Beam Therapeutics (NASDAQ:BEAM) Trading 6.7% Higher - Should You Buy?

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report)'s share price was up 6.7% on Tuesday . The stock traded as high as $28.23 and last traded at $28.12. Approximately 114,661 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 860,004 shares. The stock had previously closed at $26.36.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on BEAM shares. HC Wainwright reissued a "buy" rating and set a $80.00 price objective on shares of Beam Therapeutics in a research note on Monday, December 9th. Wedbush reiterated an "outperform" rating and set a $57.00 price target on shares of Beam Therapeutics in a research report on Monday, December 9th. Leerink Partnrs upgraded shares of Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, November 6th. Cantor Fitzgerald upgraded shares of Beam Therapeutics to a "hold" rating in a research report on Tuesday, December 10th. Finally, Royal Bank of Canada decreased their price target 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. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $47.67.

Beam Therapeutics Price Performance

The stock has a market capitalization of $2.24 billion, a P/E ratio of -15.39 and a beta of 1.92. The stock has a 50 day moving average price of $26.36 and a 200-day moving average price of $25.62.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.01). The company had revenue of $14.30 million for the quarter, compared to the consensus estimate of $14.52 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. Beam Therapeutics's revenue was down 16.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.22) earnings per share. Research analysts predict that Beam Therapeutics Inc. will post -4.66 earnings per share for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, President Giuseppe Ciaramella sold 51,110 shares of the company's stock in a transaction on Wednesday, November 6th. The shares were 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 approximately $2,877,194. This represents a 31.89 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christine Bellon sold 1,241 shares of Beam Therapeutics stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total transaction of $30,627.88. Following the sale, the insider now directly owns 102,968 shares in the company, valued at $2,541,250.24. The trade was a 1.19 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 103,461 shares of company stock valued at $2,720,547 in the last quarter. Company insiders own 4.20% of the company's stock.

Institutional Trading of Beam Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of BEAM. ARCH Venture Management LLC bought a new position in shares of Beam Therapeutics in the 2nd quarter worth approximately $127,530,000. Farallon Capital Management LLC lifted its position in Beam Therapeutics by 75.4% during the second quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company's stock valued at $185,404,000 after buying an additional 3,401,370 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Beam Therapeutics by 59.7% during 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 in the last quarter. State Street Corp grew its position in shares of Beam Therapeutics by 12.5% in the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company's stock worth $96,274,000 after buying an additional 437,402 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Beam Therapeutics by 63.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,049,360 shares of the company's stock worth $24,589,000 after acquiring an additional 407,499 shares in the last quarter. 99.68% of the stock is currently 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.