Beam Therapeutics Inc. (NASDAQ:BEAM) Short Interest Update

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) saw a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 14,740,000 shares, an increase of 21.2% from the March 15th total of 12,160,000 shares. Based on an average daily volume of 1,990,000 shares, the days-to-cover ratio is currently 7.4 days. Currently, 18.6% of the shares of the company are short sold.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 30,000 shares of the company's stock in a transaction 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 transaction, the chief executive officer now owns 908,659 shares in the company, valued at approximately $24,306,628.25. This represents a 3.20 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Giuseppe Ciaramella sold 7,434 shares of the firm's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total transaction of $136,413.90. Following the completion of the sale, the president now owns 190,216 shares of the company's stock, valued at $3,490,463.60. This trade represents a 3.76 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 73,771 shares of company stock worth $1,605,698. 4.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Beam Therapeutics

Several institutional investors have recently added to or reduced their stakes in BEAM. SG Americas Securities LLC increased its stake in shares of Beam Therapeutics by 32.3% during the 1st quarter. SG Americas Securities LLC now owns 16,038 shares of the company's stock valued at $313,000 after acquiring an additional 3,920 shares during the last quarter. Avanza Fonder AB increased its holdings in shares of Beam Therapeutics by 1.6% during the 1st quarter. Avanza Fonder AB now owns 51,077 shares of the company's stock worth $944,000 after buying an additional 792 shares during the last quarter. Rhumbline Advisers raised its position in shares of Beam Therapeutics by 11.9% in the 1st quarter. Rhumbline Advisers now owns 141,204 shares of the company's stock worth $2,758,000 after buying an additional 14,971 shares during the period. GAMMA Investing LLC boosted its holdings in Beam Therapeutics by 549.9% in the first quarter. GAMMA Investing LLC now owns 37,185 shares of the company's stock valued at $726,000 after acquiring an additional 31,463 shares during the last quarter. Finally, Polar Asset Management Partners Inc. increased its stake in Beam Therapeutics by 901.2% during the fourth quarter. Polar Asset Management Partners Inc. now owns 208,255 shares of the company's stock worth $5,165,000 after acquiring an additional 187,455 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have weighed in on BEAM. HC Wainwright reaffirmed a "buy" rating and issued a $80.00 price objective on shares of Beam Therapeutics in a report on Monday, April 7th. Guggenheim restated a "buy" rating and issued a $78.00 price target on shares of Beam Therapeutics in a research note on Thursday, February 27th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Beam Therapeutics in a research report on Wednesday, March 12th. Wedbush restated an "outperform" rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Monday, March 10th. Finally, Royal Bank of Canada upped their price target on shares of Beam Therapeutics from $24.00 to $26.00 and gave the stock a "sector perform" rating in a research note on Wednesday, February 26th. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, Beam Therapeutics presently has an average rating of "Buy" and an average target price of $49.45.

Beam Therapeutics Stock Performance

BEAM stock traded up $0.99 during trading on Wednesday, hitting $20.12. The stock had a trading volume of 974,342 shares, compared to its average volume of 1,380,881. The stock has a market cap of $2.01 billion, a price-to-earnings ratio of -11.43 and a beta of 2.02. The company's 50 day moving average price is $22.95 and its two-hundred day moving average price is $24.81. Beam Therapeutics has a 1-year low of $13.53 and a 1-year high of $35.25.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its quarterly earnings data on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.25) by $0.16. The business had revenue of $30.00 million for the quarter, compared to the consensus estimate of $16.47 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The company's quarterly revenue was down 90.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.73 earnings per share. As a group, sell-side analysts forecast that Beam Therapeutics will post -4.57 earnings per share for the current fiscal year.

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.