Beam Therapeutics (NASDAQ:BEAM) Trading 10.5% Higher

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Shares of Beam Therapeutics Inc. (NASDAQ:BEAMGet Rating) traded up 10.5% during mid-day trading on Friday . The stock traded as high as $35.68 and last traded at $35.62. 26,896 shares traded hands during trading, a decline of 98% from the average session volume of 1,136,687 shares. The stock had previously closed at $32.23.

Several equities analysts recently issued reports on the stock. Credit Suisse Group assumed coverage on shares of Beam Therapeutics in a report on Thursday, April 28th. They set a “neutral” rating and a $62.00 price objective on the stock. BMO Capital Markets assumed coverage on shares of Beam Therapeutics in a report on Thursday. They set a “market perform” rating and a $41.00 price objective on the stock. Finally, Wedbush cut their price objective on shares of Beam Therapeutics from $159.00 to $152.00 and set an “outperform” rating on the stock in a report on Monday, February 28th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $110.86.

The company has a market capitalization of $2.57 billion, a price-to-earnings ratio of -9.93 and a beta of 1.61. The company’s 50 day simple moving average is $38.01 and its two-hundred day simple moving average is $57.90.

Beam Therapeutics (NASDAQ:BEAMGet Rating) last announced its earnings results on Monday, May 9th. The company reported ($1.01) earnings per share for the quarter, beating the consensus estimate of ($1.32) by $0.31. The company had revenue of $8.40 million during the quarter, compared to the consensus estimate of $44.15 million. Beam Therapeutics had a negative net margin of 395.37% and a negative return on equity of 28.02%. Beam Therapeutics’s revenue was up 139900.0% compared to the same quarter last year. During the same period last year, the firm earned ($3.35) earnings per share. Equities analysts predict that Beam Therapeutics Inc. will post -4.26 EPS for the current fiscal year.

In other news, insider Giuseppe Ciaramella sold 1,859 shares of Beam Therapeutics stock in a transaction on Thursday, March 31st. The shares were sold at an average price of $59.11, for a total transaction of $109,885.49. Following the completion of the sale, the insider now directly owns 115,614 shares in the company, valued at $6,833,943.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO John M. Evans sold 30,000 shares of the business’s stock in a transaction on Thursday, April 28th. The shares were sold at an average price of $37.98, for a total transaction of $1,139,400.00. Following the transaction, the chief executive officer now owns 1,118,520 shares of the company’s stock, valued at $42,481,389.60. The disclosure for this sale can be found here. Insiders have sold 59,373 shares of company stock valued at $2,706,284 over the last quarter. Insiders own 4.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Amalgamated Bank increased its holdings in Beam Therapeutics by 1.6% in the fourth quarter. Amalgamated Bank now owns 9,004 shares of the company’s stock valued at $718,000 after buying an additional 142 shares in the last quarter. CIBC Asset Management Inc increased its holdings in Beam Therapeutics by 8.9% in the fourth quarter. CIBC Asset Management Inc now owns 2,741 shares of the company’s stock valued at $218,000 after buying an additional 223 shares in the last quarter. Metropolitan Life Insurance Co NY increased its holdings in Beam Therapeutics by 1.8% in the third quarter. Metropolitan Life Insurance Co NY now owns 13,093 shares of the company’s stock valued at $1,139,000 after buying an additional 228 shares in the last quarter. Arizona State Retirement System increased its holdings in Beam Therapeutics by 3.1% in the first quarter. Arizona State Retirement System now owns 9,209 shares of the company’s stock valued at $528,000 after buying an additional 280 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Beam Therapeutics by 2.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 10,662 shares of the company’s stock valued at $850,000 after buying an additional 295 shares in the last quarter. Institutional investors own 68.80% of the company’s stock.

About Beam Therapeutics (NASDAQ:BEAM)

Beam Therapeutics Inc, a biotechnology company, develops precision genetic medicines for patients suffering from serious diseases in the United States. The company is developing BEAM-101 for the treatment of sickle cell disease and beta thalassemia; BEAM-102 for the treatment of sickle cell disease; and BEAM-201, an allogeneic chimeric antigen receptor T cell for the treatment of relapsed/refractory T-cell acute lymphoblastic leukemia; and BEAM-301, a liver-targeted development candidate for the treatment of patients with Glycogen Storage Disease Type Ia.

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