Beam Therapeutics (NASDAQ:BEAM) Sees Strong Trading Volume - Time to Buy?

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) saw unusually-high trading volume on Monday . Approximately 2,385,686 shares traded hands during mid-day trading, an increase of 105% from the previous session's volume of 1,163,214 shares.The stock last traded at $26.19 and had previously closed at $28.48.

Wall Street Analysts Forecast Growth

BEAM has been the subject of a number of recent research reports. Royal Bank of Canada boosted their target price on shares of Beam Therapeutics from $24.00 to $26.00 and gave the company a "sector perform" rating in a research report on Wednesday, February 26th. Wedbush reissued an "outperform" rating and issued a $57.00 target price on shares of Beam Therapeutics in a research report on Monday. Guggenheim reissued a "buy" rating and issued a $78.00 target price on shares of Beam Therapeutics in a research report on Thursday, February 27th. Sanford C. Bernstein raised shares of Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 7th. Finally, Jones Trading raised shares of Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 price objective for the company in a research report on Monday. Two analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $50.82.

Beam Therapeutics Stock Down 3.3 %

The stock has a market cap of $2.03 billion, a price-to-earnings ratio of -13.88 and a beta of 1.91. The company has a 50 day simple moving average of $27.11 and a 200 day simple moving average of $26.03.

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

Insiders Place Their Bets

In other news, CEO John M. Evans sold 30,000 shares of the company's stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total value of $802,500.00. Following the completion of the transaction, the chief executive officer now owns 908,659 shares of the company's stock, valued at $24,306,628.25. This represents a 3.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 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 represents a 1.19 % decrease in their position. The disclosure for this sale can be found here. Insiders own 4.20% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of Beam Therapeutics in the fourth quarter valued at approximately $330,000. Charles Schwab Investment Management Inc. increased its position in Beam Therapeutics by 6.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company's stock valued at $15,423,000 after purchasing an additional 36,226 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its position in Beam Therapeutics by 11.4% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company's stock valued at $98,149,000 after purchasing an additional 404,782 shares during the period. Bellevue Group AG increased its position in Beam Therapeutics by 7.1% during the 3rd quarter. Bellevue Group AG now owns 1,518,121 shares of the company's stock valued at $37,194,000 after purchasing an additional 100,000 shares during the period. Finally, Geode Capital Management LLC increased its position in Beam Therapeutics by 4.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company's stock valued at $44,297,000 after purchasing an additional 78,102 shares during the period. Institutional investors and hedge funds own 99.68% 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 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.