Beam Therapeutics (NASDAQ:BEAM) Trading Up 6.5% - Here's What Happened

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report)'s share price was up 6.5% during trading on Monday . The company traded as high as $24.45 and last traded at $24.42. Approximately 541,533 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 1,219,760 shares. The stock had previously closed at $22.93.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on BEAM shares. Royal Bank of Canada reiterated a "sector perform" rating and issued a $27.00 target price on shares of Beam Therapeutics in a report on Thursday, September 19th. JPMorgan Chase & Co. lifted their target price on Beam Therapeutics from $45.00 to $48.00 and gave the stock an "overweight" rating in a report on Wednesday, August 7th. Barclays dropped their target price on Beam Therapeutics from $33.00 to $31.00 and set an "equal weight" rating for the company in a report on Wednesday, August 7th. Scotiabank started coverage on Beam Therapeutics in a report on Wednesday, October 16th. They issued a "sector outperform" rating and a $24.00 target price for the company. Finally, Wedbush reiterated an "outperform" rating and issued a $57.00 target price on shares of Beam Therapeutics in a report on Tuesday, August 6th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $45.80.

Beam Therapeutics Trading Up 6.2 %

The stock has a market capitalization of $2.01 billion, a P/E ratio of -13.46 and a beta of 1.87. The stock has a 50 day moving average of $24.27 and a 200-day moving average of $24.62.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its earnings results on Tuesday, August 6th. The company reported ($1.11) earnings per share for the quarter, beating analysts' consensus estimates of ($1.13) by $0.02. The business had revenue of $11.80 million during the quarter, compared to analyst estimates of $14.18 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. Beam Therapeutics's revenue was down 41.3% on a year-over-year basis. During the same period in the previous year, the company posted ($1.08) EPS. Research analysts anticipate that Beam Therapeutics Inc. will post -4.6 EPS for the current year.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction on Monday, September 30th. The stock was sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the completion of the sale, the chief executive officer now directly owns 938,659 shares of the company's stock, valued at $23,091,011.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, President Giuseppe Ciaramella sold 51,110 shares of the business's stock in a transaction on Monday, October 14th. The stock was sold at an average price of $26.27, for a total value of $1,342,659.70. Following the completion of the transaction, the president now directly owns 160,260 shares of the company's stock, valued at approximately $4,210,030.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO John M. Evans sold 60,000 shares of the business's stock in a transaction on Monday, September 30th. The stock was sold at an average price of $24.60, for a total value of $1,476,000.00. Following the completion of the transaction, the chief executive officer now directly owns 938,659 shares of the company's stock, valued at approximately $23,091,011.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 111,784 shares of company stock valued at $2,834,485 in the last ninety days. Corporate insiders own 4.20% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in BEAM. ARCH Venture Management LLC purchased a new position in Beam Therapeutics during the 2nd quarter worth $127,530,000. Farallon Capital Management LLC grew its stake in Beam Therapeutics by 75.4% during the 2nd quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company's stock worth $185,404,000 after buying an additional 3,401,370 shares during the last quarter. Darwin Global Management Ltd. purchased a new position in Beam Therapeutics during the 1st quarter worth $70,032,000. Price T Rowe Associates Inc. MD grew its stake in Beam Therapeutics by 3,137.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,246,189 shares of the company's stock worth $41,175,000 after buying an additional 1,207,699 shares during the last quarter. Finally, Bellevue Group AG grew its stake in Beam Therapeutics by 71.7% during the 1st quarter. Bellevue Group AG now owns 1,193,121 shares of the company's stock valued at $39,421,000 after purchasing an additional 498,300 shares during the last quarter. 99.68% of the stock is owned by 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.