Short Interest in Beam Therapeutics Inc. (NASDAQ:BEAM) Expands By 21.7%

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) saw a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 12,160,000 shares, an increase of 21.7% from the February 28th total of 9,990,000 shares. Currently, 15.3% of the shares of the stock are short sold. Based on an average trading volume of 1,580,000 shares, the days-to-cover ratio is presently 7.7 days.

Insider Buying and Selling at Beam Therapeutics

In other news, President Giuseppe Ciaramella sold 7,434 shares of Beam Therapeutics 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 transaction, the president now owns 190,216 shares of the company's stock, valued at $3,490,463.60. The trade was a 3.76 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, 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 value of $802,500.00. Following the completion of the sale, the chief executive officer now owns 908,659 shares in the company, valued at $24,306,628.25. This represents a 3.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 73,771 shares of company stock valued at $1,605,698. 4.20% of the stock is owned by company insiders.

Remove Ads

Institutional Trading of Beam Therapeutics

Institutional investors have recently bought and sold shares of the business. Wealthfront Advisers LLC bought a new stake in Beam Therapeutics during the fourth quarter worth about $41,000. GF Fund Management CO. LTD. acquired a new position in Beam Therapeutics in the 4th quarter worth about $43,000. Sterling Capital Management LLC raised its holdings in Beam Therapeutics by 816.0% in the 4th quarter. Sterling Capital Management LLC now owns 2,409 shares of the company's stock valued at $60,000 after buying an additional 2,146 shares during the last quarter. KBC Group NV raised its stake in shares of Beam Therapeutics by 103.2% during the fourth quarter. KBC Group NV now owns 4,143 shares of the company's stock valued at $103,000 after acquiring an additional 2,104 shares during the last quarter. Finally, Blue Trust Inc. grew its position in shares of Beam Therapeutics by 36.3% in the 4th quarter. Blue Trust Inc. now owns 4,274 shares of the company's stock valued at $105,000 after buying an additional 1,139 shares during the last quarter. Institutional investors own 99.68% of the company's stock.

Beam Therapeutics Trading Down 4.8 %

Shares of BEAM stock traded down $0.74 during trading hours on Monday, hitting $14.53. 1,855,211 shares of the company were exchanged, compared to its average volume of 1,343,353. The company has a market capitalization of $1.45 billion, a PE ratio of -8.25 and a beta of 2.02. The business has a 50 day moving average of $25.86 and a two-hundred day moving average of $25.61. Beam Therapeutics has a 52 week low of $13.54 and a 52 week 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) EPS for the quarter, beating analysts' consensus estimates of ($1.25) by $0.16. The company had revenue of $30.00 million during 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% on a year-over-year basis. During the same quarter last year, the firm posted $1.73 EPS. On average, research analysts forecast that Beam Therapeutics will post -4.57 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on BEAM. Scotiabank raised Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 target price on the stock in a report on Monday, March 10th. Sanford C. Bernstein raised Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 7th. Guggenheim reissued a "buy" rating and set a $78.00 target price on shares of Beam Therapeutics in a report on Thursday, February 27th. Royal Bank of Canada increased 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 note on Wednesday, February 26th. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of Beam Therapeutics in a report on Wednesday, March 12th. 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. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $49.45.

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.