Beam Therapeutics Inc. (NASDAQ:BEAM – Get Free Report) saw a significant drop in short interest in the month of January. As of January 31st, there was short interest totalling 10,020,000 shares, a drop of 7.1% from the January 15th total of 10,790,000 shares. Based on an average daily volume of 1,150,000 shares, the days-to-cover ratio is currently 8.7 days.
Beam Therapeutics Stock Up 13.2 %
Beam Therapeutics stock opened at $32.40 on Tuesday. The business has a 50 day moving average of $26.81 and a 200-day moving average of $25.62. Beam Therapeutics has a 1 year low of $20.84 and a 1 year high of $49.50.
Insider Transactions at Beam Therapeutics
In other Beam Therapeutics news, CEO John M. Evans sold 30,000 shares of the stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $26.75, for a total transaction of $802,500.00. Following the sale, the chief executive officer now directly owns 908,659 shares in the company, valued at $24,306,628.25. This represents a 3.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Christine Bellon sold 1,241 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total transaction of $30,627.88. Following the completion of the transaction, the insider now directly owns 102,968 shares in the company, valued at approximately $2,541,250.24. This represents a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.
Hedge Funds Weigh In On Beam Therapeutics
Wall Street Analyst Weigh In
A number of brokerages recently issued reports on BEAM. HC Wainwright reissued a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research note on Monday, February 3rd. Leerink Partnrs upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Cantor Fitzgerald upgraded Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research report on Wednesday, January 29th. Royal Bank of Canada decreased their target price on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. Finally, Sanford C. Bernstein raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Beam Therapeutics currently has a consensus rating of “Buy” and a consensus price target of $47.67.
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.
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