Beam Therapeutics Inc. (NASDAQ:BEAM) Sees Large Decline in Short Interest

Beam Therapeutics Inc. (NASDAQ:BEAM) was the target of a large decline in short interest in November. As of November 30th, there was short interest totalling 10,680,000 shares, a decline of 10.8% from the November 15th total of 11,970,000 shares. Based on an average trading volume of 1,030,000 shares, the days-to-cover ratio is presently 10.4 days.

Beam Therapeutics Price Performance

BEAM stock traded down $0.13 during midday trading on Friday, reaching $27.93. 879,040 shares of the company were exchanged, compared to its average volume of 1,223,329. Beam Therapeutics has a one year low of $20.84 and a one year high of $49.50. The firm has a market capitalization of $2.31 billion, a price-to-earnings ratio of -15.87 and a beta of 1.90. The business has a 50-day moving average price of $25.29 and a two-hundred day moving average price of $25.30.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing the consensus estimate of ($1.16) by ($0.01). The company had revenue of $14.30 million for the quarter, compared to the consensus estimate of $14.52 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The business’s quarterly revenue was down 16.9% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.22) EPS. As a group, analysts anticipate that Beam Therapeutics will post -4.66 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

BEAM has been the topic of several recent research reports. HC Wainwright reiterated a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Monday, December 9th. Leerink Partnrs raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Royal Bank of Canada reduced their price target on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 6th. Wedbush reaffirmed an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a research report on Monday, December 9th. Finally, Leerink Partners raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $27.00 to $39.00 in a report on Wednesday, November 6th. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $46.40.

Insider Activity at Beam Therapeutics

In other news, President Giuseppe Ciaramella sold 51,110 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $26.27, for a total transaction of $1,342,659.70. Following the completion of the transaction, the president now directly owns 160,260 shares of the company’s stock, valued at $4,210,030.20. This trade represents a 24.18 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the completion of the sale, the chief executive officer now owns 938,659 shares in the company, valued at $23,091,011.40. This trade represents a 6.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 162,894 shares of company stock valued at $4,181,745. 4.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Beam Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its stake in shares of Beam Therapeutics by 6.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock valued at $15,423,000 after acquiring an additional 36,226 shares in the last quarter. Bank of Montreal Can bought a new stake in Beam Therapeutics in the 2nd quarter valued at about $3,683,000. Bellevue Group AG grew its position in shares of Beam Therapeutics by 7.1% during the 3rd quarter. Bellevue Group AG now owns 1,518,121 shares of the company’s stock worth $37,194,000 after purchasing an additional 100,000 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Beam Therapeutics by 59.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock worth $87,044,000 after purchasing an additional 1,328,414 shares during the period. Finally, Algert Global LLC raised its position in shares of Beam Therapeutics by 282.0% in the third quarter. Algert Global LLC now owns 43,523 shares of the company’s stock valued at $1,066,000 after buying an additional 32,130 shares in the last quarter. Institutional investors and hedge funds 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.