Beam Therapeutics (NASDAQ:BEAM) Shares Gap Up - Should You Buy?

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report)'s share price gapped up prior to trading on Wednesday . The stock had previously closed at $20.30, but opened at $21.76. Beam Therapeutics shares last traded at $21.06, with a volume of 949,212 shares.

Wall Street Analyst Weigh In

BEAM has been the topic of several analyst reports. Bank of America raised Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 target price on the stock in a report on Friday, March 28th. Guggenheim dropped their target price on Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Wells Fargo & Company dropped their target price on Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating on the stock in a report on Wednesday, May 7th. HC Wainwright reissued a "buy" rating and issued a $80.00 target price on shares of Beam Therapeutics in a report on Monday, April 7th. Finally, Barclays dropped their target price on Beam Therapeutics from $31.00 to $25.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 7th. Two analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $48.75.

Beam Therapeutics Price Performance

The business has a 50-day simple moving average of $17.73 and a 200 day simple moving average of $21.77. The firm has a market cap of $2.13 billion, a PE ratio of -4.59 and a beta of 2.07.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($1.24) EPS for the quarter, missing analysts' consensus estimates of ($1.11) by ($0.13). The company had revenue of $7.47 million during the quarter, compared to analysts' expectations of $14.69 million. Beam Therapeutics had a negative return on equity of 44.24% and a negative net margin of 609.24%. The business's quarterly revenue was up 1.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.21) EPS. On average, equities analysts forecast that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Institutional Trading of Beam Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Wealthfront Advisers LLC bought a new position in shares of Beam Therapeutics in the fourth quarter worth about $41,000. GF Fund Management CO. LTD. purchased a new position in Beam Therapeutics in the 4th quarter worth approximately $43,000. CWM LLC boosted its stake in Beam Therapeutics by 79.8% in the 1st quarter. CWM LLC now owns 2,684 shares of the company's stock worth $52,000 after purchasing an additional 1,191 shares during the period. Sterling Capital Management LLC boosted its stake in Beam Therapeutics by 816.0% in the 4th quarter. Sterling Capital Management LLC now owns 2,409 shares of the company's stock worth $60,000 after purchasing an additional 2,146 shares during the period. Finally, Amalgamated Bank grew its holdings in Beam Therapeutics by 20.4% during the 1st quarter. Amalgamated Bank now owns 3,153 shares of the company's stock valued at $62,000 after buying an additional 534 shares in the last quarter. Hedge funds and other institutional investors 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.