Beam Therapeutics (NASDAQ:BEAM) Shares Gap Up – Here’s What Happened

Beam Therapeutics Inc. (NASDAQ:BEAM) shares gapped up prior to trading on Wednesday . The stock had previously closed at $25.26, but opened at $26.10. Beam Therapeutics shares last traded at $26.51, with a volume of 115,516 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on BEAM shares. Leerink Partnrs raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Royal Bank of Canada reduced their price objective 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. Cantor Fitzgerald raised shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research note on Wednesday. Leerink Partners raised shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $27.00 to $39.00 in a research note on Wednesday, November 6th. Finally, Scotiabank began coverage on shares of Beam Therapeutics in a report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price objective on the stock. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $47.67.

Beam Therapeutics Stock Up 2.7 %

The firm has a market cap of $2.15 billion, a PE ratio of -14.73 and a beta of 1.92. The business has a 50-day moving average price of $26.38 and a two-hundred day moving average price of $25.76.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company had revenue of $14.30 million for the quarter, compared to analyst estimates of $14.52 million. During the same period in the prior year, the firm posted ($1.22) earnings per share. The business’s quarterly revenue was down 16.9% compared to the same quarter last year. On average, equities research analysts predict that Beam Therapeutics Inc. will post -4.64 earnings per share for the current fiscal year.

Insider Transactions at Beam Therapeutics

In other news, President Giuseppe Ciaramella sold 51,110 shares of the firm’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 sale, the president now owns 109,150 shares of the company’s stock, valued at approximately $2,877,194. This trade represents a 31.89 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 value of $30,627.88. Following the completion of the transaction, the insider now directly owns 102,968 shares of the company’s stock, valued at $2,541,250.24. This trade represents a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. grew its holdings in shares of Beam Therapeutics by 6.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock worth $15,423,000 after purchasing an additional 36,226 shares during the last quarter. Bank of Montreal Can purchased a new position in Beam Therapeutics during the 2nd quarter worth approximately $3,683,000. Bellevue Group AG increased its position in Beam Therapeutics by 7.1% during the third quarter. Bellevue Group AG now owns 1,518,121 shares of the company’s stock worth $37,194,000 after buying an additional 100,000 shares during the period. Geode Capital Management LLC lifted its stake in Beam Therapeutics by 4.5% in the third quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock valued at $44,297,000 after buying an additional 78,102 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Beam Therapeutics by 59.7% in 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 acquiring an additional 1,328,414 shares during the period. 99.68% of the stock is owned by hedge funds and other institutional investors.

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.