Beam Therapeutics (NASDAQ:BEAM) Trading Up 13% – Time to Buy?

Beam Therapeutics Inc. (NASDAQ:BEAM) shares rose 13% on Monday . The stock traded as high as $30.92 and last traded at $30.58. Approximately 472,833 shares traded hands during trading, a decline of 61% from the average daily volume of 1,227,327 shares. The stock had previously closed at $27.06.

Analyst Ratings Changes

BEAM has been the subject of several analyst reports. Scotiabank began coverage on Beam Therapeutics in a research note on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 price objective for the company. Leerink Partnrs upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Barclays lowered their price objective on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 7th. Royal Bank of Canada cut their price target on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. Finally, Leerink Partners raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and raised their price target for the company from $27.00 to $39.00 in a report on Wednesday, November 6th. Four analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Beam Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $44.91.

Beam Therapeutics Price Performance

The business has a 50-day moving average price of $24.30 and a two-hundred day moving average price of $24.75.

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

Insider Buying and Selling at Beam Therapeutics

In other news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction dated 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 directly owns 938,659 shares in the company, valued at $23,091,011.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, President Giuseppe Ciaramella sold 51,110 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $26.36, for a total value of $1,347,259.60. Following the completion of the sale, the president now directly owns 109,150 shares in the company, valued at approximately $2,877,194. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the transaction, the chief executive officer now directly owns 938,659 shares of the company’s stock, valued at $23,091,011.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 162,894 shares of company stock worth $4,181,745. 4.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Beam Therapeutics

A number of hedge funds have recently made changes to their positions in BEAM. Arizona State Retirement System increased its position in Beam Therapeutics by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 19,431 shares of the company’s stock worth $455,000 after purchasing an additional 392 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Beam Therapeutics by 21.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock worth $75,000 after acquiring an additional 524 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Beam Therapeutics by 13.3% in the third quarter. GAMMA Investing LLC now owns 4,620 shares of the company’s stock worth $113,000 after acquiring an additional 544 shares in the last quarter. Green Alpha Advisors LLC raised its stake in shares of Beam Therapeutics by 5.9% in the 3rd quarter. Green Alpha Advisors LLC now owns 12,475 shares of the company’s stock valued at $306,000 after acquiring an additional 698 shares during the period. Finally, American International Group Inc. lifted its holdings in shares of Beam Therapeutics by 2.0% during the 1st quarter. American International Group Inc. now owns 36,760 shares of the company’s stock valued at $1,215,000 after acquiring an additional 732 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.