Beam Therapeutics (NASDAQ:BEAM) Trading 4.7% Higher

Beam Therapeutics Inc. (NASDAQ:BEAM) shares traded up 4.7% on Monday . The company traded as high as $22.45 and last traded at $22.38. 76,700 shares were traded during mid-day trading, a decline of 95% from the average session volume of 1,433,598 shares. The stock had previously closed at $21.38.

Analysts Set New Price Targets

A number of brokerages have recently commented on BEAM. TheStreet upgraded Beam Therapeutics from a “d” rating to a “c-” rating in a report on Monday, March 11th. JPMorgan Chase & Co. upgraded Beam Therapeutics from a “neutral” rating to an “overweight” rating and upped their target price for the company from $38.00 to $40.00 in a research note on Monday, January 29th. Wedbush restated an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research note on Tuesday, April 23rd. Royal Bank of Canada upped their target price on Beam Therapeutics from $27.00 to $35.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 28th. Finally, Barclays upped their target price on Beam Therapeutics from $26.00 to $42.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 28th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $41.00.

Beam Therapeutics Stock Performance

The firm has a fifty day moving average price of $32.04 and a 200 day moving average price of $28.12.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, February 27th. The company reported $1.73 EPS for the quarter, topping the consensus estimate of ($0.69) by $2.42. The company had revenue of $316.20 million for the quarter, compared to analysts’ expectations of $34.16 million. Beam Therapeutics had a negative return on equity of 15.90% and a negative net margin of 35.09%. The business’s revenue for the quarter was up 1481.0% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.54) earnings per share. On average, research analysts expect that Beam Therapeutics Inc. will post -5.53 EPS for the current fiscal year.

Insider Transactions at Beam Therapeutics

In other news, CEO John M. Evans sold 60,000 shares of the stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $25.33, for a total transaction of $1,519,800.00. Following the sale, the chief executive officer now owns 1,058,262 shares in the company, valued at $26,805,776.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Fmr Llc sold 1,565 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $30.76, for a total value of $48,139.40. Following the transaction, the insider now owns 2,771,913 shares in the company, valued at $85,264,043.88. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $25.33, for a total value of $1,519,800.00. Following the completion of the transaction, the chief executive officer now owns 1,058,262 shares in the company, valued at approximately $26,805,776.46. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 156,804 shares of company stock worth $4,731,669. Insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Several hedge funds have recently added to or reduced their stakes in BEAM. Riverview Trust Co bought a new position in Beam Therapeutics during the first quarter worth about $26,000. Allworth Financial LP boosted its holdings in Beam Therapeutics by 163.7% during the third quarter. Allworth Financial LP now owns 1,105 shares of the company’s stock worth $27,000 after buying an additional 686 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in Beam Therapeutics by 125.9% during the fourth quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock worth $27,000 after buying an additional 554 shares during the last quarter. National Bank of Canada FI boosted its holdings in Beam Therapeutics by 200.0% during the fourth quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $41,000 after buying an additional 1,000 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings 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. Institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Company Profile

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.