Beam Therapeutics (NASDAQ:BEAM) Trading 4.7% Higher

Beam Therapeutics Inc. (NASDAQ:BEAM) shares rose 4.7% during trading on Monday . The stock traded as high as $22.45 and last traded at $22.38. Approximately 76,700 shares changed hands during mid-day trading, a decline of 95% from the average daily volume of 1,433,598 shares. The stock had previously closed at $21.38.

Analysts Set New Price Targets

BEAM has been the subject of several research analyst reports. Barclays lifted their price objective on Beam Therapeutics from $26.00 to $42.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 28th. TheStreet raised Beam Therapeutics from a “d” rating to a “c-” rating in a report on Monday, March 11th. Royal Bank of Canada lifted their price objective on Beam Therapeutics from $27.00 to $35.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 28th. JPMorgan Chase & Co. upgraded Beam Therapeutics from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $38.00 to $40.00 in a research report on Monday, January 29th. Finally, Wedbush reiterated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Tuesday, April 23rd. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Beam Therapeutics currently has an average rating of “Hold” and a consensus price target of $41.00.

Beam Therapeutics Price Performance

The company has a 50-day moving average price of $32.04 and a 200 day moving average price of $28.12.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, February 27th. The company reported $1.73 earnings per share for the quarter, topping the consensus estimate of ($0.69) by $2.42. The business had revenue of $316.20 million for the quarter, compared to analysts’ expectations of $34.16 million. Beam Therapeutics had a negative return on equity of 15.90% and a negative net margin of 35.09%. The business’s revenue for the quarter was up 1481.0% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.54) EPS. As a group, sell-side analysts predict that Beam Therapeutics Inc. will post -5.53 EPS for the current fiscal year.

Insider Transactions at Beam Therapeutics

In related news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $25.33, for a total value of $1,519,800.00. Following the transaction, the chief executive officer now directly owns 1,058,262 shares in the company, valued at $26,805,776.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO John M. Evans sold 60,000 shares of the stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $25.33, for a total value of $1,519,800.00. Following the transaction, the chief executive officer now owns 1,058,262 shares of the company’s stock, valued at $26,805,776.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Fmr Llc sold 1,565 shares of the stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $30.76, for a total value of $48,139.40. Following the completion of the transaction, the insider now directly owns 2,771,913 shares in the company, valued at approximately $85,264,043.88. The disclosure for this sale can be found here. Insiders have sold a total of 156,804 shares of company stock worth $4,731,669 in the last ninety days. Insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

Several hedge funds have recently made changes to their positions in the business. State Board of Administration of Florida Retirement System boosted its stake in shares of Beam Therapeutics by 2.6% during the third quarter. State Board of Administration of Florida Retirement System now owns 19,910 shares of the company’s stock worth $479,000 after buying an additional 510 shares during the period. First Horizon Advisors Inc. raised its holdings in Beam Therapeutics by 125.9% during the fourth quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock worth $27,000 after purchasing an additional 554 shares in the last quarter. Allworth Financial LP raised its holdings in Beam Therapeutics by 163.7% during the third quarter. Allworth Financial LP now owns 1,105 shares of the company’s stock worth $27,000 after purchasing an additional 686 shares in the last quarter. E Fund Management Co. Ltd. raised its holdings in Beam Therapeutics by 4.0% during the fourth quarter. E Fund Management Co. Ltd. now owns 18,174 shares of the company’s stock worth $495,000 after purchasing an additional 704 shares in the last quarter. Finally, Riverview Trust Co purchased a new position in Beam Therapeutics during the first quarter worth about $26,000. 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.