Beam Therapeutics (NASDAQ:BEAM) Trading Up 3.7% – Still a Buy?

Beam Therapeutics Inc. (NASDAQ:BEAM)’s share price rose 3.7% during trading on Wednesday . The company traded as high as $17.99 and last traded at $18.30. Approximately 176,964 shares were traded during trading, a decline of 86% from the average daily volume of 1,309,830 shares. The stock had previously closed at $17.64.

Wall Street Analyst Weigh In

BEAM has been the topic of several recent analyst reports. Guggenheim reiterated a “buy” rating and issued a $78.00 price target on shares of Beam Therapeutics in a report on Thursday, February 27th. Bank of America upgraded shares of Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 price target on the stock in a research report on Friday, March 28th. HC Wainwright restated a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a report on Monday, March 10th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Beam Therapeutics in a report on Wednesday, March 12th. Finally, Scotiabank upgraded Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 target price for the company in a research note on Monday, March 10th. Two investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $49.45.

Beam Therapeutics Stock Performance

The firm has a 50-day moving average price of $26.43 and a 200-day moving average price of $25.80. The stock has a market cap of $1.89 billion, a PE ratio of -10.70 and a beta of 1.91.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.25) by $0.16. The firm had revenue of $30.00 million for the quarter, compared to the consensus estimate of $16.47 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business’s revenue was down 90.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.73 earnings per share. As a group, sell-side analysts anticipate that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 30,000 shares of the company’s 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 transaction, the chief executive officer now owns 908,659 shares in the company, valued at approximately $24,306,628.25. This represents a 3.20 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 sale, the insider now directly owns 102,968 shares in the company, valued at approximately $2,541,250.24. The trade was a 1.19 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BEAM. Charles Schwab Investment Management Inc. grew its position in Beam Therapeutics by 6.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock worth $15,423,000 after purchasing an additional 36,226 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of Beam Therapeutics by 6.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 145,851 shares of the company’s stock worth $3,573,000 after buying an additional 8,762 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Beam Therapeutics by 2.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,396 shares of the company’s stock worth $524,000 after acquiring an additional 516 shares during the period. Martingale Asset Management L P increased its position in Beam Therapeutics by 17.9% during the third quarter. Martingale Asset Management L P now owns 10,529 shares of the company’s stock valued at $258,000 after acquiring an additional 1,600 shares during the last quarter. Finally, Walleye Capital LLC lifted its holdings in Beam Therapeutics by 21.6% in the third quarter. Walleye Capital LLC now owns 127,588 shares of the company’s stock valued at $3,126,000 after acquiring an additional 22,664 shares during the period. 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.