Beam Therapeutics (NASDAQ:BEAM) Trading Up 13.6%

Beam Therapeutics Inc. (NASDAQ:BEAM) shares were up 13.6% during trading on Friday . The stock traded as high as $24.70 and last traded at $24.36. Approximately 1,033,052 shares traded hands during mid-day trading, an increase of 12% from the average daily volume of 922,951 shares. The stock had previously closed at $21.44.

Wall Street Analyst Weigh In

Several research analysts have commented on BEAM shares. William Blair reiterated an “outperform” rating on shares of Beam Therapeutics in a report on Tuesday, October 31st. Cantor Fitzgerald cut shares of Beam Therapeutics from an “overweight” rating to a “neutral” rating in a report on Friday, October 20th. Citigroup decreased their price target on shares of Beam Therapeutics from $60.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, August 9th. SVB Leerink cut shares of Beam Therapeutics from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $75.00 to $20.00 in a report on Friday, October 20th. Finally, Wedbush restated an “outperform” rating and set a $48.00 price target on shares of Beam Therapeutics in a report on Tuesday, October 31st. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $53.64.

Beam Therapeutics Stock Up 14.2 %

The stock has a market cap of $1.94 billion, a P/E ratio of -5.43 and a beta of 1.59. The firm’s 50-day moving average is $22.66 and its two-hundred day moving average is $28.05.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings data on Tuesday, August 8th. The company reported ($1.08) earnings per share for the quarter, beating the consensus estimate of ($1.42) by $0.34. Beam Therapeutics had a negative net margin of 408.13% and a negative return on equity of 43.32%. The firm had revenue of $20.12 million for the quarter, compared to analyst estimates of $17.32 million. During the same quarter last year, the firm earned ($1.02) earnings per share. The company’s revenue for the quarter was up 20.8% on a year-over-year basis. Analysts anticipate that Beam Therapeutics Inc. will post -4.78 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Amy Simon sold 3,448 shares of Beam Therapeutics stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $18.70, for a total value of $64,477.60. Following the transaction, the insider now owns 65,469 shares of the company’s stock, valued at $1,224,270.30. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

A number of institutional investors have recently modified their holdings of BEAM. Capula Management Ltd acquired a new stake in shares of Beam Therapeutics in the third quarter worth $916,000. Signaturefd LLC grew its stake in shares of Beam Therapeutics by 4,605.3% in the third quarter. Signaturefd LLC now owns 2,682 shares of the company’s stock worth $65,000 after acquiring an additional 2,625 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in shares of Beam Therapeutics by 70.0% in the third quarter. Nisa Investment Advisors LLC now owns 3,312 shares of the company’s stock worth $80,000 after acquiring an additional 1,364 shares during the last quarter. Stonehage Fleming Financial Services Holdings Ltd acquired a new stake in shares of Beam Therapeutics in the third quarter worth $144,000. Finally, Teacher Retirement System of Texas grew its stake in shares of Beam Therapeutics by 17.2% in the third quarter. Teacher Retirement System of Texas now owns 18,418 shares of the company’s stock worth $443,000 after acquiring an additional 2,709 shares during the last quarter. Institutional investors own 80.64% 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 and BEAM-102 for the treatment of sickle cell disease beta thalassemia; BEAM-201, an allogeneic chimeric antigen receptor T cell for the treatment of refractory T-cell acute lymphoblastic leukemia/T cell lymphoblastic lymphoma; BEAM-301, a liver-targeting LNP formulation for the treatment of glycogen storage disease 1a; and BEAM-302, a liver-targeting LNP formulation to treat severe alpha-1 antitrypsin deficiency.