Beam Therapeutics Inc. (NASDAQ:BEAM) Short Interest Down 7.1% in January

Beam Therapeutics Inc. (NASDAQ:BEAM) saw a significant decrease in short interest during the month of January. As of January 31st, there was short interest totalling 10,020,000 shares, a decrease of 7.1% from the January 15th total of 10,790,000 shares. Based on an average trading volume of 1,150,000 shares, the days-to-cover ratio is presently 8.7 days.

Insider Activity at Beam Therapeutics

In related news, CEO John M. Evans sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $26.75, for a total transaction of $802,500.00. Following the completion of the sale, the chief executive officer now directly owns 908,659 shares in the company, valued at approximately $24,306,628.25. The trade was a 3.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Christine Bellon sold 1,241 shares of the company’s stock in a transaction that occurred on 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 of the company’s stock, 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. 4.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of BEAM. Sumitomo Mitsui Trust Group Inc. lifted its position in 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 valued at $87,044,000 after purchasing an additional 1,328,414 shares during the last quarter. ARK Investment Management LLC lifted its holdings in shares of Beam Therapeutics by 8.2% in the 4th quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company’s stock valued at $175,287,000 after acquiring an additional 536,930 shares during the last quarter. Casdin Capital LLC grew its position in Beam Therapeutics by 61.3% in the fourth quarter. Casdin Capital LLC now owns 1,250,000 shares of the company’s stock worth $31,000,000 after acquiring an additional 475,000 shares in the last quarter. State Street Corp increased its stake in Beam Therapeutics by 12.5% during the third quarter. State Street Corp now owns 3,929,557 shares of the company’s stock worth $96,274,000 after acquiring an additional 437,402 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. raised its position in Beam Therapeutics by 11.4% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company’s stock valued at $98,109,000 after purchasing an additional 404,782 shares during the period. 99.68% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Wedbush reaffirmed an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research note on Monday, January 13th. Royal Bank of Canada dropped 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 research report on Wednesday, November 6th. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $27.00 to $39.00 in a research report on Wednesday, November 6th. HC Wainwright reiterated a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Monday, February 3rd. Finally, Cantor Fitzgerald raised Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research note on Wednesday, January 29th. 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. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $47.67.

Beam Therapeutics Price Performance

NASDAQ BEAM opened at $33.49 on Wednesday. Beam Therapeutics has a 1-year low of $20.84 and a 1-year high of $49.50. The business has a 50 day simple moving average of $26.81 and a two-hundred day simple moving average of $25.62. The stock has a market capitalization of $2.77 billion, a PE ratio of -19.03 and a beta of 1.92.

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.