Beam Therapeutics (NASDAQ:BEAM) Shares Gap Up – Time to Buy?

Beam Therapeutics Inc. (NASDAQ:BEAM) shares gapped up before the market opened on Monday . The stock had previously closed at $27.55, but opened at $29.50. Beam Therapeutics shares last traded at $34.7390, with a volume of 830,865 shares changing hands.

Analyst Upgrades and Downgrades

BEAM has been the topic of a number of recent research reports. Jefferies Financial Group assumed coverage on Beam Therapeutics in a report on Thursday, October 9th. They issued a “buy” rating and a $41.00 target price on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Wednesday, October 8th. JPMorgan Chase & Co. cut their price objective on shares of Beam Therapeutics from $48.00 to $46.00 and set an “overweight” rating for the company in a research report on Thursday, October 9th. UBS Group began coverage on shares of Beam Therapeutics in a research note on Wednesday, January 7th. They issued a “neutral” rating and a $28.00 target price for the company. Finally, Benchmark reiterated a “speculative buy” rating on shares of Beam Therapeutics in a research note on Monday, November 17th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Beam Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.23.

Beam Therapeutics Stock Up 23.1%

The business’s fifty day moving average is $25.42 and its 200 day moving average is $22.82. The stock has a market cap of $3.44 billion, a PE ratio of -7.63 and a beta of 2.07.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, November 4th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.98) by ($0.12). The company had revenue of $9.70 million during the quarter, compared to analysts’ expectations of $12.83 million. Beam Therapeutics had a negative net margin of 744.41% and a negative return on equity of 42.86%. The company’s quarterly revenue was down 32.2% on a year-over-year basis. During the same period last year, the business posted ($1.17) earnings per share. As a group, analysts predict that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Allworth Financial LP grew its stake in Beam Therapeutics by 7,080.0% in the 2nd quarter. Allworth Financial LP now owns 2,513 shares of the company’s stock valued at $43,000 after acquiring an additional 2,478 shares during the last quarter. Larson Financial Group LLC grew its position in shares of Beam Therapeutics by 4,370.5% in the third quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock valued at $48,000 after purchasing an additional 1,923 shares during the last quarter. Van ECK Associates Corp raised its position in shares of Beam Therapeutics by 48.7% during the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after purchasing an additional 707 shares during the last quarter. Daiwa Securities Group Inc. lifted its stake in Beam Therapeutics by 1,248.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company’s stock valued at $65,000 after buying an additional 3,534 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Beam Therapeutics by 43.4% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,884 shares of the company’s stock valued at $66,000 after buying an additional 1,175 shares during the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

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.