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

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

Analyst Upgrades and Downgrades

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

Beam Therapeutics Stock Performance

The stock has a market cap of $2.51 billion, a price-to-earnings ratio of -17.39 and a beta of 1.86. The business has a 50-day simple moving average of $24.23 and a two-hundred day simple moving average of $24.69.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $14.52 million. During the same period last year, the business posted ($1.22) EPS. The firm’s revenue for the quarter was down 16.9% on a year-over-year basis. On average, analysts expect that Beam Therapeutics Inc. will post -4.64 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Beam Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Intech Investment Management LLC acquired a new stake in shares of Beam Therapeutics in the third quarter valued at approximately $512,000. Quest Partners LLC boosted its holdings in shares of Beam Therapeutics by 410.8% during the 3rd quarter. Quest Partners LLC now owns 36,193 shares of the company’s stock worth $887,000 after buying an additional 29,108 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its stake in Beam Therapeutics by 59.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock valued at $87,044,000 after buying an additional 1,328,414 shares during the last quarter. Atria Investments Inc acquired a new position in Beam Therapeutics in the 3rd quarter valued at about $200,000. Finally, Arcadia Investment Management Corp MI bought a new position in Beam Therapeutics in the 3rd quarter valued at about $98,000. Institutional investors own 99.68% of the company’s stock.

About Beam Therapeutics

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.