Wainwright reiterated a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a report on Tuesday, August 25th. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Friday, July 17th. Finally, Bank of America reiterated a “buy” rating and issued a $47.00 price objective on shares of Beam Therapeutics in a report on Wednesday, July 8th. Ten research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.00.
Beam Therapeutics Price Performance
The company has a current ratio of 14.57, a quick ratio of 14.57 and a debt-to-equity ratio of 0.09. The company has a 50 day moving average of $28.93 and a 200-day moving average of $28.94. The firm has a market capitalization of $2.60 billion, a P/E ratio of -29.27 and a beta of 2.22.
Beam Therapeutics (NASDAQ:BEAM – Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.07). Beam Therapeutics had a negative net margin of 54.75% and a negative return on equity of 30.71%. The business had revenue of $0.49 million during the quarter, compared to the consensus estimate of $16.37 million. During the same period in the prior year, the firm earned ($1.00) EPS. The business’s revenue for the quarter was down 94.2% on a year-over-year basis. On average, sell-side analysts predict that Beam Therapeutics Inc. will post -4.49 EPS for the current year.
Insider Transactions at Beam Therapeutics
In other news, insider Amy Simon sold 16,667 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $25.74, for a total value of $429,008.58. Following the completion of the transaction, the insider owned 85,696 shares of the company’s stock, valued at approximately $2,205,815.04. This represents a 16.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Fmr Llc sold 251,488 shares of the firm’s stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the completion of the sale, the insider owned 854,583 shares in the company, valued at approximately $30,132,596.58. The trade was a 22.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 301,527 shares of company stock valued at $10,468,500 in the last three months. Company insiders own 3.80% of the company’s stock.
Hedge Funds Weigh In On Beam Therapeutics
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Alphabet Inc. acquired a new stake in shares of Beam Therapeutics during the 2nd quarter valued at $11,037,000. Canal Insurance CO acquired a new position in Beam Therapeutics in the 1st quarter worth about $953,000. Ishara Investments LP bought a new position in Beam Therapeutics in the fourth quarter valued at about $1,386,000. Janus Henderson Group PLC raised its position in Beam Therapeutics by 136.1% in the first quarter. Janus Henderson Group PLC now owns 93,253 shares of the company’s stock valued at $2,222,000 after purchasing an additional 53,752 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in shares of Beam Therapeutics by 111.0% during the first quarter. First Trust Advisors LP now owns 135,166 shares of the company’s stock valued at $3,221,000 after purchasing an additional 71,110 shares in the last quarter. Institutional investors own 99.68% of the company’s stock.
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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