Beam Therapeutics (NASDAQ:BEAM) Trading 11.1% Higher – What’s Next?

Beam Therapeutics Inc. (NASDAQ:BEAM) shares rose 11.1% during trading on Thursday . The stock traded as high as $35.34 and last traded at $34.5790. Approximately 1,718,279 shares changed hands during trading, a decline of 22% from the average daily volume of 2,202,780 shares. The stock had previously closed at $31.12.

Wall Street Analysts Forecast Growth

BEAM has been the topic of several recent research reports. Evercore ISI began coverage on Beam Therapeutics in a report on Monday, November 24th. They issued an “outperform” rating and a $35.00 price target on the stock. HC Wainwright reissued a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a research report on Friday, October 10th. Benchmark reiterated a “speculative buy” rating on shares of Beam Therapeutics in a research note on Monday, November 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. dropped their target price on Beam Therapeutics from $48.00 to $46.00 and set an “overweight” rating on the stock in a report on Thursday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Beam Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $43.80.

Beam Therapeutics Price Performance

The firm has a fifty day simple moving average of $27.00 and a two-hundred day simple moving average of $23.58. The firm has a market capitalization of $3.48 billion, a P/E ratio of -7.73 and a beta of 2.07.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly 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). Beam Therapeutics had a negative return on equity of 42.86% and a negative net margin of 744.41%.The firm had revenue of $9.70 million during the quarter, compared to analysts’ expectations of $12.83 million. During the same period in the previous year, the company posted ($1.17) earnings per share. The company’s quarterly revenue was down 32.2% compared to the same quarter last year. On average, research analysts anticipate that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Insider Buying and Selling

In other news, insider Christine Bellon sold 18,629 shares of Beam Therapeutics stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $34.61, for a total value of $644,749.69. Following the completion of the sale, the insider directly owned 97,038 shares in the company, valued at $3,358,485.18. The trade was a 16.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Institutional investors have recently modified their holdings of the stock. Larson Financial Group LLC raised its holdings in shares of Beam Therapeutics by 4,370.5% during the third quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock valued at $48,000 after acquiring an additional 1,923 shares during the last quarter. Van ECK Associates Corp boosted its position in shares of 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. Allworth Financial LP lifted its holdings in Beam Therapeutics by 7,080.0% during the 2nd quarter. Allworth Financial LP now owns 2,513 shares of the company’s stock worth $43,000 after buying an additional 2,478 shares in the last quarter. Daiwa Securities Group Inc. boosted its holdings in Beam Therapeutics by 1,248.8% in the second quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company’s stock valued at $65,000 after purchasing an additional 3,534 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Beam Therapeutics by 43.4% in 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 period. 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.